BEVERLY HILLS, April 6, (THEWILL) – The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, Monday, said the federal government under President Muhammadu Buhari has ended the expensive and wasteful subsidy on petroleum products progamme.
“There is no subsidy and it is zero forever. Going forward, there will be no resort to either subsidy or under recovery of any nature. NNPC will play in the marketplace, it will just be another marketer in the space. But we will be there for the country to sustain security of supply at market price.” Mr. Kyari said in a television interview.
The state oil company head also disclosed that crude oil production has risen to a record 2.3 million barrels per day and projected that oil price will rebound though cautioned that it could remain around $30 through the year.
Brent closed at $33.30 per barrel Monday.