It’s impossible to sell petrol at N145 per litre, we need to increase price – NNPC | Nigeria News Today. Your online Nigerian Newspaper

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As Nigerians grapple with recession, the Nigerian National Petroleum Corporation, NNPC, Monday reminded the nation that the sale of petrol at N145 per litre was no longer feasible with the current price of foreign exchange.


The Group General Manager, Crude Oil Marketing, NNPC, Mr. Mele Kyari, stated this at this year’s Oil Trading and Logistics Expo, OTL, holding in Lagos.

He said: “We have a very difficult business environment. It is impossible today to import products at the current market price, at current fixed foreign exchange, FOREX rate. ‘’There is no way today you can take products to retailers and sell at N145. It is not possible. If that is true and I believe that it is, because we all go to the market.

Why can’t we sell above N145? That is where legislation should come in.” Kyari, who explained that the current price was not realistic, however, said that any official increase by the government would not go down well with the citizenry as it will be resisted.

“I also know today that it is impossible for this government to announce tomorrow that petrol is about N150. This government cannot sustain it. That is the truth.

The people will not accept that figure. ‘’That is why suppliers are not importing. It is not FX. We have created a niche market for the FX. I am part of the committee allocating FX. We gave FX. It was rejected. The reason being given is that FX is not enough to import. But that is not true. “The truth is that marketers go back to the market and land it here, that you are required to sell it at N145 maximum. I am sure they won’t make it.

We won’t let you do it today. That is the main reason people are not importing today. It is not FX,” he added. Kyari further expplained that Nigeria was still in a subsidy regime, as the NNPC took the bulk of importation to ensure that petrol was sold at the official rate of N145 per litre. “Today, we are in subsidy regime, absolutely. There is no way you bring product today and sell at N145 and get back your money, and make profit. That is not possible.

You can see some marketers saying that fuel is N138. ‘’It is because they did not import. Somebody has taken the heat off the price. Because we (NNPC) have taken the heat, and you buy from us; you can afford to go to the market and then put a ridiculous price. It is not possible, because they did not import it. It is not FX,” he said. Debunking the notion that marketers were constrained by the unavailability of FX, he accused them of being reluctant to go for it.

He added: “As I speak to you, there is stranded FX that nobody is ready to pick up. We have closed the chapter on FX.’’

Post a Comment Default Disqus

  1. Where are all the APC wailing Wailers. Haba! Shebi Fuel subsidy during the last administration was a scam. There was nothing like fuel subsidy then under Jonathan and PDP 16 years kwo? Hahahahahahahahahaaha!
    Changi Dole!
    I am just going to one river now and when I get there I will just Shout sai Baba! Change Dole! I will just put hose into the river and fill may tank.
    Sai Baba!
    Sai Tinubu!

    ReplyDelete
    Replies
    1. @Isiaka! The gullible MUMUs, the sai BABAs and the sai BODY Language will pay #250 per litre of Petrol then they will know that this extra clueless herdsman is not fit to rule. Ultimately they will all shout "Let's CHANGE this MUMU change"

      Delete
  2. Someday,someone will finally tell us the truth

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  3. Hmmmmmmmmmm subsidy part one. Who is deceiving who here?let's get it started. Femi Adesina said they in creased fuel to 145 and hell did not let lose simply because Nigerians trust Buhari and hif cabinet.

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  4. Nigerians don see the leader wey they want

    ReplyDelete
  5. Just because GEJ is from minority.They must bring born to rule fulani. See what everybody is passing through

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  6. Are these people mad? Nnpc should continue importing, as long as you refused to repair the refineries because of some crazy cabal, we should not suffer for your incompetence. Stop this already.

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  7. What a stupid statement! Some filling stations are selling less than 145.00. A filling station in abeokuta even sells at 138.00,while some still sell at 140.00, 142.00 and 143.00. If it doesn't pay these filling stations, why're they selling less than authorized price. It's because their prices paid them with profits.

    ReplyDelete

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