Nigerian National Petroleum Corporation managing director Mele Kyari said petrol price in the country is cheapest in the West African sub-region.
Currently, petrol in Nigeria costs N145 per litre at the petrol stations while most of the West African countries are selling at as high as N350, added Kyari.
While submitting a report on the revenue generation on gas production before the leadership of the Senate the NNPC boss said smuggling and low price are hampering high revenue generation.
Kyari said that by the end of 2019 the agency would be able to meet the revenue projection of the 2019 Appropriation Act.
He said the NNPC is closely working with the border security agencies in controlling the cross border smuggling of petroleum fuel.
Meanwhile, Department of Petroleum Resources director Rufai Ishaku called to fast forward the process to pass the Petroleum Industry Bill as this will transform the industry.
Controller General of Nigerian Customs, Col. Hammeed Ali (rtd.) said the Customs Service generated N653.3 billion by June end and N1.202 trillion was revenue was generated last year.
Federal Inland Revenue Services chairman Babatunde Fowler said that his agency has generated about N6.5 billion in last two months.
Apart from all these, Senate President Ahmed Lawan said indigenous airlines of the country are at financial risk and could go into extinction if efforts are not made.
