NNPC Reveals How Much Petrol Will Cost Without Subsidy

Without the current subsidy on petrol, the actual importation and retail cost would be at N410 per litre as market conditions take price to thrice of N170 pump price, said the Group Chief Executive Officer of NNPC Limited, Mele Kyari.

Daily Trust had reported on Tuesday that marketers are pushing for over N200/l as some stations in Abuja city centre sold for N180/l, while others in outskirts and neigbouring states sell for over N200.

He stated this at the Legislative Transparency and Accountability Summit organised by the House of Representatives in Abuja on Wednesday,

He said, “It is not possible for you to buy fuel at N170 when your actual cost is thrice that value. For instance, today, when PMS comes into this country, we transfer to marketers at N113 per litre for us to ensure N165 at the pump, so you must sell at N113 to them to be able to deliver at N165.

“That means whatever the cost, anything after that value, that is subsidy. Somebody has to pay for it. Everyone knows the price of PMS around the world. There is nowhere today that you can land a litre of PMS to the pumps at the N445 exchange rate, it is not possible.”

-DailyTrust