An economist, Kelvin Emmanuel, says the 16.8 million liters of petrol lifted from the Dangote refinery by the NNPC on Sunday was not paid for in cash because the state oil company lacked the necessary funds.
Speaking on Morning Crossfire on Monday, he disclosed that NNPC owes international traders $6.8 billion, so,“they don’t have the cash to pay.”
Emmanuel disclosed that “a multilateral development bank structured (a) letter of credit for them to be able to”lift petrol from the Dangote refinery.
He said it was “highly nefarious” for an NNPC representative to issue a statement attempting to attribute the price hike in petrol to Dangote.
According to Emmanuel, the Nigerian government is still responsible for setting petrol prices since the fuel market is currently regulated.
He stated that the government is to blame for its incapacity to guarantee that Nigerians receive petrol at a fair price.
