According to reports, oil marketers are owed $3 billion by Nigeria National Petroleum Company (NNPC) Limited for imported gasoline.
Although the pace of repayment has been delayed, the corporation is nonetheless making the past-due payments.
The NNPC’s import budget would be exhausted due to the slow speed at which gasoline subsidies, which were eliminated in May 2023, will recoup.
NNPC’s ability to import is being hampered by rising global oil prices and a declining naira.
The NNPCL now incurs higher costs when importing gasoline into the nation due to the spike in crude oil prices, which have surpassed $90 per barrel.
In February, the highest market price for gasoline in West Africa was N1,229 per litre, which is 150 percent more than the government-imposed price cap from June.
Although prices have decreased to about N912 per litre, they are still N295 above the N617 restriction.
The state-owned business has continuously declined to provide subsidies for imported gasoline, even in the face of a global increase in the price of Brent Crude oil.
In October 2023, Group CEO Mele Kyari declared that the corporation solely recoups the entire cost of the goods it imports and that no subsidies were given to oil marketers.
