The Nigerian National Petroleum Corporation on Thursday,
strongly advocated the complete halt in the payment of subsidy
on petrol.
Although the corporation admitted that it was aware of the
massive nationwide protests and industrial actions that took place
in January 2012 when the Federal Government announced the
complete withdrawal of subsidy on petrol, it however maintained
that the continued payment of subsidy was not sustainable.
Subsidy is the difference between the Expected Open Market Price
of fuel and the actual or retail price that is paid by consumers for
the product at petrol stations as regulated by the Department of
Petroleum Resources.
The Group Coordinator, Corporate Strategy and Planning, NNPC,
Mr. Timothy Okon, explained that since government does not
control the prices of crude oil, its fluctuation often creates fiscal
instability in the country, a situation that impacts negatively on
Nigeria’s revenue.
Okon spoke at the 2015 Oloibiri Lecture Series and Energy Forum
organised by the Society of Petroleum Engineers in Abuja.
He noted that when crude oil prices came down to about $40 per
barrel, subsidy was not paid during that period as the landing cost
of the product was either equal of even lower than its market
value.
Okon explained that subsidy on petrol creates uneven distribution
of revenue, round tripping and unnecessary carry-over of funds
from one year to another in a manner that was difficult to control
by the Federal Government.
“So, from the technical analysis made, it is obvious that subsidy is
real. And from our analysis, we look at it as something that should
go because it is not sustainable,” he said.
Details later…

http://www.punchng.com/news/nnpc-pushes-for-fuel-subsidy-removal/

they don start again abi

non sense... so de go see money chop bah... ds ppl no get conscience o