Fuel smugglers made N17m per trip under the Petrol Subsidy Regime – Mele Kyari

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari has said that Premium Motor Spirit, Petrol smugglers made a swooping N17 million per trip during the petrol subsidy regime.

He disclosed this at the weekend while speaking with Journalists on the impact of fuel removal by President Bola Ahmed Tinubu.

According to him, 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, DAILY POST reported that Kyari said fuel subsidy removal brought price parity into the oil and gas sector.

His comments come as NNPCL on Wednesday again increased fuel price to N1030 per litre in Abuja.