Fed Govt May Increase Price of Fuel, as NNPC Says N145 Cannot be Maintained.
The NNPC has stated that it can no longer continue with the sale of petrol at the rate of N145 per liter.
It would be recalled that the Labour Union warned against any increase in pump price last month.
The NNPC General Manager, and Crude Oil Marketing of the NNPC, Mele Kyari, while speaking yesterday , made it known that the with the recent price of foreign exchange, it is no longer possible to continue selling petrol at N145 per liter.
The Official of the NNPC made it known to newsmen at this year’s Oil Trading and Logistics Expo, currently holding in Lagos that “The business environment we are having is a very difficult one. It is not possible to keep importing products at the now market price, at the current fixed foreign exchange rate.
“It is not also possible to tell retailers to buy products and sell at N145. It won’t be that easy.
“If that is really true and I for one believe it is, because we all go to the market, why can’t we sell more than N145? That is where the legislation should immediately come in.
“I am also certain that it is not possible for this present government to make an announcement tomorrow that petrol is now selling at N150.
“This present government can not hold it. That is the plain truth. The people will not see reasons nor accept the figure.
“This is one of the reasons why suppliers are not importing. We are absolutely in the subsidy regime today.
“It is not possible you bring in products today and distribute for N145 and still get back your capital nor profit.
“You can see and hear some marketers saying that fuel is N138. That is not possible.
“It is clear that they did nt import it. Somebody has lifted the heat off the price.
“Just of the fact that the NNPC has taken off the heat and you purchase from us, you can now enter the market and then place a ridiculous price of the products.
“It is clearly impossible because they did not import the products.