Connect with us

FEATURED

Petrol Subsidy: We Can No Longer Bear Cost Of N120bn Monthly Payment – NNPC

Published

on

New-GMD-of-NNPC-Mele-Kele





The Nigerian National Petroleum Corporation (NNPC), on Thursday, says it currently subsidies cost of Premium Motor Spirit (PMS) with about N120 billion ($263,248 million) monthly.

The Group General Manager (GMD), Nigerian National Petroleum Corporation (NNPC), Mele Kyari, made the disclosure at the fifth edition of the Special Ministerial Briefings coordinated by the Presidential Communication Team.

He explained that the NNPC absorbs the cost differential which is recorded in its financial books.

Kyari, further explained that while the actual cost of importation and handling charges amounts to lN234 per liter, the government is selling at N162 per liter.

Advertisement

He, however, said that the NNPC can no longer afford to bear the cost, adding that sooner or later Nigerians would have to pay the actual cost for the commodity.

Kyari, who avoided calling the payment a subsidy, said the NNPC pays between N100-120 billion a month to keep the pump price at the current levels, insisting that market forces must be allowed to determine the pump price of petrol in the country.

Advertisement
FEATURED3 hours ago

HOSCON Lauds Tinubu on Release of First Tranche of 3% Fund, Acknowledges Sen. Nwoko’s Role

NEWS1 day ago

Ned Nwoko’s Sports University Announces Admission for 2025/2026 Academic Session

FEATURED1 day ago

Tinubu Hosts Ibori, Igbinedion, Other Class of 1999 Governors in Aso Rock Villa

Profiled
FEATURED1 day ago

EFCC Uncovers Massive Scam Using Fake Airline Discounts, Reveals How Scammers Use ‘Promo’ Offers to Hijack Accounts

FEATURED1 day ago

Kano TikToker, Musician Jailed for Naira Abuse

FEATURED1 day ago

Ex-NHIS Boss,Femi Thomas, BDC Operator Convicted For $2,198,900.00 Fraud in Lagos

COMMUNITY REPORT2 days ago

DOPF Hails Delta Assembly on Passage of Community Security Bill, Urges Governor’s Swift Assent

FEATURED2 days ago

13% Derivation: N’Delta Leader, Okirika Hails Sen. Nwoko’s Push for Direct Allocation to Host Communities

FEATURED2 days ago

Delta Transfers Otor-Udu General Hospital to FG for FMC Establishment

stashed away
FEATURED2 days ago

Court Jails Man for Vandalising Delta Govt Property, to Clean Court Premises for One Year

FEATURED2 days ago

Delta Police Arrest 184 Suspected Internet Fraudsters, Busts Notorious Kidnap Gang

FEATURED2 days ago

Senator Nwoko Joins APC Leaders at Key NEC Meeting, Signals Delta’s Growing Political Influence

COMMUNITY REPORT2 days ago

WABMA Foundation, Partners Launch School-Based SGBV Sensitization Across Southeast

oil spill
FEATURED2 days ago

Senator Nwoko-led C’ttee Intensifies Moves to Expose and Dismantle Illicit Oil Theft Networks

FEATURED2 days ago

Controversy as PENGASSAN, NUPENG, Disrupt Academy Activity in FUPRE Despite Court Judgment Prohibiting Petroleum-based Unions

Advertisement
Advertisement