FG may increase fuel price as NNPC says N145 not sustainable

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LAGOS, OCTOBER 25, 2016 – The Nigerian National Petroleum Corporation, NNPC, has said it can no longer sustain the sale of petrol at N145 per litre.Recall that Labour last month warned against increment in pump price.

Speaking yesterday, Group General Manager, Crude Oil Marketing of the NNPC, Mele Kyari, said with the current price of foreign exchange, it was no longer feasible selling petrol at N145 per litre.

The NNPC official told newsmen at this year’s Oil Trading and Logistics Expo, holding in Lagos that “We have a very difficult business environment. It is impossible today to import products at the current market price, at current fixed foreign exchange rate.

“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.

“I also know today that it is impossible for this government to announce tomorrow that petrol is about N150.

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