Marketers Set Gas Prices at N1,200/L While Six New Refineries Are About to Start Up, NNPC Responds. The Nigerian National Petroleum Company Limited and Independent Petroleum Marketers Association of Nigeria (IPMAN) members clashed on Tuesday, January 2, 2024, over petrol subsidy removal. This comes after the naira’s decline versus the US dollar on both the official and black markets.
Punch reports that Bismark Rewane, the CEO of Financial Derivatives Company, said that fuel subsidy was not removed but reduced. Oil marketers stated that the subsidy on petrol was rising following the crash of the local currency against the US dollar and the cost of crude oil, saying that petrol should sell for N1,200 in the free market.
Paggengers at all cost want decline at the pump stations to reduce pressure at the market commodities.
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