Nigeria will no longer cap the price at which fuel is sold in the country in the form of subsidy payment or under recover cost, Mele kyari, Group Managing Director of the Nigerian National Corporation (NNPC) said.
“As at today, subsidy/underrecovery is ZERO. Going forward, there will be no resort to either subsidy or under recovery of any nature,” state owned oil company on its official Twitter account, quoted kyari as saying.
According to NNPC, rather than determining the prices at which the commodity is sold in the domestic market, it will only act as being a player in the market space.
“we will be there for the country to sustain security of supply, at the cost of the market,” NNPC said.