VAM News

THE Federal Government is potentially staring at a N1.68tn fuel subsidy bill for the last quarter of 2023, as oil marketers indicate that the pump price of petrol should range between N890 to N900/litre. This projection comes in light of the depreciating naira and the surge in global crude oil prices.

The Current Situation

Petrol is currently retailing between N598 and N617/litre across different regions, sparking suspicions that the Federal Government is subsidising the commodity. This is despite President Bola Tinubu’s announcement in May, ending the subsidy regime.

Although the Nigerian National Petroleum Company Limited (NNPCL), the sole importer of PMS, and the government have not officially acknowledged the reintroduction of the subsidy, the naira’s downfall and the upswing in crude oil prices are putting intense pressure on petrol costs.