We spend N774m daily to subsidize petrol – NNPC

The Nigerian National Petroleum Corporation (NNPC) said it spends N774 million every day to subsidize petrol and keep the fix retail price of N145 per litre.

Group Managing Director of NNPC, Dr. Maikanti Baru revealed this when he led a top management team of the corporation on a visit to the Comptroller General of the Nigerian Customs Service, Col. Hameed Ali (Retd).


The daily evacuation of Premium Motor Spirit (PMS), otherwise called petrol, varied in recent past months ranging from 35million litres per day to 60million litres per day and even to as high as 80million litres per day as at December last year.

But NNPC in a statement signed by its spokesman Ndu Ughamadu said supply was now settling at an average of 50million litres per day.

Baru, according to the statement, noted that based on the heightened petrol consumption rate of 50 million litre per day, the corporation was incurring an under-recovery of N774 million every day.