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Subsidy On Residual Fuel Oil Suspended Till Further Notice – NPA

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The subsidy on Residual Fuel Oil (RFO) has been suspended following a directive by the Ministry of Energy.

The suspension takes effect today, November 1, 2022, according to a statement signed by the Chief Executive Officer of the National Petroleum Authority (NPA), Mustapha Hamid.

The latest measure by the government is expected 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 said in a letter Informing the Industry of the suspension of the policy,” the NPA said in a statement.

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“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 signed by the Chief Executive of the NPA, Mustapha Abdul-Hamid stated.

 

Read the full statement below.

 

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