Success Nwogu

The Nigerian National Petroleum Company Limited (NNPCL) has said the subsidy on Premium Motor Spirit (PMS), popularly called petrol or fuel, has skyrocketed to over N400 billion monthly, adding that this had inflicted severe strain on Company’s cash flow.
NNPCL’s Group Chief Executive Officer, Mele Kyari, making the revelations on Friday in Abuja during the Final Cutover from Nigerian National Petroleum Corporation to NNPCL, also claimed that NNPCL was spending about N202 as subsidy per litre of petrol distributed in the country.
According to him, about 65 million litres of PMS were pumped daily into the market by NNPCL.
He promised that NNPCL would continue to discharge its obligations by providing fuel for Nigerians.
Kyari also said NNPCL with over $60 billion in assets would try its best to boost its profit from the current $2 billion it declared for the 2021 financial year.