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| Mr. Mele Kyari. |
The removal of fuel subsidies in Nigeria has greatly reduced the smuggling of petrol to neighboring countries, according to the Group CEO of Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari.
In an interview with Channels TV on Sunday, Kyari explained that the subsidy caused a big price difference between Nigeria and nearby nations, making smuggling very profitable. Before the subsidy was removed, smugglers took advantage of this price gap.
However, with the subsidy gone, fuel prices are now balanced, and smuggling is no longer profitable, Kyari said. He added that this is a positive step for Nigeria’s energy sector, as it ensures fair pricing for consumers.
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