The Nigerian National Petroleum Corporation (NNPC) has lamented the burden placed on it by the ongoing subsidization of the cost of petrol also known as Premium Motor Spirit (PMS) in the country, saying that sooner or later Nigerians have to pay the actual cost for the commodity.
The Group Managing Director (GMD) of the NNPC, Mele Kyari, gave the indication at the weekly presidential ministerial media briefing featuring Minister of Petroleum Resources, Timipre Sylva, at the Presidential Villa, Abuja on Thursday.
He said the product is currently being sold below the cost of importation, causing the NNPC to pay the difference.
While refraining from calling the payment a subsidy, Kyari said the NNPC pays between N100-120 billion a month to keep the pump price at the current levels.
But he declared that the corporation can no longer bear the cost as market forces must be allowed to determine the pump price of petrol in the country.
Details later…
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