Nigeria’s state-owned oil company, the Nigerian National Petroleum Corporation (NNPC) will soon end its monopoly on petrol supplies, according to its chief executive Mele Kyari. The move comes a day after the NNPC nearly tripled prices at its fuel stations countrywide. Newly inaugurated President Bola Tinubu pledged to remove fuel subsidies, a popular but costly benefit that has drained billions annually from government coffers. He added that under the Petroleum Industry Act signed into law two years ago, NNPC cannot supply more than 30% of gasoline in Nigeria. The move is expected to bring in new companies and improve petrol prices for consumers.

Source: The Guardian June 01, 2023 17:23 UTC