Fuel at N145/litre no longer sustainable – NNPC

John Ameh, Fidelis Soriwei, Friday Olokor, Adelani Adepegba and Okechukwu Nnodim

Former and present Group Managing Directors of the Nigerian National Petroleum Corporation have expressed fears that the current pump price of N145 per litre is no longer feasible.

They said the amount does not correspond with the price-determining components of the commodity and the fluctuations of the foreign exchange rate.

They stated this after a one-day meeting they held with the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, in Abuja.

The NNPC in its statement said, “They (the GMDs) noted that the petrol price of N145/litre is not congruent with the liberalisation policy especially with the foreign exchange rate and other price determining components such as crude cost, Nigerian Ports Authority charges, etc remaining uncapped.”

The declaration of the NNPC present and past bosses confirmed an exclusive report by SUNDAY PUNCH on August 7, 2016, in which oil marketers revealed that the actual or real cost of petrol was N151.87 when all the pricing components are adequately captured.

Read More