The Nigerian National Petroleum Corporation Limited disclosed on Friday that the amount spent as a subsidy on Premium Motor Spirit, also known as petrol, had surpassed N400 billion every month.
Mele Kyari, Group Chief Executive Officer of NNPCL, announced this at the oil firm’s headquarters during the ongoing Final Cutover to NNPC Limited from being a corporation.
Kyari stated that the oil company spent approximately N202 as a subsidy on every litre of petrol consumed across the country, emphasising that NNPCL pushed approximately 65 million gallons of PMS into the market everyday.
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Although he said the oil company would continue to meet its obligations by providing PMS for Nigeria, Kyari pointed out that the over N400 billion monthly subsidy had been a severe strain on NNPCL’s cash flow.
NNPCL is the sole importer of petrol into Nigeria and has continued to play this role for several years running, bearing the huge cost of fuel subsidy.
Other private oil marketers stopped importing petrol into Nigeria due to the difficulty encountered in accessing the United States dollars, required for the imports of PMS.
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