The Nigerian National Petroleum Company (NNPC) Limited has denied that it had a dispute with independent petrol marketers over an “alleged subsidy” on Premium Motor Spirit (PMS).

There were reports that fuel marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria clashed with the NNPC over whether the government was still paying subsidy.

However, in a brief statement this afternoon, NNPC spokesman, Olufemi Soneye, confirmed that “subsidy” has been ENTIRELY removed on petrol.

In his inaugural speech on May 29, 2023, President Bola Tinubu declared that the subsidy era is gone.

The declaration saw petrol per litre jumping from around N184 to over N600 in several parts of the country – with attendant economic crises with food inflation jumping to an all-time high.

Oil marketers had also threatened to raise the price per litre of petrol over fluctuating and scarce foreign exchange used to secure the essential commodity.