Abuja - The Nigerian National Petroleum Corporation (NNPC) has called for the total removal of subsidy from the petroleum products pricing template by the incoming government, Premium Times reports.
Group Coordinator, Corporate Strategy and Planning, NNPC, Tim Okon, said fuel subsidy was not sustainable in view of the fact that government was not in control of the factors that influence retail fuel price.
Also read: Petrol subsidy hits N1.2bn
Okon who was speaking at the Society of Petroleum Engineers 2015 Oloibiri Lecture Series and Energy Forum in Abuja, said that subsidy is the difference between expected open market fuel price and actual retail price consumers pay at petrol stations as regulated by the Petroleum Products Pricing Regulatory Agency (PPPRA) and the Department of Petroleum Resources (DPR).
He argued that from the technical analysis made, it is obvious that subsidy is real, and it is something that should go, because it is not sustainable.
Read more at Premium Times
- News 24