Petrol Subsidy Removal Delayed, Meeting Held to Address Concerns

In a recent development, the immediate removal of petrol subsidy has been postponed, according to reliable sources at Paparazzi Online.

President Bola Ahmed Tinubu’s earlier announcement during his inauguration speech, stating that the subsidy was eliminated due to its absence in the 2023 budget, has now been clarified.

It has been disclosed that the implementation of subsidy removal will commence after June.

Sources revealed that the President held a meeting with the Central Bank of Nigeria (CBN) Governor and the Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari, at the Presidential Villa in Abuja, yesterday.

The purpose of the meeting was to engage with labor unions and ensure a smooth transition during the subsidy removal process. One outcome of the meeting was the establishment of a framework by NNPCL to prevent the importation of substandard fuel and to establish a price benchmark.

The aim is to ensure that only quality fuel is imported into the country.

Meanwhile, the scarcity of petrol has led to disruptions in major cities across the nation. Fuel queues have formed at several petrol stations, with some hoarding fuel and selling it at inflated prices of up to N600 per litre.

Transporters have also increased their fares.President Bola Tinubu met with the CBN Governor, Mr. Godwin Emefiele, and the Group Chief Executive Officer of Nigeria National Petroleum Company Limited, Mr. Mele Kyari, at the Presidential Villa in Abuja.

This meeting, the President’s first official assignment after his inauguration, is believed to be related to the removal of fuel subsidies and the ongoing fuel scarcity.

While the specifics of the meeting were not disclosed to the public, it is speculated that the discussion also touched upon the unification of foreign exchange and the recent redesign of the naira.

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