The Nigerian National Petroleum Corporation NNPC has said the official pump price of petroleum should be 256 naira per litre in the stead of unstable165 naira paid per litre currently.
The Group Managing Director of the NNPC, Mele Kyari said this when he appeared in an interview with Channels TV on Tuesday, stating that the price increase is necessary if NNPC is to recover the landing cost of fuel importation into the country.
According to Mele Kyari, the petrol pump price is meant to reflect the current crude oil price which stands at $74.40 per barrel at the international market as at 09:23 GMT on Wednesday. “Today we are paying N162/litre (for petrol). I am sure many people buy AGO (diesel) in the market and it is selling at N280/litre in the market today. So (there is) nowhere in the world diesel sells more expensive than PMS. That means that the price of petrol anywhere in the world, assuming you are going to sell it at the market, you are going to sell it above that price you have seen”, Mele Kyari said.
Read also: Get Ready For Increased Petrol Pump Price – NNPC Tells Nigerians
“Today, from what I can remember, I checked the number two days ago; what would we sell if we are at the filling station today and recover our cost fully is around N256/litre”, Mele Kyari said.
The NNPC GMD said the federal government is still in talks with the Nigerian Labour Congress (NLC) for negotiations on the cost of petrol. He said based on the ongoing engagements, there will be no fuel price increase in July.
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