Giving Nigerians petrol at N170 per litre is no longer possible- Nigerian Petroleum Agency NNPC

The Nigerian National Petroleum company Limited has admitted that it was unable to maintain the premium motor spirit pump price of N170 per litre price.

The claim was made by Mele Kyari,the group’s managing director,at the Legislative Transpareny and accountability summit,which was held in Abuja and was sponsored by the House of representatives committee on Anti-corruption.

He emphasized that the President Muhammadu Buhari’s administration was working to phase out the fuel subsidy era,therefore the NNPC could not sell for less than N510 per litre.

He said; “It is not possible for you to buy fuel at N170 when your actual cost is thrice that value. For instance, today, when PMS comes into this country, we transfer to marketers at N113 per litre for us to ensure N165 at the pump.”

“Everyone knows the price of PMS around the world. There is nowhere today that you can land a litre of PMS to the pumps at the N445 (to a dollar) exchange rate. It is not possible,” he added.

“So, you must sell at N113 to them to be able to deliver at N165, that means whatever the cost, anything after that value; that is subsidy. Somebody has to pay for it,” he added.