The Group Managing Director, Nigerian National Petroleum Corporation, Mr. Mele Kyari has announced that there would be no increase in the ex-depot price of PMS in May.
The national oil company has maintained an ex-depot price of N148/litre since February despite the hike in the actual cost of the commodity, hence incurring subsidy of over N120bn monthly.
#AbujaFuelQueues NNPC GMD, Mele Kyari, says petrol queues will disappear, he urges Nigerians not to engage in panic buying, adding that the NNPC has over 2 Billion Litres in reserve and that their is no cause for alarm @NNPCgroup @HETimipreSylva @MBuhari @ProfOsinbajo pic.twitter.com/0QXxdCy7HB
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Mr. Kyari also announced that Petroleum Tanker Drivers had suspended their proposed strike after the intervention of NNPC in the impasse between the PTD and the National Association of Road Transport Owners.
However, subsidy on Premium Motor Spirit may have gulped up to N500bn with decisions by the federal government to leave pump price of the product unchanged in the first five months despite rising oil prices in the international market.
There seems to be a return to the petrol subsidy era since the incessant increase in the price of global crude oil have had pushed up the landing cost of imported petrol closer to the current prices of the product in Nigeria