The Nigerian National Petroleum Company Limited is selling Premium Motor Spirit, popularly called petrol, at a loss because of its mandate from the Federal Government as regards PMS subsidy, the Minister of State for Petroleum Resources, Chief Timipre Sylva, said on Monday.
Sylva’s remarks came as oil marketers stated that the supply hitches in the downstream oil sector that often leads to fuel scarcity, might persist till June, based on the government’s plan to end petrol subsidy in that month.
Sylva, while speaking in Abuja on Monday, insisted that subsidy had been a burden, but stressed that it was a mandate on NNPC which had made the oil firm to continue selling PMS at a loss. “And then you are expected to go back to buy the same thing, and come back again to sell it at a loss. So at every point in time you are looking for more money to continue to buy it, because you’re mandated to sell it at a loss.”
“If you ask me how I will feel as a private citizen to buy petrol at N300/litre, sadly, I will say I won’t feel bad, knowing the actual situation. And if you compare Nigeria to other countries, you will understand,” he stated. “Unfortunately we are still in a subsidised regime, which all of us know. As a country, I think it is a national consensus now that subsidy is not sustainable, but together we will get there,” Sylva stated.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Poor investment causing petroleum products scarcity — Mbah - Daily TrustThe Founder and Chief Executive Officer (CEO) of Pinnacle Oil and Gas Limited, Mr Peter Mbah, has blamed the inadequate investments in the downstream of the oil and gas sector for ceaseless petroleum products scarcity.
Read more »
Key events that shaped Nigeria's oil sector in 2022The DSS threats notwithstanding, fuel scarcity persisted as Nigerians have continued to lament scarcity of petroleum products during festive periods.
Read more »
Peter Mbah: Recurring fuel scarcity caused by inadequate investments in downstream oil sector | TheCablePeter Mbah, founder and chief executive officer (CEO) of Pinnacle Oil and Gas Limited, has attributed the persistent fuel shortages and the associated discomfort being experienced by Nigerians to insufficient investments in the downstream oil and gas sector.
Read more »
FG: Nigeria to stop importing petroleum products by Q1 2024 | TheCableThe federal government says Nigeria may stop the importation of petroleum products by the first quarter of 2024.Timipre Sylva, minister...
Read more »
Fire razes NNPC filling station in DutseFire outbreak has razed down NNPC mega filling station in Dutse local Government in Jigawa State. Spokesman of the Nigerian Security and Civil Defense,
Read more »
I won't feel bad buying petrol at N300/litre - Sylva - Daily TrustThe Minister of State for Petroleum Resources, Timipre Sylva, has said that he will not feel bad to buy petroleum at N300 për litre after...
Read more »