NNPC; We need N4.27 trillion to keep up with subsidy-Mele Kyari

The Group Managing Director, Nigerian National Petroleum Corporation, NNPC, Mr Mele Kyari, says that the Corporation would transfer products to oil marketing companies at the rate of one hundred and thirteen naira per liter to distribute at a market price of one hundred and seventy-five naira.

In an interview with newsmen, Mele Kyari noted that with the increase in fuel supply to tackle the scarcity bedeviling the nation, the country needs N4.27 trillion to meet its subsidy requirements.

Mr Kyari also pointed out that there are some adjustments that have established the reality of the cost of vessels which he said took the NNPC to a different level in terms of the logistics.

Tompolo’s Oil Surveillance Company Cries Out As Efcc Detains Head Of OperationsHe further stated that NNPC has been unwavering on the transfer price from the landing location to the marketing companies while he added that the product would land in the country at N295 to a litre and would be distributed at N113 to the marketing companies which indicates N185 per litre of subsidy on every product that comes into this country.

Kyari also said NNPC as the countrys’ only importer of petroleum products, the law provides for N3.36 trillion for January-to-June subsidy regime.

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