The central bank of Nigeria has disclosed 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.
Meanwhile, President Bola Ahmed Tinubu, on Wednesday night, announced that the petroleum refinery in Port Harcourt will commence full operations by December 2023.
The National Presidents of the Nigeria Labour Congress (NLC), Joe Ajaero and Trade Union Congress (TUC), Festus Osifo, stated this in a statement after meeting the President at the State House in Abuja.
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