Oil and Gas
‘NNPC may no longer be in a position to carry the burden on Petrol Subsidy’ – Mele Kyari
The general managing director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari says the NNPC cannot continue to bear the burden of petrol subsidy
Kyari said this while speaking with journalists at the Presidential Villa, Abuja.
“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.”
Recall that The Petroleum Products Pricing Regulatory Agency (PPPRA) had released a template increasing petrol price to N212 per litre to the chagrin of Nigerians. However, the template was deleted following the backlash with the NNPC announcing that there are no current plans to increase the price of fuel.