By Deji Elumoye
The federal government on Thursday declared that it can no longer bear the N120 billion monthly extra cost on Premium Motor Spirit (PMS) otherwise known as petrol.
The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, made the disclosure while speaking to newsmen at the State House, Abuja.
He explained that while the actual cost of importation and handling charges of petrol amounts to N234 per litre, the government is selling at N162 per litre.
According to him, the NNPC can no longer afford to bear the differential in cost, adding that sooner or later, Nigerians would have to pay the actual cost for the commodity.
Kyari said the NNPC pays between N100 to N120 billion a month to keep the pump price at the current level, stressing that market forces must be allowed to determine the pump price of petrol in the country.