The co-founder of Sahara Group and the All Progressives Congress, APC, gubernatorial candidate at the 2023 governorship election in Rivers State, Tony Cole has said the Nigerian National Petroleum Company Limited, NNPCL, is under a lot of pressure over the burden of fuel subsidy payment and product importation.
Cole disclosed this during a recent interview with Channels
Television.
His comments come amid the controversy surrounding whether
the Nigerian government is paying fuel subsidy or not.
Recently, NNPCL insisted it does not pay fuel subsidies but
rather covers the shortfalls in the importation of the product.
Reacting to the development, Cole said “NNPC carries a huge
burden when it comes to the issue of making sure that petrol is available for
the masses.
“NNPCL is absolving the true cost of petrol products. We
have already had many discussions on whether we are having a subsidy or not.
“A lot of earnings of NNPCL are already going into that.
This in essence begins to affect other things, including its cash-calls and the
ability of the firm to do what it needs to do.
“NNPC is under a lot of pressure and that pressure can be
directly traced to the issue of the importation of petroleum products and what
you will call subsidy or no subsidy.”
Recall that in May last year, President Bola Ahmed Tinubu
announced fuel subsidy removal which saw the product rise to over N600 per
litre from around N238.
Meanwhile, a recent figure projected by the Major Energies
Marketers Association of Nigeria recently showed that the cost of PMS was
N1,117 per liter.
Fuel is sold at between N617 per liter to N800 in most
filling stations in Nigeria.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com