Mele Kyari, general managing director (GMD) of the Nigerian National Petroleum Corporation (NNPC), says the company cannot continue to bear the subsidy burden.
The Petroleum Products Pricing Regulatory Agency (PPPRA) had released a template increasing petrol price to N212 per litre — but the template was later deleted.
Speaking with journalists at the Presidential Villa, Abuja, Kyari said the NNPC can no longer bear the burden.
“The price could have been anywhere between N211 and N234 to the litre. The meaning of this is that consumers are not paying for the full value of the PMS that we are consuming and therefore someone is paying that cost,” he said.
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