{"id":108499,"date":"2023-10-10T01:55:51","date_gmt":"2023-10-10T00:55:51","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=108499"},"modified":"2023-10-10T01:55:51","modified_gmt":"2023-10-10T00:55:51","slug":"fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/","title":{"rendered":"FG denies reintroducing petrol subsidy, blames fuel shortage on logistics"},"content":{"rendered":"
The Federal Government on Monday, denied reintroducing petrol subsidy.<\/p>\n

It also said the pockets of queues observed in petrol stations nationwide result from hiccups in distribution from the country\u2019s south to the north, not a lack of supply.<\/p>\n

\u201cNo subsidy whatsoever. We are recovering our full cost from the products that we import. We sell to the market, and we understand why the marketers are unable to import.<\/p>\n

\u201cWe hope that they do it very quickly and these are some of the interventions the government is doing. There is no subsidy,\u201d the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, told State House Correspondents after an audience with President Bola Tinubu at the Aso Rock Villa.<\/p>\n

Kyari\u2019s assertion comes barely 48 hours after the Petroleum and Natural Gas Senior Staff Association confirmed the return of fuel subsidy.<\/p>\n

Speaking on Channels Television\u2019s Politics Today, National President of PENGASSAN, Festus Osifo, said the government still subsidised petrol due to the cost of crude oil in the international market and the exchange rate.<\/p>\n

\u201cThey [government] are paying subsidies today. In reality, today, there is subsidy because, as of when the earlier price was determined, the price of crude in the international market was around $80 for a barrel.<\/p>\n

\u201cBut today, it has moved to about $93\/94 per barrel for Brent crude. So, because it has moved, the price [of petroleum] also needed to move.<\/p>\n

\u201cThe only reason the price will not move is when you can manage your exchange rate effectively and you are able to pump in supply and bring down the exchange rate.<\/p>\n

\u201c So, if the exchange rate comes down today, we will not be paying a subsidy. But with the exchange rate value and the price of crude oil in the international market, we have introduced subsidy,\u201d said Osifo.<\/p>\n

In his inaugural address after taking the oath of office on Monday, May 29, 2023, President Tinubu announced that the Federal Government is closing the curtains over the subsidy era.<\/p>\n

\u201cSubsidy can no longer justify its ever-increasing costs in the wake of drying resources.<\/p>\n

\u201cWe shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.<\/p><\/div>\n

\n\u201cPetrol subsidy is gone!\u201d Tinubu said.<\/div>\n
\nThe President\u2019s announcement sparked the increase in fuel price from N197 to between N480 and N570; the pump price was subsequently reviewed upward to N620.<\/p>\n

Addressing journalists about the gradual return of fuel queues on Monday, the NNPC boss said, \u201cWe have seen in very few states pockets of very low queues not unconnected with the road situation.
\n\u201cWe\u2019re seeing the number of blockades on our road crossing products from the southern depots into the northern part of the country and it takes them much longer than they do now.<\/p>\n

\u201cThey have to reroute the trucks around many locations for them to be able to reach, creating delays and some supply gaps. But that has been filled and we do not see such problems again.\u201d<\/p>\n

While arguing that supply remains robust, Kyari explained that the full deregulation of the downstream sector has created market competition.<\/p>\n

He said this phenomenon has led to minuscule price variations across gas stations, with consumers naturally patronising marketers with a lesser pump price.<\/p>\n

\u201cYou must have noticed some fuel stations will reduce prices by two Naira and three Naira, so customers will naturally run to the places where you have that price reduction.<\/p>\n

\u201cThat creates panic because those who don\u2019t know why they are doing it will think that something wrong is happening.<\/p>\n

\u201cSupply is robust. We have over 1.4 billion litres of product, both marine and land. Also, there are no issues around delivering those products onto the land. So, there is no fear, nothing to bother about,\u201d Kyari argued.<\/p>\n

The NNPC Chief revealed that the NNPC is liaising with the marketers to address the FOREX challenges.<\/p>\n

He clarified, \u201cWe\u2019re engaging them to resolve alongside other agencies of government and critical issues around access to foreign exchange.<\/p>\n

\u201cGovernment is doing so much to ensure supply of FX into the market. We know this FX market will stabilize the current I&E window at around 770.<\/p>\n

\u201cAnd we know that those inputs are already happening. The inputs of the government today will crystallise and also they will come to an equilibrium position in the FX market and this is a dream of this country.\u201d<\/p>\n

As of the time of filing this report, petrol is sold for prices ranging between N615\u00a0\u2013\u00a0N650\/litre<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

