The Nigerian National Petroleum Corporation (NNPC) says it can no longer afford to subsidize Premium Motor Spirit (PMS), popularly known as petrol.

The NNPC Group Managing Director, MELE KYARI, at the weekly ministerial media briefing at the State House in Abuja, said the corporation currently pays 120 billion naira every month to subsidize petrol.

He lamented that the burden placed upon NNPC by the ongoing subsidization of the cost of petrol in the country was overwhelming, and said that Nigerians would have to pay the actual cost for petrol sooner or later.