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Senate committee suggests ₦280/litre pump price of petrol

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The Nigerian Senate through its Joint Committee on Petroleum Resources is suggesting the removal of petroleum subsidy that will see the price of petrol rise to N280 Naira per litre as part of measures to make the activities of smugglers of the products less profitable.

The Committee through its Chairman, Senator Sabo Na-kudu, made this submission at an interactive session with Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Company NNPC limited.

In his contribution, a member of the Committee, Senator Bassey Akpan called for a law making oil theft a capital offence.

Reacting to the call for subsidy removal, the NNPC boss said that it was solely within the powers of the Executive and not for the oil company to decide.

Kyari informed the Committee that the scale of vandalism and oil theft is more serious than imagined and this is affecting production quota and the attendant ripple effects.




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