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Five things you need to know about fuel subsidy removal

Contrary to expectations that the NNPCL would increase the official price of fuel in June, they however did so on 31st May, two days after Tinubu announced subsidy removal,

Explaining the reason for this, the NNPCL stated that since 2022, the Federal Government has not made any subsidy payment, adding that as of March 2023, the FG owes the NNPCL N2.3trn fuel subsidy money.

With the removal of the fuel subsidy, here are five things to know about the NNPCL and the fuel market.

1. Although the NNPCL is still selling old stock, the corporation has explained that it needed to sell at the new rate to be able to restock.

2. The NNPCL will no longer be the sole importer of fuel into the country.

3. The NNPCL will no longer fix the price of fuel in the market. The price will be determined by the seller.

4. The cost of fuel in the market will be determined by market forces

5. Government authorities would, however, be on alert to ensure that citizens are not cheated.

 

Source: www.punchng.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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