ABUJA – General Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC) Mele Kyari has said that the company cannot continue to bear the subsidy burden.
In a statement, Kyari said “The price could have been anywhere between N211 and N234 to the liter. The meaning of this is that consumers are not paying for the full value of the PMS that we are consuming and therefore someone is paying that cost,” he said.
“As we speak today, the difference is being carried in the books of NNPC and I can confirm to you that NNPC may no longer be in a position to carry that burden.”
As a result of the huge sum being paid, Kyari stated that Nigerians would have to pay the actual cost for petrol sooner or later.
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