_*• says actual cost of petrol now N234 per litre, but Government subsidises by paying N72 on every litre to keep price at N162*_
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The Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, on Thursday, said the Federal Government subsidises Premium Motor Spirit with about N120 billion monthly.
He said while the actual cost of importation and handling charges amounts to N234 per litre, the government had been selling at N162 per litre, therefore, bearing the difference.
Kyari spoke at the weekly ministerial briefing at the Presidential Villa, Abuja.
He, however, said that the NNPC can no longer afford to bear the cost, saying Nigerians would have to pay the actual cost sooner or later.
He argued that market forces must be allowed to determine the pump price of petrol in the country.
Details later…
https://punchng.com/fuel-subsidy-gulps-n120bn-monthly-no-longer-practicable-says-nnpc/