Reports about the'return' of the gasoline subsidy are denied by NNPCL.

Mele Kyari, the Group Chief Executive Officer of the Nigeria National Petroleum Company Limited (NNPCL), has refuted claims suggesting that the Federal Government has reversed its decision to fully eliminate petrol subsidy.

According to recent media reports, there have been indications that the government has been providing subsidies on petrol in order to prevent a significant increase in the current average pump price of N620 per liter.

Nevertheless, during a discussion with President Bola Tinubu at the Presidential Villa in Abuja, Kyari firmly asserted that there exists no subsidy in any kind. This is due to the fact that the Nigerian National Petroleum Corporation Limited (NNPCL) is successfully recuperating all expenses associated with the provision of the aforementioned commodity.

The helmsman of the NNPCL responded to inquiries from journalists following a private discussion with President Tinubu.

The statement made by the individual in question asserts the absence of any form of subsidy. We are successfully recuperating the entirety of our expenses through the sale of imported products in the market.

We comprehend the reasons behind the marketers' inability to engage in imports. It is anticipated that prompt action will be taken, and the following are examples of the interventions being implemented by the government. However, the absence of a subsidy is evident.

The fuel scarcity observed in several states and Abuja over the weekend has been attributed by the oil executive to a combination of factors including poor road infrastructure, market competitiveness, and difficulties in foreign exchange.

According to his statement, there have been instances of significantly short lines observed in a limited number of states. The observed increase in road blockades along transportation routes from southern depots to the northern region of the country has resulted in significant delays in the transportation of goods.

The need to redirect their vehicles through numerous sites in order to reach their intended destinations has resulted in delays and the emergence of certain supply deficiencies. However, the aforementioned issue has been resolved and subsequent occurrences have not been seen.

Furthermore, the presence of complete deregulation within this sector has resulted in marketers engaging in intense competition with one another. It is evident that certain petrol stations employ a strategy of reducing prices by two Naira and three Naira, thereby prompting customers to gravitate towards these locations in search of cost savings.

This situation induces a state of panic among individuals who lack understanding of the underlying reasons for the action, since they may interpret it as an indication of an adverse event or a foreboding indicator of limited resources. Consequently, these individuals may respond by forming queues at fuel stations.

In the absence of any other factors, there is a lack of difficulty or obstacle. The supply exhibits a strong and resilient nature. Our organization currently possesses a substantial volume of over 1.4 billion liters of products, encompassing both marine and terrestrial assets. Furthermore, there are no concerns pertaining to the transportation of those products onto the mainland. There is an absence of worry and no cause for concern.

We are pleased with the current manifestation of market forces and the ensuing competition among marketers. Additionally, we are actively addressing some concerns in collaboration with other government authorities, particularly those pertaining to foreign exchange accessibility.

As it is widely acknowledged, the government is actively engaged in implementing measures to facilitate the inflow of foreign exchange into the market.

It is understood that the foreign exchange market is expected to achieve stability. The present value of the investment and expenditure window is around N770.

It is understood that the current inputs from the government will eventually solidify and reach a state of equilibrium in the foreign exchange (FX) market, which is an aspiration for the nation.

Therefore, it can be inferred that the presence of a stable foreign exchange market and a stable product market will result in interconnected pricing dynamics between products and other commodities. The current developments are already being observed, and it is believed that these manifestations represent the necessary economic revolution for the nation.