The Nigerian National Petroleum Company Limited (NNPCL) says the country’s monthly subsidy bill on Premium Motor Spirit, popularly called petrol, is now in excess of N400 billion.
NNPCL’s Group Chief Executive Officer, Mele Kyari, disclosed this on Friday at the Headquarters of the oil firm, at the ongoing Final Cutover to NNPC limited, from being a corporation.
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.
According to him, the firm pays about N202 as subsidy on every litre of petrol consumed across the country and about 65 million litres of PMS is pumped daily into the market by NNPCL.
Kyari pointed out that the over N400 billion monthly subsidy had been a severe strain on NNPCL’s cash flow, but said the oil company would continue to meet its obligations by providing PMS for Nigeria.
