The Nigerian National Petroleum Corporation (NNPC) has said it has no immediate plan to stop subsidy on petrol.
It assured that the corporation will continue to bear the cost of subsidy, but said it does not know it would stop fuel subsidy.
Recall that the NNPC’s Group Managing Director, Mele Kyari, recently stated that the price of petrol in most West African countries was higher than N300 per litre.
With the pump price of the commodity standing at N145 per litre in Nigeria, the corporation is 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 national oil firm.
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, told Punch in Abuja on Friday 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.”