Mele Kyari, the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), says Nigerians should be paying at least N256 per litre for petrol.
Mr Kyari disclosed this at a stakeholders meeting organised by the NNPC to stop fuel smuggling.
Commenting on the current PMS and subsidy payment, Mr Kyari noted that the petrol pump price should be N256 per litre given the current exchange rate.
“If we are to sell at the market today at the current exchange rate, we will be selling the product at about N256 to a litre. What we sell today is N162, so the difference is at a cost to the nation,’’ he said.
According to him, the country cannot sustain subsidy payment with the high volume of daily consumption, pointing out that the country coughs up N150 billion every month on subsidy.