{"id":13286,"date":"2021-03-25T20:03:32","date_gmt":"2021-03-25T19:03:32","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=13286"},"modified":"2021-03-25T20:03:32","modified_gmt":"2021-03-25T19:03:32","slug":"we-cant-continue-subsidy-petrol-may-sell-for-n234-per-litre-nnpc","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/03\/25\/we-cant-continue-subsidy-petrol-may-sell-for-n234-per-litre-nnpc\/","title":{"rendered":"We can\u2019t continue subsidy, petrol may sell for N234 per litre &#8211; NNPC"},"content":{"rendered":"<p>The General Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari said the company can no longer bear the subsidy burden of underpriced sales of premium motor spirit (PMS).<\/p>\n<p>Kyari disclosed this during a ministerial briefing on Thursday at the Presidential Villa, Abuja, stating that the market price need to be implemented.<\/p>\n<p>According to him, <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/03\/01\/nnpc-no-increase-in-petrol-price-in-march\/\" target=\"_blank\" rel=\"noopener\">NNPC<\/a> pays between N100-120 billion a month to keep the pump price at the current levels.<\/p>\n<p>\u201cThe price could have been anywhere between N211 and N234 to the litre. 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,\u201d he said.<\/p>\n<p>\u201cAs 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.\u201d<\/p>\n<p>Speaking on the alternative to petrol, Kyari said the federal government is already working to deepen the auto-gas programme.<\/p>\n<p>\u201cThat is why early last year if you recall, the <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/03\/14\/fuel-hike-hoax-csos-sue-for-calm-ahead-of-fg-stakeholders-negotiations\/\" target=\"_blank\" rel=\"noopener\">full deregulation<\/a> of the PMS market was announced and we have followed this through until we got to September when prices shifted to N145.<\/p>\n<p>\u201cAs we speak today, I will not say we are in a subsidy regime but we are in a situation where we are trying to exit this subsidy or underpriced sale of <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/03\/20\/drp-seals-filling-stations-for-selling-petrol-above-approved-price-in-imo\/\" target=\"_blank\" rel=\"noopener\">PMS<\/a> until we get in terms with the full value of the product in the market.<\/p>\n<p>\u201cToday, PMS sells across our borders anywhere above N300 at any of our neighbours. And in some places, it is up to N500 and N550 to the litre.<\/p>\n<p>\u201cIn some countries, the Nigerian fuel is their primary fuel. We are supplying almost everybody in the West African region, so it is very difficult to continue this because we have our own issues and that is why the eventual exit from this is completely inevitable.<\/p>\n<p>\u201cWhen that will happen, I do not know. But I know that engagements are going on. The government is very concerned about the natural impact of price increases on transportation and other consumer segments of our society and as soon as those engagements are taken to logical conclusion, I am sure that the market price of PMS will be allowed to play at the right time.\u201d<\/p>\n<p>The resurgence in the price of crude oil bodes well for the Nigerian economy as this will boost the county\u2019s revenue needed for the implementation of the 2021 budget, improve crude oil receipts and consequently bolster foreign exchange inflows.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The General Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari said the company can no longer bear the subsidy burden of underpriced sales of premium motor spirit (PMS). Kyari disclosed this during a ministerial briefing on Thursday at the Presidential Villa, Abuja, stating that the market price need to be implemented. [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":13292,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[457,2306,2571,3646,1193],"class_list":["post-13286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-abuja","tag-fuel-price-hike","tag-fuel-subsidy","tag-mele-kyari","tag-nnpc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>We can\u2019t continue subsidy, petrol may sell for N234 per litre - NNPC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2021\/03\/25\/we-cant-continue-subsidy-petrol-may-sell-for-n234-per-litre-nnpc\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We can\u2019t continue subsidy, petrol may sell for N234 per litre - NNPC\" \/>\n<meta property=\"og:description\" content=\"The General Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari said the company can no longer bear the subsidy\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2021\/03\/25\/we-cant-continue-subsidy-petrol-may-sell-for-n234-per-litre-nnpc\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/askteekay\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-25T19:03:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2021\/03\/kunlenet07\/2021\/03\/25\/NNPC-Fuel-price.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adesina .O (Teekay)\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@askteekay\" \/>\n<meta name=\"twitter:site\" content=\"@withinnigeria\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adesina .O (Teekay)\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/2021\\\/03\\\/25\\\/we-cant-continue-subsidy-petrol-may-sell-for-n234-per-litre-nnpc\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/2021\\\/03\\\/25\\\/we-cant-continue-subsidy-petrol-may-sell-for-n234-per-litre-nnpc\\\/\"},\"author\":{\"name\":\"Adesina .O (Teekay)\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/#\\\/schema\\\/person\\\/5cc909274719300bb0772b5d35681db8\"},\"headline\":\"We can\u2019t continue subsidy, petrol may sell for N234 per litre &#8211; 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