Akinwande Soji-Ojo
The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that about N400 billion is spent to subsidise petrol every month, amounting to about N202 subsidy per litre.
This is despite the prevailing scarcity of the petroleum product, which has shot up the price to between N300 and N350 per litre in many parts of the country.
The Group Chief Executive Officer of NNPCL, Dr Mele Kyari, disclosed the subsidy payment during the final cut over ceremony of NNPC and the birth of NNPCL at the corporation’s headquarters in Abuja, on Friday.
“The landing cost three days ago was N315 per litre but we are transferring it to our partners at N113 which means that there is N202 delta per litre and that is about N400 billion every month, but there is a budget for this. But it is also a drain on our fund.
“It is a strain on the cashflow of our company when you don’t get refund from the Ministry of Finance. But we will continue to support the country snd provide energy security to the country, ” he said.
