The Group Managing Director of NNPC, Maikanti Baru PHOTO: TWITTER/NNPCThe Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, yesterday said the corporation was subsidising fuel because government was not favourably disposed to having the pump price exceed the N145 per litre.
Fielding questions from State House Correspondents after a Juma’at prayer session at the Aso Villa Mosque, Baru said President Muhammadu Buhari has directed that all parameters be maintained to ensure that the pump price does not go beyond the approved N145 per litre.
On the controversial issue of payment of subsidy, Baru retorted: “Do you want me to remove 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.
Why we subsidise petrol, by Baru
