Author Topic: NNPC advocates complete fuel subsidy removal  (Read 377 times)

0 Members and 1 Guest are viewing this topic.

Offline jchima14

  • Hero Member
  • *****
  • Posts: 1224
    • View Profile
NNPC advocates complete fuel subsidy removal
« on: April 23, 2015, 11:39:26 PM »
Loading...
The Nigerian National Petroleum Corporation on Thursday, maintained that the continued payment of subsidy on petrol was not sustainable and therefore strongly advocated for it?s complete removal. Subsidy is the difference between the Expected Open Market Price of fuel and the actual or retail price that is paid by consumers for the product at petrol stations as regulated by the Department of Petroleum Resources.

Mr. Timothy Okon, The Group Coordinator, Corporate Strategy and Planning, NNPC, explained that fluctuation in the prices of crude oil often creates fiscal instability in the country which in turn impacts negatively on Nigeria?s revenue. This is because government does not control prices of crude oil. It will be recalled that a massive nationwide protests and industrial actions greeted the announcement of complete withdrawal of subsidy on petrol in January 2012.


PS: This article is a summarized version of the original news

Source: http://thesummary.com.ng/index.php/odd-news/item/478-nnpc-advocates-complete-fuel-subsidy-removal



 

Senate finally reacts to speculation of new fuel hike, you will be pleased by wh

Started by jchima14

Replies: 0
Views: 82
Last post September 06, 2016, 09:59:45 AM
by jchima14
BREAKING: Nigerian government drops fuel price by N10

Started by jchima14

Replies: 0
Views: 219
Last post January 18, 2015, 11:08:46 PM
by jchima14
Bag of rice will sell for N5, 000, dollar will exchange for N150, fuel for N30

Started by Ereporter

Replies: 0
Views: 63
Last post October 24, 2016, 07:12:03 PM
by Ereporter
BREAKING: Fuel scarcity looms as NUPENG gives FG 21-day ultimatum

Started by Ereporter

Replies: 0
Views: 76
Last post October 26, 2016, 08:32:49 PM
by Ereporter
Fuel Price Increase Can't Be Stopped - IPMAN

Started by jchima14

Replies: 0
Views: 102
Last post September 09, 2016, 10:19:00 AM
by jchima14
NNPC Director urges Nigerians to embrace agric to exit economy recession

Started by Ereporter

Replies: 0
Views: 70
Last post October 24, 2016, 07:58:18 PM
by Ereporter
Amaechi Alleges Massive Stealing at NNPC, Fingers Presidency as Mastermind

Started by jchima14

Replies: 0
Views: 158
Last post October 10, 2014, 06:38:05 AM
by jchima14
NNPC reacts to alledged plans by FG to increase petrol pump price

Started by jchima14

Replies: 0
Views: 84
Last post September 06, 2016, 09:50:04 AM
by jchima14
NNPC to build 1,000km Pipeline from Niger Republic to Kaduna Refinery

Started by Ereporter

Replies: 0
Views: 111
Last post November 26, 2016, 10:17:35 AM
by Ereporter
What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION)

Started by jchima14

Replies: 0
Views: 215
Last post April 28, 2015, 10:21:57 AM
by jchima14