Will end monopoly on petrol supplies: Nigeria’s NNPC after tripling prices

Nigeria’s state owned oil company NNPC will soon end its monopoly on petrol supplies, its chief executive told local television on Thursday, a day after it 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.

Mele Kyari told Arise TV that prices were expected to come down once new companies started supplying petrol, bringing more competition.

“All we did was to set variable prices depending on our costs by location and knowing full well that NNPC is the single supplier of the market and we are seeing that exit coming very, very quickly,” said Kyari.