‘Present Price Of Petrol Is Not Sustainable’ – NNPC

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Nigerian National Petroleum Corporation (NNPC) has said the present N 145 a litre of petrol is not sustainable because of nation’s difficult business environment.

The Group General Manager, Crude Oil Marketing Department of the Nigerian National Petroleum Corporation (NNPC), Mr. Mele Kyari, said this at the at the 10th Oil Trading and Logistics Africa Downstream Week in Lagos, where he also said it was impossible to import products at the current market price, at current fixed foreign exchange rate and recovered one’s money.

He said marketers that are currently selling below N145/litre are doing so because they are not the importers of the fuel. “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.”

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The possibility of government increasing the pump price was ruled out by Mr. Kyari because of the present economic hardship.

“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 take that number. But that is why the suppliers now are not importing it. It is not about the foreign exchange.”