NNPC: N145 Per Litre No Longer Feasible

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nnpc MD

Maikanti Baru

The Nigerian National Petroleum Corporation, NNPC, Monday said the current price of N145 per litre for fuel was no longer feasible.
The Group General Manager, Crude Oil Marketing, NNPC, Mr. Mele Kyari, who stated this in Lagos during the Oil Trading and Logistics Expo, OTL, explained that it has become very difficult to import fuel at the current fixed rate of foreign exchange.
He said, ‘’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.”
However, Kyari also noted that with the hardship Nigerians were already suffering, it would be difficult for government to contemplate increasing fuel price.
He said, ‘’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 said it was not true that marketers cannot find foreign exchange to import fuel, adding that there was enough forex that many were not ready to pick for the purpose of import.

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