The Federal Government on Thursday through the NNPC Group General Manager (GMD), Mele Kyari, disclosed that it currently spends about ₦120 billion ($263,248 million) monthly on fuel subsidy.
Mele Kyari, further explained that the actual cost of importation and handling charges amounts to ₦234 per liter, the government is selling at ₦162 per liter, which amounts to a subsidy of ₦72/Liter bought.
The Group General Manager (GMD), who avoided calling the payment a subsidy, said the NNPC pays between N100-120 billion a month to keep the pump price at the current levels, insisting that market forces must be allowed to determine the pump price of petrol in the country.
The Minister of State for Petroleum Resources, Timipre Sylva, also gave an update on happenings in the nation’s petroleum sector.
He disclosed that the Petroleum Industry Bill (PIB) currently before the National Assembly would be passed by April 2021.