The Federal Government on Monday, denied reintroducing petrol subsidy. It also said the pockets of queues observed in petrol stations nationwide result from hiccups in distribution from the country\u2019s south…<\/p>\n","protected":false},"author":1,"featured_media":96509,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-108499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nFG denies reintroducing petrol subsidy, blames fuel shortage on logistics - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FG denies reintroducing petrol subsidy, blames fuel shortage on logistics - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The Federal Government on Monday, denied reintroducing petrol subsidy. It also said the pockets of queues observed in petrol stations nationwide result from hiccups in distribution from the country\u2019s south…\" \/>\n<meta property=\"og:url\" content=\"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/\" \/>\n<meta property=\"og:site_name\" content=\"Pointblank News\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-10T00:55:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2022\/06\/Mele-Kolo-kyari.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Our Reporter\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Our Reporter\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/\"},\"author\":{\"name\":\"Our Reporter\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c\"},\"headline\":\"FG denies reintroducing petrol subsidy, blames fuel shortage on logistics\",\"datePublished\":\"2023-10-10T00:55:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/\"},\"wordCount\":767,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2022\/06\/Mele-Kolo-kyari.jpeg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/\",\"url\":\"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/\",\"name\":\"FG denies reintroducing petrol subsidy, blames fuel shortage on logistics - Pointblank News\",\"isPartOf\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2022\/06\/Mele-Kolo-kyari.jpeg\",\"datePublished\":\"2023-10-10T00:55:51+00:00\",\"author\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c\"},\"breadcrumb\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/#primaryimage\",\"url\":\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2022\/06\/Mele-Kolo-kyari.jpeg\",\"contentUrl\":\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2022\/06\/Mele-Kolo-kyari.jpeg\",\"width\":800,\"height\":533},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/pointblanknews.com\/pbn\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"FG denies reintroducing petrol subsidy, blames fuel shortage on logistics\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#website\",\"url\":\"https:\/\/pointblanknews.com\/pbn\/\",\"name\":\"Pointblank News\",\"description\":\"Just the news\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/pointblanknews.com\/pbn\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c\",\"name\":\"Our Reporter\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/83b3820ef93d502ae3a617b2c881ca42?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/83b3820ef93d502ae3a617b2c881ca42?s=96&d=mm&r=g\",\"caption\":\"Our Reporter\"},\"url\":\"https:\/\/pointblanknews.com\/pbn\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FG denies reintroducing petrol subsidy, blames fuel shortage on logistics - Pointblank News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/","og_locale":"en_US","og_type":"article","og_title":"FG denies reintroducing petrol subsidy, blames fuel shortage on logistics - Pointblank News","og_description":"The Federal Government on Monday, denied reintroducing petrol subsidy. It also said the pockets of queues observed in petrol stations nationwide result from hiccups in distribution from the country\u2019s south…","og_url":"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/","og_site_name":"Pointblank News","article_published_time":"2023-10-10T00:55:51+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2022\/06\/Mele-Kolo-kyari.jpeg","type":"image\/jpeg"}],"author":"Our Reporter","twitter_misc":{"Written by":"Our Reporter","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/#article","isPartOf":{"@id":"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/"},"author":{"name":"Our Reporter","@id":"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c"},"headline":"FG denies reintroducing petrol subsidy, blames fuel shortage on logistics","datePublished":"2023-10-10T00:55:51+00:00","mainEntityOfPage":{"@id":"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/"},"wordCount":767,"commentCount":0,"image":{"@id":"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/#primaryimage"},"thumbnailUrl":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2022\/06\/Mele-Kolo-kyari.jpeg","articleSection":["News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/","url":"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/","name":"FG denies reintroducing petrol subsidy, blames fuel shortage on logistics - Pointblank News","isPartOf":{"@id":"https:\/\/pointblanknews.com\/pbn\/#website"},"primaryImageOfPage":{"@id":"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/#primaryimage"},"image":{"@id":"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/#primaryimage"},"thumbnailUrl":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2022\/06\/Mele-Kolo-kyari.jpeg","datePublished":"2023-10-10T00:55:51+00:00","author":{"@id":"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c"},"breadcrumb":{"@id":"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/#primaryimage","url":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2022\/06\/Mele-Kolo-kyari.jpeg","contentUrl":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2022\/06\/Mele-Kolo-kyari.jpeg","width":800,"height":533},{"@type":"BreadcrumbList","@id":"https:\/\/pointblanknews.com\/pbn\/news\/fg-denies-reintroducing-petrol-subsidy-blames-fuel-shortage-on-logistics\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/pointblanknews.com\/pbn\/"},{"@type":"ListItem","position":2,"name":"FG denies reintroducing petrol subsidy, blames fuel shortage on logistics"}]},{"@type":"WebSite","@id":"https:\/\/pointblanknews.com\/pbn\/#website","url":"https:\/\/pointblanknews.com\/pbn\/","name":"Pointblank News","description":"Just the news","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/pointblanknews.com\/pbn\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c","name":"Our Reporter","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/83b3820ef93d502ae3a617b2c881ca42?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/83b3820ef93d502ae3a617b2c881ca42?s=96&d=mm&r=g","caption":"Our Reporter"},"url":"https:\/\/pointblanknews.com\/pbn\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/posts\/108499","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/comments?post=108499"}],"version-history":[{"count":0,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/posts\/108499\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/media\/96509"}],"wp:attachment":[{"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/media?parent=108499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/categories?post=108499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/tags?post=108499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}