Without fuel subsidy, a litre of petrol will cost over N400 — NNPC

The NNPC boss said this on Wednesday, November 9, 2022, at the Legislative Transparency and Accountability Summit organised by the House of Representatives in Abuja.

He said there is nowhere in the world where a litre of petrol is currently sold at N445 exchange rate.

READ ALSO:

• INEC Holds Emergency Meeting Today after Recording 47 Attacks In 33 Months
• 90 Missing Jeeps: Osun PDP to Report Oyetola to ICPC, EFCC, Others
• 2023 poll: Muslim women give conditions for voting leaders

“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,” Kyari said.