NPA suspends subsidy on residual fuel oil
The move is in line with a directive from the Energy Ministry as an interim measure to lessen the financial burden on the Price Recovery Stabilization Account (PSRA)
The National Petroleum Authority (NPA) has announced the suspension of subsidy on Residual Fuel Oil.
The move is in line with a directive from the Energy Ministry as an interim measure to lessen the financial burden on the Price Stabilization and Recovery Account (PSRA).
A letter signed by the NPA boss Dr Mustapha Abdul- Hamid said the suspension takes effect from Tuesday 1 November.
“The National Petroleum Authority (NPA) wishes to advise the industry of the suspension of the subsidy on RFO effective 1 November 2022 until further notice.”
“You are hereby informed that the NPA will continue to compute and announce the price- build up (PBU) of RFO for each pricing window, as it has always done, to industry,” it said.
Below is a copy of the letter:
Fred Dzakpata
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