The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari has disclosed that Premium Motor Spirit, Petrol smugglers made a swooping N17 million per trip during the petrol subsidy regime.
Kyari, who made this disclosure at the weekend while speaking with Journalists on the impact of fuel removal by President Bola Ahmed Tinubu, added that the government ended fuel arbitrage with the removal of subsidy in June last year.
“In a 6,000-litre truck, you can gain up to N17 million from just one truck. How are you going to stop someone who with two trips can just easily make N17 million times two—which is the price of the truck itself,” he said.
Earlier, Kyari also said fuel subsidy removal brought price parity into the oil and gas sector.
His comments come as NNPCL on Wednesday,10 October, 2024 again increased fuel price to N1030 per litre in Abuja.
