Mele Kyari, general managing director (GMD) of the Nigerian National Petroleum Corporation (NNPC), says the company cannot continue to bear the subsidy burden.
The Petroleum Products Pricing Regulatory Agency (PPPRA) had released a template increasing petrol price to N212 per litre — but the template was later deleted.
Speaking with journalists on Thursday at the Presidential Villa, Abuja, Kyari said the NNPC is currently importing at market price and selling at N162 per litre.
“The price could have been anywhere between N211 and N234 to the litre. The meaning of this is that consumers are not paying for the full value of the PMS that we are consuming and therefore someone is paying that cost,” he said.
“As we speak today, the difference is being carried in the books of NNPC and I can confirm to you that NNPC may no longer be in a position to carry that burden.”
READ ALSO! Nigerian Central Bank Approves Disbursement Of Loans For Creative Industries At 9%
READ ALSO! Tony Elumelu To Empower 1,000 Northern Entrepreneurs With $5000 Each
READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds
READ ALSO! Is N-Power Truly Empowering Nigerian Youths?
READ ALSO! How Nigerian Govt Can Lift 100million People Out Of Poverty — Tony Elumelu
READ ALSO! TraderMoni: Poverty Alleviation Or Political Leverage?
READ ALSO! Is N-Power Truly Empowering Nigerian Youths?
READ ALSO! Gtbank 737 Disservice: How to Kick Your Customers in the Butt!
READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu
READ ALSO! The Love Of Your Life Is An Illusion: It Doesn’t Exist Anywhere!