Petrol subsidy gone forever, says NNPC

The era of subsidy on petrol is gone forever, the Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, said on Monday.

Kyari, who spoke during a live programme on African Independent Television, stated that with the current fluctuations in global crude oil prices, the cost of refined products would be determined by market forces going forward.

He explained that although the NNPC was not responsible for petroleum products pricing, the country was currently transiting into a market situation where the forces of demand and supply would determine the cost of Premium Motor Spirit.

Asked whether there was still petrol subsidy or under-recovery on PMS by the NNPC, Kyari said, “Subsidy and under-recovery are zero today. And it is zero forever.”

 

 

– Punch

About Don Saint

PR Guru / Author / Promoter / Controversial Writer / Hip Hop Artiste / Actor / Human Rights Activist. The First Nigerian Hip Hop Artiste to obtain a Masters Degree (M.A) in Arts ( Religion & Human Relations). The author of one of the most controversial books in Nigeria; "Emancipation from Masturbation". With over 12 Movies and 3 Musical albums since 2003. Former Events Manager at Silverbird’s Rhythm Fm Awka Station till 2010. For more info. Call : 08033239298.

2 Responses to “Petrol subsidy gone forever, says NNPC”

  1. Hello to all
    In this difficult time, I honey you all
    Esteem your relations and friends

  2. Nigeria is the 6th largest oil producer in the world. Unfortunately, with only 4 refineries operating at less than full capacity, the country refines most of its petroleum overseas. The bi-products from petroleum are sold back to Nigeria at exorbitant prices. As a result, the country does not enjoy the full benefit of huge oil and gas reserve. Consequently, petroleum subsidy becomes difficult in the face of the drop in global oil prices. Nigeria is its own enemy!

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