We Can No Longer Sell Petrol For ₦170 A Litre – Mele Kyari

In the face of the looming PMS crisis in Nigeria, Mr. Mele Kyari, who is the Group Chief Executive Officer (GCEO), Nigeria National Petroleum Company (NNPC) Ltd, has explained why the current petrol pump price of ₦170 per litre cannot be sustained any longer.

Kyari made this disclosure yesterday when he delivered a keynote address at the legislative transparency and accountability summit which was held in Abuja.

The event was hosted by the House of Representatives committee on Anti-corruption in collaboration with some global partners.

His statement is coming against the backdrop of the current petrol scarcity across the country.

Read Also: How I Received Death Threats Over NNPC Reforms – Kyari

Speaking at the summit, Kyari stated that selling petrol at ₦170 was no longer sustainable.

He stated that the market conditions have caused the landing cost of petrol to go up three times higher than the value of the current pump price in the Nigerian market.

‘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 ₦113 per litre for us to ensure N165 at the pump,’ he said.

Kyari further added that the subsidy cost for petrol hovers at about N290 per litre in parts of the country, adding that subsidy costs about ₦19 billion a day.

Kyari also claimed that he has been receiving death threats as a result of the ongoing reformation in the NNPC.

The NNPC boss submitted that as a result of the implementation of the Petroleum Industry Act (PIA), a lot of changes are ongoing that affect the old order. He said the company had taken down several illegal oil refineries affecting the volume of oil production in the country.

Africa Today News, New York

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