Petrol Pump Price Should Be N256 Per Litre — NNPC
According to Mele Kyari, group managing director (GMD) of the Nigerian National Petroleum Corporation (NNPC), the price of premium motor spirit (PMS), also known as gasoline, at filling stations should be N256 per litre.
In an interview with Channel Television on Tuesday, June 29, Kyari claimed that the price hike is required if the NNPC is to recoup the cost of petroleum importation into the country.
The gasoline pump price, according to Kyari, is intended to represent the current crude oil price, which is $74.40 per barrel on the international market as of 09:23 GMT on Wednesday.
According to him, “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.
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.”
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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.
