With the increase in fuel supply to tackle lingering scarcity nationwide, the country needs N4.27 trillion to meet its subsidy requirements, the Nigerian National Petroleum Company (NNPC) Limited said on Tuesday.
The Group CEO, NNPC, Mele Kyari, in an interview on The 2023 Verdict, Channels Television’s special election programme, disclosed that the the NNPC transfers products to oil marketing companies at N113 per litre to establish a market price of N170.
“That was one year ago. That’s the basis of all the estimates,” he explained.
According to Kyari, there are some adjustments that have “brought us to the reality of the cost of vessels.” And that adjustment, he said, took the NNPC to a different level in terms of the logistics.
