The NNPC Group General Manager (GMD), Mele Kyari gave the indication Thursday while reacting to a question about the status of petrol’s pump price in the country.

Kyari who spoke during the weekly presidential ministerial media briefing held at the presidential villa, Abuja said the NNPC absorbs the cost differential which is recorded in its financial books.

He added that the NNPC pays between N100-120 billion a month to keep the pump price at the current level, insisting that market forces must be allowed to determine the pump price of petrol in the country.

The GMD explained that while the actual cost of importation and handling charges amounts to N234 per liter, the government is selling at N162 per liter.

He, however, said the NNPC can no longer afford to bear the cost, adding that sooner or later Nigerians would have to pay the actual cost for the commodity.

(C) Straight News