The Nigerian National Petroleum Corporation, NNPC, Monday, disclosed that under-recovery of Premium Motor Spirit, PMS, also known as petrol, has dropped to N20 per litre from over N80 a couple of weeks back, noting, however, that the Federal Government was still committed to bearing the additional cost above the regulated price of N145 per litre.
What this means is that if the Federal Government stops subsidizing the price of PMS today, the actual selling price of PMS would rise to N165 per litre. Addressing newsmen during a tour of petrol stations in Abuja, Group Managing Director of the NNPC, Mr. Maikanti Baru, said the corporation was not deterred by the rising cost of under-recovery and would continue to import PMS into the country to guarantee stability in supply.
Source: Vanguard