NNPC Boss, Mele Kyari said Nigeria would no longer pay subsidy on petrol with the ongoing global oil price decline.
Speaking on an Africa Independent Television (AIT) programme on Monday, Mr Kyari said Nigeria would no longer pay subsidy on petrol with the ongoing global oil price decline.
According to him, the current fluctuations in global crude oil prices, the cost of refined products would be determined by market forces going forward.
“But we will be there for the country to sustain the security of supply at market price,” he said, indicating the government was not deregulating the petrol sub-sector, and would still fix prices.
Mr Kyari described the NNPC as a transparent organisation, saying the state oil firm was probably the “only company in the world that publishes its monthly financial and operations reports.”
He said the corporation was proud of the initiative, assuring Nigerians of NNPC’s commitment and observance of transparency and accountability in all its transactions.