Oyogist.com has learned that an estimate of N500bn is expected to gulp the subsidy price of Premium Motor Spirit (PMS) owning to the fact that the Nigerian Government hasn’t made any changes in the price for the past five months.
The Group Managing Director of Nigerian National Petroleum Corporation, Mele Kyari, had ruled out the possibility of an increase in the ex-depot price of Premium Motor Spirit, popularly called petrol, in May.
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NPC has maintained an ex-depot price of N148/litre since February despite the hike in the actual cost of the commodity, hence incurring subsidy of over N120bn monthly.
