Connect with us

News

Nigerians Will Soon Buy Petrol Between N211 And N234 Per Litre – NNPC Boss, Mele Kyari

Published

on

The Group Managing Director of Nigeria National Petroleum Corporation NNPC, Mele Kyari, says fuel will soon be sold between N211 and N234 per litre because the Federal Government can no longer afford to subsidise the cost of buying petrol in the country.

Nigerians Will Soon Buy Petrol Between N211 And N234 Per Litre - NNPC Boss, Mele Kyari 3

Kyari disclosed this on Thursday during the weekly presidential ministerial media briefing held at the presidential villa, Abuja.

According to him, the NNPC pays between N100-120 billion a month to keep the pump price at the current level, insisting that market forces must be allowed to determine the pump price of petrol in the country.

He explained that while the actual cost of importation and handling charges amounts anywhere between N211 and N234 per liter, the government is selling at N162 per liter.

Kyari, however, said the NNPC can no longer afford to bear the cost, adding that sooner or later Nigerians would have to pay the actual cost for the commodity.

READ:  Mercy Johnson's Fiancee Finally Secures Divorce From Lovely!

“The price could have been anywhere between N211 and N234 to the litre. The meaning of this is that consumers are not paying for the full value of the PMS that we are consuming and therefore someone is paying that cost.

“As we speak today, the difference is being carried in the books of NNPC and I can confirm to you that NNPC may no longer be in a position to carry that burden.

“That is why early last year if you recall, the full deregulation of the PMS market was announced and we have followed this through until we got to September when prices shifted to N145

“As we speak today, I will not say we are in a subsidy regime but we are in a situation where we are trying to exit this subsidy or underpriced sale of PMS until we get in terms with the full value of the product in the market.

READ:  Davido Gifts His Friend, Deekay DMW A Brand New Toyota Prado Worth N70 Million [Photos]

“Today, PMS sells across our borders anywhere above N300 at any of our neighbours. And in some places, it is up to N500 and N550 to the litre.

“In some countries, the Nigerian fuel is their primary fuel. We are supplying almost everybody in the West African region, so it is very difficult to continue this because we have our own issues and that is why the eventual exit from this is completely inevitable.

“When that will happen, I do not know. But I know that engagements are going on. The government is very concerned about the natural impact of price increases on transportation and other consumer segments of our society and as soon as those engagements are taken to logical conclusion, I am sure that the market price of PMS will be allowed to play at the right time”

READ:  Imo Governorship: Okorocha's Inlaw, Uche Nwosu Denies Approaching Supreme Court

Kyari further revealed that petrol is currently being subsidised at the cost between N100 and N120 billion on monthly basis.

The NNPC GMD said government was being considerate of actual impact of the price increase on Nigerians, but also added that market forces must be allowed to determine the pump price of petrol in the country.

 

This is coming one week after the Federal Government apologized to Nigerians over the recent hike in petrol price which was placed between N209.61 and N212.61 per litre.

READ:  Coronavirus: Asian Woman Kicked Out Of Ghanaian Supermarket For Refusing To Use Hand Sanitizer [Video]

Imo Assembly Recommends Sack Of Chief Judge Over Alleged Age Falsification
News2 hours ago

Imo Assembly Recommends Sack Of Chief Judge Over Alleged Age Falsification

President Tinubu And Organised Labour Agrees On ₦70,000 Minimum Wage For Workers
News2 hours ago

President Tinubu And Organised Labour Agrees On ₦70,000 Minimum Wage For Workers

"An Igbo Man Got BLord Arrested, He Might Be Jailed For 15 Years" - VeryDarkMan [Video]
Celebrities3 hours ago

“An Igbo Man Got BLord Arrested, He Might Be Jailed For 15 Years” – VeryDarkMan [Video]

"VeryDarkMan Has No Power To Arrest Our CEO, He Was Invided By Police" - BLord Group
Celebrities3 hours ago

