cover

Petrol Should Sell At N256 Per Litre – NNPC GMD

 

The Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has stated that Nigerians are meant to be paying at least N256 per litre for petrol.
Society gazette reports that the NNPC GMD stated this at a stakeholders meeting organised by the NNPC to stop fuel smuggling.

The NNPC GMD disclosed that the federal government is injecting between N140 billion to N150bn monthly to keep petrol price at N162 per litre, from its actual N256.

“If we are to sell at the market today at the current exchange rate, we will be selling the product at about N256 to a litre. What we sell today is N162, so the difference is at a cost to the nation,’’ he said.

He however said with the high volume of daily consumption, the country cannot sustain subsidy payment.

“As long as we don’t regulate volume until we are able to exit this current level, which I know so much work is going on, then we have to manage the volume that we are exposed to between this price of N162 and N256. The difference comes back to as much as N140 billion to N150 billion cost to the country monthly.

“As long as the volume goes up, that money continues to increase, and we have two sets of stress to face: the stress of supply and stress of foreign exchange for the NNPC. We may not see foreign exchange cheque taking place for importation.,” Kyari said.

 

Oluwasegun Adesuyi

Recent Posts

Zenith Tech Fair 4.0 Concludes with Hackathon Winners Awarded ₦77.5M in Cash Prizes

Zenith Tech Fair 4.0 Concludes with Hackathon Winners Awarded ₦77.5M in Cash Prizes The Fourth…

2 days ago

Peter Obi, Atiku had nothing to offer -Doyin Okupe …says 2023 election was not rigged

Peter Obi, Atiku had nothing to offer -Doyin Okupe ...says 2023 election was not rigged…

3 days ago

Access Bank Named Only Nigerian Company on Forbes 2024 World’s Best Employers List

Access Bank Named Only Nigerian Company on Forbes 2024 World’s Best Employers List   In…

4 days ago

Health, Insurance, And Entrepreneurship Lectures To Take Centre Stage At NASRE Foundation’s End- Of-Year Support To Ailing Journalists Others

Health, Insurance, And Entrepreneurship Lectures To Take Centre Stage At NASRE Foundation’s End- Of-Year Support…

4 days ago

ZENITH BANK HOLDS TECH FAIR, ‘FUTURE FORWARD 4.0’, IN LAGOS

ZENITH BANK HOLDS TECH FAIR, ‘FUTURE FORWARD 4.0’, IN LAGOS The Fourth Edition of the…

4 days ago

How Sports Can Help Boost Nigeria’s Greatness – Obasa

How Sports Can Help Boost Nigeria's Greatness - Obasa - commissioner says govt passionate about…

6 days ago