Contrary to expectations that the NNPCL would increase the official price of fuel in June, they however did so on 31st May, two days after Tinubu announced subsidy removal,
Explaining the reason for this, the NNPCL stated that since 2022, the Federal Government has not made any subsidy payment, adding that as of March 2023, the FG owes the NNPCL N2.3trn fuel subsidy money.
With the removal of the fuel subsidy, here are five things to know about the NNPCL and the fuel market.
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