By Godson Ikiebey-
The Nigerian National Petroleum Corporation has said it will continue to bear the cost of subsidy on petrol.
However, it said it could not tell when the corporation would stop fuel subsidy.
You will recall that NNPC’s Group Managing Director, Mele Kyari, recently stated that the price of petrol in most West African countries was higher than 300 naira per litre. But the pump price of the commodity is 145 naira per litre in Nigeria, with the corporation bearing the remaining cost burden on every litre of the commodity consumed across the country.
Kyari’s statement raised speculations that the corporation might increase petrol price, but this was swiftly denied by the NNPC.
But when asked whether the NNPC would continue to bear the subsidy on fuel, the corporation’s Group General Manager, Group Public Affairs Division, Ndu Ughamadu, said in Abuja on Friday, July 12, 2019 that the oil firm was the supplier of last resort and as such must keep the country wet with petroleum products. He said:
“For now, we are absorbing the cost in line with our responsibility as supplier of last resort and we are managing our debt. Where marketers are not supplying and not bringing in products, if we join them, the entire nation will suffer. So, it is our responsibility to keep the country wet when others fail to provide products”.