By Harry Awurumibe, Editor Abuja Bureau
Nigerians expecting to see a reversal of the new pump prices of petrol announced by the Nigeria National Petroleum Corporation (NNPC) Limited may be hoping against hope as the much-awaited petrol subsidy removal has come to stay.
NNPCL Chief Executive Officer and Group Managing Director, Engr. Mele Kyari has revealed that
fuel subsidy of 2022/23 is not yet funded the federal government hence it will be a mirage to hope for the downward pricing of the product for now.
Speaking on Arise News breakfast programme The Morning monitored in Abuja on Thursday, Kyari also disclosed that about 40% of petrol supply in Nigeria goes to the elites who use fleet of vehicles.
According to him there is no money to fund the 2022/23 fuel subsidy regime, adding that fuel subsidy in Nigeria benefits the elites rather than the poor Nigerians.
Kyari also made it clear that petrol prices are now market-reflective as the come is targeting a new fuel pricing to restructure the industry just as he said NNPCL is to set up outlets outside Nigeria.
