The Nigerian National Petroleum Corporation has sustained petrol subsidy cost of N756.99bn from January to July of 2021.

The latest data obtained from the corporation show revealed the figures incurred by the corporation.

The subsidy called ‘value shortfall’ or ‘under-recovery’ by NNPC, resurfaced in January of 2021 as the government left the pump price of petrol unchanged at N162-N165 per litre despite the increase in global oil prices.

Recall that in March 2020, the Government had removed petrol subsidy after reducing pump price to N125 per litre from N145 following the sharp drop in crude oil prices.

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