Petrol smugglers were making N17 million per truck under subsidy regime – Mele Kyari

Oct. 14, 2024 - Nairametrics

The Group Chief Executive Officer of the Nigerian National Petroleum Corporation (NNPC) Limited, Mele Kyari, has revealed that petrol smugglers exploited subsidy loopholes, making around N17 million per truck in neighboring countries. He explained that cross-border smuggling was rampant due to the fuel subsidy, with a 6,000-liter truck netting smugglers no less than N17 million per trip.

“In a 6,000 litre truck, you can actually 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.

Fuel prices have been steadily climbing due to the gradual removal of petrol subsidies, while the government continues to struggle with regulating petrol supply to marketers and filling stations...