The Nigerian National Petroleum Corporation (NNPC) will no longer cap the price at which fuel is sold in the country in the form of subsidy payment or under-recovery cost.
The state-owned oil company in a tweet via its official handle yesterday, quoted Mele Kyari, its group managing director, as saying:
“As at today, subsidy and under-recovery are ZERO. Going forward, there’ll be no resort to either subsidy or under-recovery of any nature.”
NNPC said rather than determining the prices at which the commodity is sold in the domestic market, it will “just be another player in the market space”.
“But we’ll be there for the country to sustain security of supply, at the cost of the market,” it said quoting Kyari.