Fuel @₦145/litre no longer sustainable – Ex & present GMDs of NNPC

The former and present Group Managing Directors stated this after having a one-day meeting they held with the Minister of State for Petroleum Resources, Ibe Kachikwu, in Abuja.

The NNPC in its statement said, “They (the GMDs) noted that the petrol price of N145/litre is not congruent with the liberalisation policy especially with the foreign exchange rate and other price determining components such as crude cost, Nigerian Ports Authority charges, etc remaining uncapped.”

The declaration confirmed an exclusive report by SUNDAY PUNCH on August 7, 2016, by which oil marketers revealed that the real cost of petrol was N151.87 when all of the pricing components are adequately captured.

The marketers had stated that these were struggling to steadfastly keep up petrol price at N145 per litre due to the stiff competition in the downstream oil sector, but stressed that the practice wasn’t sustainable.