Subsidy: Nigerians should be prepared to buy petrol for more than N200 per litre soon, Kyari

…current pump price of N162 per litre not sustainable

Nigerians should brace up to buy petrol for more than N200 per litre as handling charges have gone up to N234 per litre, the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, has said.

He said the current pump price of N162 per litre was no longer sustainable.

According to Kyari, the Federal Goverment currently subsidises cost of Premium Motor Spirit (petrol) with about N120 billion ($263,248 million) monthly.

He spoke at the 5th edition of the Special Ministerial briefings of the State House coordinated by the Presidential Communication Team.

Kyari said the NNPC has continued to bear the cost differential which is reflected in its financial books.

The NNPC pays between N100-120 billion a month to keep the pump price at the current levels and market forces must be allowed to determine the pump price of petrol in the country, he explained.

“While the actual cost of importation and handling charges amounts to N234 per litre the government is selling at N162 per litre.

“he NNPC can no longer afford to bear the cost,” the NNPC boss said.

Details later…