April 8, 2020 
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.”
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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!