The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, has disclosed that President Muhammadu Buhari authorised the Corporation to subsidise petrol for Nigerians.
The NNPC GMD stated this on Friday during a brief interview with State House correspondents at the Presidential Villa shortly after he performed Friday Islamic prayers, Premium Times reports.
Baru’s comment was in reaction to the backlashes and confusion that trailed a disclosure by the apex oil firm in Abuja last Friday that the landing cost of fuel has jumped to N171.
The NNPC has, however, maintained that the N145 per litre price subsists, raising questions on who foots the bill of the minimum N26 differential; especially as such estimates are not contained in the 2017 and 2018 budgets.
While speaking earlier today, Baru said his principal Buhari authorised the payment of the ‘subsidy’ by NNPC, to ease the pains of Nigerians.
“Do you want me to remove subsidy?” he said in response to questions demanding clarifications on the subsidy.
“What I am saying is that the landing cost as should be sold in the pump without under-recovery should be N171.40.
“However Mr. President has directed that we should maintain all the parameters to ensure that it is sold at N145 per litre. And that is why we are selling at depot at N133.28.8,” he explained.
Baru had some days ago assured Nigerians that the issues of long fuel queues and petrol scarcity across the country will disappear by the weekend.
“I promise by weekend, most of the abrasions we’ve been noticing will disappear. You could see that we are winning the war,” Baru said.
“The (fuel) queues have significantly subsided in Abuja; In Lagos, they’ve almost become none existent and, of course, we are pushing it to the other cities as well as to the hinterlands.”