NNPC: Petrol would cost N410 after subsidies

NNPC Petrol would cost N410 after subsidies
NNPC: Petrol would cost N410 after subsidies

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According to Mele Kyari, the Group Chief Executive Officer of NNPC Limited, fuel will cost N410 throughout the nation if subsidies are eliminated.

On Wednesday, November 9, at the Legislative Transparency and Accountability Summit hosted by the House of Representatives in Abuja, Kyari declared that there is currently no place where one can buy a liter of PMS just at the N445 rate of exchange.

He said;

 

 “It is not possible for you to buy fuel at N170 when your actual cost is thrice that value. For instance, today, when PMS comes into this country, we transfer to marketers at N113 per litre for us to ensure N165 at the pump, so you must sell at N113 to them to be able to deliver at N165.

“That means whatever the cost, anything after that value, that is subsidy. Somebody has to pay for it. Everyone knows the price of PMS around the world. There is nowhere today that you can land a litre of PMS to the pumps at the N445 exchange rate, it is not possible.

“In some places, you are subsidizing up to N290 on every litre. With this regime, it is impossible for you to avoid all the wrong things that are happening. Round tripping, cross-border smuggling, document forgery-anywhere you have arbitrage, you will have these issues.”

In an attempt to fight oil fraud in the nation, Kyari also defended the use of private security agencies to guard its installations, noting that it had been successful.

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