The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has said the federal government is injecting between N140 billion to N150bn monthly to keep petrol price at N162 per litre, from its actual N256.
He stated this during a stakeholders meeting organised by NNPC to discuss how best to stop smuggling.
While commenting on the fuel price, he said, “If we are to sell at the market today at the current exchange rate, we will be selling the product at about N256 to a litre. What we are selling today is N162, so the difference is at a cost to the nation. The difference comes back to as much as N140bn to N150bn cost to the country monthly”.
He however said with the high volume of daily consumption, the country cannot sustain subsidy payment in the long run.
