The National Petroleum Authority (NPA) has announced a suspension of the subsidy on Residual Fuel Oil (RFO) until further notice.
The directive takes effect from Tuesday, November 1, 2022.
A letter signed by the CEO, Mustapha Abdul-Hamid and addressed to the relevant stakeholders said the suspension 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.
“NPA will therefore continue to compute and announce the price build-up (PBU) of RFO for each pricing window, as it has always done, to the industry,” the letter said.
Below is the full letter:
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