- The Nigeria National Petroleum Corporation (NNPC) has lamented over the cost Premium Motor Spirit otherwise known as petrol is being subsidised on monthly basis.
- This is coming amidst controversy about the removal of petrol subsidy between the administration of former President Goodluck Jonathan and the current administration of President Muhammadu Buhari.
The Nigeria National Petroleum Corporation (NNPC) has lamented over the cost Premium Motor Spirit otherwise known as petrol is being subsidised on monthly basis.
The Group Managing Director of NNPC, Mele Kyari, who made the lamentation on Thursday, said the product is subsidised between N100 and N120 billion monthly.
This is coming amidst controversy about the removal of petrol subsidy between the administration of former President Goodluck Jonathan and the current administration of President Muhammadu Buhari.
Kyari, while fielding questions from State House reporters at the fifth edition of the Special Ministerial Briefings coordinated by the Presidential Communication Team, said the corporation could no longer bear the burden of the product currently being sold at N162 per litre.
He spoke after the Minister of State for Petroleum Resources, Timipre Sylva, had briefed on the efforts to ensure the passage of the Petroleum Industry Bill (PIB).
Kyari, who said NNPC absorbs the cost differential which is recorded in its financial books, revealed that while the actual cost of importation and handling charges amounts to N234 per litre, the government is selling at N162 per litre.
He added that the market forces must be allowed to determine the pump price of petrol in the country, stressing that the government was being considerate of actual impact of the price increase on Nigerians.
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