The Nigerian National Petroleum Corporation, NNPC, has disclosed that petrol subsidy regime is still in place.
This disclosure was made on Monday by the Group General Manager, Crude Oil Marketing, NNPC, Mr. Mele Kyari, at this year’s Oil Trading and Logistics Expo, OTL, taking place in Lagos.
Kyari said that the current petrol price was unrealistic. However, he opined that attempt to increase it would be met with stiff opposition by the public.
He said: “I also know today that it is impossible for this government to announce tomorrow that petrol is about N150. This government cannot sustain it. That is the truth. The people will not accept that figure.
“Today, we are in subsidy regime, absolutely. There is no way you bring product today and sell at N145 and get back your money, and make profit. That is not possible. You can see some marketers saying that fuel is N138.
‘’It is because they did not import. Somebody has taken the heat off the price. Because we (NNPC) have taken the heat, and you buy from us; you can afford to go to the market and then put a ridiculous price. It is not possible, because they did not import it.”