At a stakeholders consultation on the Draft National Oil Policy held recently in Abuja, Oil marketers and critical downstream stakeholders revealed that NNPC which supplies more than 70% of fuel consumed in the country is doing so at a loss under the current foreign exchange regime and the federal government is currently subsidising petrol as a result of this.

Local downstream players Oando, Total and other key stakeholders who spoke during the forum stated that subsidy was still being paid to maintain fuel price at N145 per litre. They admitted that the government has been bearing the brunt to keep the price at the current rate as the real cost of petrol should be far above N145 per litre if all the cost components are adequately captured.