Fuel Price may increase to N234 Per Liter – NNPC Director

The group managing director of the Nigerian National Petrol Corporation (NNPC), Engr. Mele Kyari has disclosed that there is the possibility of a fuel price increasing to N234 per liter

The NNPC boss disclosed this during a statehouse press briefing on Thursday

He said, it no longer makes sense for NNPC to import petrol at market price and sell at N162 per liter. He added further that the actual market price should be between N211 and N234 per liter.

Kyari noted that the government can no longer bear the burden of the difference between the actual market price and what Nigerians are paying for petrol.

His words: “NNPC importing PMS at market price & selling at N162/L. Actual market price should be between N211 and N234/L. Meaning is that consumers are not paying market price. The difference is being carried in the books of NNPC, and we may no longer be able to carry that burden.”

“NNPC is currently the sole importer of PMS, and we’re trying to exit the underpriced sale of PMS. Eventual exit is inevitable, when it will happen I cannot say, but engagements are ongoing because government is cognisant of the implications.”

“Nigeria’s current PMS consumption – i.e. evacuation from NNPC depots – is about 60 million Litres per day. Cheapest PMS price in any of our neighbours is above N300 per Litre, up to N500 in some countries,”