Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home Business & Finance

NNPC’s Kyari Exposes Petrol Smuggling Profits Under Subsidy Regime

Nnaemeka OkwarabyNnaemeka Okwara
October 14, 2024
in Business & Finance
0
NNPC’s Kyari Exposes Petrol Smuggling Profits Under Subsidy Regime
Share on FacebookShare on TwitterShare on Whatsapp

The CEO of the Nigerian National Petroleum Corporation (NNPC) Limited, Mele Kyari, said that people who illegally transport petrol made about N17 million for each truck carrying 6,000 liters to nearby countries, taking advantage of gaps in the subsidy system.

Kyari explained that smuggling across borders was very profitable because of fuel subsidies. Smugglers could make N17 million per trip. However, if they sold the same amount of petrol inside Nigeria, like in Borno State, they would only get N500,000.

Since the subsidies were removed, Kyari mentioned that smugglers no longer make money because fuel prices now match market prices.

“Subsidies caused differences in prices between places, which led to smuggling. Removing subsidies stopped the profit from smuggling,” Kyari said.

NNPC recently increased petrol prices to N998 in Lagos and N1,030 in Abuja, which is the second price hike in less than two months.

Tags: federal characterNewsNigeriannpcNNPC's Kyari Exposes Petrol Smuggling Profits Under Subsidy RegimepetrolProfitssubsidy
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

Related Posts

Dangote Refinery Set to Dethrone India’s Jamnagar, Becomes World’s Largest
Business & Finance

Dangote Refinery Set to Dethrone India’s Jamnagar, Becomes World’s Largest

October 26, 2025
The Tariffs Gets Dumber Everyday
Business & Finance

The Tariffs Gets Dumber Everyday

October 26, 2025
October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose
Business & Finance

October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose

October 25, 2025
Next Post
Ukraine Calls for Putin’s Arrest Ahead of G20 Summit in Brazil

Ukraine Calls for Putin's Arrest Ahead of G20 Summit in Brazil

Middle East Tensions Weigh on Oil Markets

Middle East Tensions Weigh on Oil Markets

Insomnia: Symptoms, Consequences, and Causes

Insomnia: Symptoms, Consequences, and Causes

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Israel Minister Suggests Gaza Annexation Amid War Tensions

Israel Minister Suggests Gaza Annexation Amid War Tensions

3 months ago
U.S. Reporter Faces Closed-Door Espionage Trial in Russia

U.S. Reporter Faces Closed-Door Espionage Trial in Russia

1 year ago
How AI is Powering the Future of E-commerce with Personalized Shopping

How AI is Powering the Future of E-commerce with Personalized Shopping

1 year ago
Dollar, Euro and Pounds To Naira Exchange Rate For Today, June 20 2024

Dollar, Euro and Pounds To Naira Exchange Rate For Today, June 28 2024

1 year ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

Dangote Refinery Set to Dethrone India’s Jamnagar, Becomes World’s Largest

Details of What Led to Pretty Mike’s Arrest During NDLEA Raid in Lagos Nightclub

Venezuela’s Maduro says the US is ‘fabricating’ a war against him

Matty Cash Fires Aston Villa Past Manchester City as They Suffer First League Defeat Since August

Eze​‍​‌‍​‍‌ Haunts Former Club as Arsenal Edge Past Crystal Palace to Extend Premier League Lead

The Tariffs Gets Dumber Everyday

Trending

Arrests Rock Cameroon as Paul Biya Eyes Eighth Term at 92
Government

Arrests Rock Cameroon as Paul Biya Eyes Eighth Term at 92

byEriki Joan Ugunushe
October 26, 2025
0

It feels almost unreal that in 2025, Cameroon is still wrapped around the same old story, Paul...

Why the Louvre Jewelry Theft Was an Attack on French Fashion History

Why the Louvre Jewelry Theft Was an Attack on French Fashion History

October 26, 2025
Bellingham​‍​‌‍​‍‌ and Mbappé Fire Real Madrid to El Clásico Glory Over Barcelona

Bellingham​‍​‌‍​‍‌ and Mbappé Fire Real Madrid to El Clásico Glory Over Barcelona

October 26, 2025
Dangote Refinery Set to Dethrone India’s Jamnagar, Becomes World’s Largest

Dangote Refinery Set to Dethrone India’s Jamnagar, Becomes World’s Largest

October 26, 2025
Details of What Led to Pretty Mike’s Arrest During NDLEA Raid in Lagos Nightclub

Details of What Led to Pretty Mike’s Arrest During NDLEA Raid in Lagos Nightclub

October 26, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • Arrests Rock Cameroon as Paul Biya Eyes Eighth Term at 92
  • Why the Louvre Jewelry Theft Was an Attack on French Fashion History
  • Bellingham​‍​‌‍​‍‌ and Mbappé Fire Real Madrid to El Clásico Glory Over Barcelona

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com