“VeryDarkMan Has No Power To Arrest Our CEO, He Was Invided By Police” – BLord Group

"I Lost My Identity And Dreams Because Of Divorce" - Caroline Danjuma
Entertainment6 hours ago

“I Lost My Identity And Dreams Because Of Divorce” – Caroline Danjuma

Cubana Chief Priest Buys New Hermes Bag For His Wife To Match Their Cars [Video]
Celebrities7 hours ago

Cubana Chief Priest Buys New Hermes Bag For His Wife To Match Their Cars [Video]

"He's Very Greedy" - Netizens Reacts As Kizz Daniel And Ubi Franklin’s Fights Over N150 Million Gig
Celebrities8 hours ago

“He’s Very Greedy” – Netizens Reacts As Kizz Daniel And Ubi Franklin’s Fights Over N150 Million Gig

Judy Austin Shares Her Admiration For Yul Edochie As He Launches His Support For Tinubu
Entertainment9 hours ago

Judy Austin Shares Her Admiration For Yul Edochie As He Launches His Support For Tinubu

Governor Zulum’s Son Not Arrested For Killing Man Over A Woman – Borno Govt
Celebrities12 hours ago

Governor Zulum’s Son Not Arrested For Killing Man Over A Woman – Borno Govt

Ooni Of Ife Addresses Allegation Of Scamming US-Based Doctor Of $180,000
Celebrities13 hours ago

Ooni Of Ife Addresses Allegation Of Scamming US-Based Doctor Of $180,000

Governor Zulum’s Son Not Arrested For Killing Man Over A Woman – Borno Govt
Metro22 hours ago

Governor Zulum’s Son Umar Zulum Umara Allegedly Stabs Chinese Man to Death Over Lady Inside Indian Nightclub

Tinubu’s Govt Lies Again As UAE Denies Approving $10k Bank Balance, N640k Fee As Visa Application Requirements 4
News1 day ago

Tinubu’s Govt Lies Again As UAE Denies Approving $10k Bank Balance, N640k Fee As Visa Application Requirements

While You Work Hard, Make Time To Enjoy The Fruits Of Your Efforts - Obi Cubana
Celebrities1 day ago

While You Work Hard, Make Time To Enjoy The Fruits Of Your Efforts – Obi Cubana

How EFCC Officer Threatened To Shoot And Kill Me In Lagos - BBNaija CeeC [Video]
Celebrities1 day ago

How EFCC Officer Threatened To Shoot And Kill Me In Lagos – BBNaija CeeC [Video]

Edo Assembly Appeals Shaibu’s Reinstatement, Says Omobayo Remains Deputy Gov
News1 day ago

Edo Assembly Appeals Shaibu’s Reinstatement, Says Omobayo Remains Deputy Gov

Kano Governor Reinstates Emir Of Gaya, Appoints Two Others For Karaye, Rano
News1 day ago

Kano Governor Reinstates Emir Of Gaya, Appoints Two Others For Karaye, Rano

Senate Replaces Ali Ndume With Tahir Munguno As Chief Whip For Criticizing Tinubu's Govt
Politics1 day ago

Tahir Munguno Replaces Ali Ndume as Senate Chief Whip

“I Don’t Listen To Anybody’s Music, I Only Listen To My Husband’s Songs" - Simi
Entertainment1 day ago

“I Don’t Listen To Anybody’s Music, I Only Listen To My Husband’s Songs” – Simi

Drake's $100 Million Mansion Gets Flooded By Heavy Rainfall In Canada [Video]
Entertainment1 day ago

Drake’s $100 Million Mansion Gets Flooded By Heavy Rainfall In Canada [Video]

"If You Want To Breakup, Pay Me For Everything I Did For You” - Kizz Daniel Hints Marriage Crash
Entertainment1 day ago

“If You Want To Breakup, Pay Me For Everything I Did For You” – Kizz Daniel Hints Marriage Crash