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NPA suspends subsidy on residual fuel oil

  • SOURCE: myjoyonline.com | Editor
    • POSTED ON: November 2, 2022
    • CATEGORY:

    The Chief Executive Officer of the National Petroleum Authority (NPA), Dr Mustapha Abdul-Hamid says from November 1, 2022, subsidy on residual fuel oil (RFO) will be suspended.

    In a statement signed by Dr.
    Abdul -Hamid, it said the suspension of the policy to subsidise RFO is in line
    with the directive from the Ministry of Energy as an interim measure to ease
    the financial burden on the Price Stabilisation and Recovery Account (PSRA).

    “The suspension of the policy to
    subsidise RFO is in line with the directive from the Ministry of Energy as an
    interim measure to ease the financial burden on the Price Stabilisation and
    Recovery Account (PSRA)”.

    “The policy directive takes into
    consideration the growing concern about the sustainability of the Account to
    meet under-recovery payment obligations for Premix Fuel and RFO”, it added.

    However, it’s unclear how much
    the suspension of the subsidy on residual fuel oil (RFO) will impact on the
    petroleum price build up.

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