The Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari has revealed that the oil firm saved over $1bn from petroleum products imports into Nigeria.

The GMD revealed this while speaking during a live television programme in Abuja.

Kyari said NNPC was able to get petrol at the pumps at about N256/litre, whereas the cost of the commodity would have been about N290/litre.

He said, “Today NNPC is the sole importer of petroleum products. We are proudly saying as a company today that we have saved over $1bn of cost that would have been built in on the top of importing petroleum products into this country.

“And this is by the fact that we have a much more transparent import process and a partnership arrangement that is ensuring that value is returned to the shareholders.”

“Instead of having a value beyond N280/litre, we are delivering products to the pump today at N256/litre and this means that we are saving over N30/litre because of the transparency that we have put in place.

“But what we are selling to the market is about N160/litre and these reasons are very obvious,” he added.

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