GoldenNewsNG
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
No Result
View All Result
Golden News
No Result
View All Result

NNPC Gives Fresh Directive On The Hike In Price Of Petrol

NNPC Gives Fresh Directive On The Hike In Price Of Petrol

Faith Joseph by Faith Joseph
January 11, 2024
in News
Reading Time: 2 mins read
NNPC Gives Fresh Directive On The Hike In Price Of Petrol
22.4k
SHARES
Advertisements

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, has sought to ease concerns on Thursday about the surging prices of Premium Motor Spirit, commonly known as petrol.

Kyari stated that the entry of new competitors in the oil sector will inevitably cause a drop in petrol prices, contrasting with the recent trends that have triggered panic across Nigeria.

READ ALSO

Over 100 killed as Deadly floods hit Popular Market in Nigeria

How to Fill the RRR/NSR 75K Cash Transfer Form in 2025: Step-by-Step Guide

Goldennewsng had earlier reported that the influx of Nigerians at fuel stations was due to the reported removal of the subsidy.

On Wednesday, the NNPC announced an adjustment in the petrol pump price to reflect current market conditions, though it did not provide specific new prices.

Many retail outlets in Lagos, Abuja, Ogun, and other states have since been selling petrol for between N600 and N800.

Negotiations between the Federal Government and organized labour over the subsidy removal came to a standstill on Wednesday, as they could not reach an agreement in light of the petrol pump price hike from N195 to over N700 per litre by oil marketers.

In an interview on Arise TV’s Morning Show, Kyari maintained that the subsidy removal would invite new market players, promoting competition and ending monopolistic practices.

This change, he argued, would lead to a price reduction in petrol across the nation.

Kyari explained, “The beauty of this (subsidy removal) is that there will be new entrants (into the market) because oil marketing companies’ reluctance to come into the market all along is the very fact of the subsidy regime that is in place.”

With the market now being deregulated, Kyari expects to see more competition, even with the NNPC, which legally cannot control more than 30% of the market.

“Competition will definitely come in and the market will regulate the prices itself… you will continue to see different prices because of different approaches from major players, companies have different approaches to it and competition will guide that. Ultimately, you’d see changes downwards and it is very likely because efficiency will come in.”

As to why fuel stations increased their pump prices when they still have already subsidized products in stock, Kyari responded, “This is the reality of the market. It applies to every commodity and not just petroleum. This means that prices in the market can go down at any time and of course, the market will adjust itself.”

📢 JOIN OUR WHATSAPP GROUP 📢 JOIN OUR TELEGRAM CHANNEL
Previous Post

Charley Boy Supports Tinubu On Fuel Subsidy Removal

Next Post

Best AI Tools To Write Content Without Struggle 2023

Related Posts

Over 100 killed as Deadly floods hit Popular Market in Nigeria

100 killed as Deadly floods hit Popular Market in Nigeria

Over 100 killed as Deadly floods hit Popular Market in Nigeria Mokwa, Niger State, Nigeria — More than 100 people...

Read more

How to Fill the RRR/NSR 75K Cash Transfer Form in 2025: Step-by-Step Guide

RRR/NSR 75K Cash Transfer Form

 How to Fill the RRR/NSR 75K Cash Transfer Form in 2025: Step-by-Step Guide Are you looking to benefit from the...

Read more

How to Register for Conditional Cash Transfer in Nigeria (2025 Updated Guide)

How to Register for Conditional Cash Transfer in Nigeria (2025 Updated Guide)

How to Register for Conditional Cash Transfer in Nigeria (2025 Updated Guide)   With millions of Nigerians living below the...

Read more

₦75,000 CCT Process Begins – Check If You’re Eligible!

₦75,000 CCT Process Begins - Check If You’re Eligible!   Lagos State is leading the way in rolling out the...

Read more

Two Years Anniversary: Niger CAN Congratulates Gov. Bago

Rt. Hon. Umar Bago The Chairman Christian Association of Nigeria Niger state chapter, Most Reverend Dr. Bulus Dauwa Yohanna has...

Read more

Flood claims over 20 lives in Niger communities

Victim ...Woman, 2 children rescued, 10 persons still missing   Following a heavy downpour that occurred on Thursday, no fewer...

Read more

FG Announces N45K Monthly Stipend for Technical College Students — Here’s What You Need to Know

FG Announces N45K Monthly Stipend for Technical College Students — Here’s What You Need to Know

FG Announces N45K Monthly Stipend for Technical College Students GoldenNewsNg reports that the Federal Government has announced a new policy...

Read more

How to Apply for Yeidep Grant : Step-by-Step Guide for Nigerians

How to Apply for Yeidep Grant

Last year, my close friend Amaka was at rock bottom. She had just lost her job, rent was due, and...

Read more

Why Some Applicants Won’t Receive the YEIDEP Grant This July — Avoid These Errors

Why Some Applicants Won’t Receive the YEIDEP Grant This July — Avoid These Errors

With the YEIDEP disbursement date drawing near, it’s important for all applicants to know the key reasons they might miss...

Read more

Over 298,000 Nigerian Students Get Financial Relief as NELFUND Disburses ₦56.85bn

Over 298,000 Nigerian Students Get Financial Relief as NELFUND Disburses ₦56.85bn

Over 298,000 Nigerian Students Get Financial Relief as NELFUND Disburses ₦56.85bn In just one year, the Nigerian Education Loan Fund...

Read more
Load More
Next Post
Best AI Tools To Write Content Without Struggle 2023

Best AI Tools To Write Content Without Struggle 2023

SEARCH ADS

Latest Posts

FG Approves N45,000 Monthly Grant for Students Under N120 Billion TVET Plan
Education

FG Approves N45,000 Monthly Grant for Students Under N120 Billion TVET Plan

100 killed as Deadly floods hit Popular Market in Nigeria
News

Over 100 killed as Deadly floods hit Popular Market in Nigeria

Delt-Her Women Empowerment Program 2025
Headline

Grant for Women in Engineering – Apply for Delt-Her Women Empowerment Program 2025

YEIDEP Grant Hits 5.1 Million Applicants
Jobs

YEIDEP Grant Hits 5.1 Million Applicants – Apply Before May 31, 2025 Deadline

RRR/NSR 75K Cash Transfer Form
Headline

How to Fill the RRR/NSR 75K Cash Transfer Form in 2025: Step-by-Step Guide

How to Register for Conditional Cash Transfer in Nigeria (2025 Updated Guide)
business

How to Register for Conditional Cash Transfer in Nigeria (2025 Updated Guide)

News

₦75,000 CCT Process Begins – Check If You’re Eligible!

News

Two Years Anniversary: Niger CAN Congratulates Gov. Bago

Headline

Flood claims over 20 lives in Niger communities

FG Announces N45K Monthly Stipend for Technical College Students — Here’s What You Need to Know
Education

FG Announces N45K Monthly Stipend for Technical College Students — Here’s What You Need to Know

© 2024 Golden News

  • About Us
  • Advertise with Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms And Conditions
No Result
View All Result
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us

© 2024 Golden News