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CBN Reveals How Much NNPC Spent On Monthly Petrol Importation
Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has said about $150 million is spent monthly by the Nigerian National Petroleum Corporation (NNPC) on petrol importation into the country.
Principal Manager at the apex bank, Osagie Clement, made this known on Wednesday when he appeared before the House of Representatives ad-hoc committee investigating the petrol price hike.
He said the CBN has no control over the price of either premium motor spirit (PMS) or the dollar, adding that as a result of low demand, consumption of PMS has reduced by 30 per cent.
Clement, therefore, urged the Federal Government to discourage importation and encourage local refining.
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