the high volume of daily consumption, the country cannot sustain subsidy payment….
Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has said the federal government is injecting between N140 billion to N150bn monthly to keep petrol price at N162 per litre, from its actual N256.
He stated this during a stakeholders meeting organised by NNPC to discuss how best to stop smuggling.
While commenting on the fuel price, he said, “If we are to sell at the market today at current exchange rate, we will be selling the product at about N256 to a litre. What we sell today is N162, so the difference is at a cost to the nation.
While commenting on the fuel price, he said, “If we are to sell at the market today at current exchange rate, we will be selling the product at about N256 to a litre. What we sell today is N162, so the difference is at a cost to the nation.
Source: Daily Trust