Business NNPC Speaks on Increasing Petrol Pump Price in Nigeria



Mr. Mele Kyari, NNPC Group General Manager, Crude Oil Marketing Department, has stated that Nigeria's current economic conditions have made it impossible to sell petrol at N145 per litre.

“We have a very difficult business environment. It is impossible today to import products at the current market price, at current fixed foreign exchange, FOREX rate," he said at this year’s Oil Trading and Logistics Expo, OTL, in Lagos.

‘’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. This government cannot sustain it. That is the truth. The people will not accept that figure. ‘

"That is why suppliers are not importing," he said, quashing reports that oil marketers are not getting enough foreign exchange. "It is not FX. We have created a niche market for the FX. I am part of the committee allocating FX. We gave FX. It was rejected. The reason being given is that FX is not enough to import. But that is not true.

“Today, we are in subsidy regime, absolutely. There is no way you bring product today and sell at N145 and get back your money, and make profit. That is not possible. You can see some marketers saying that fuel is N138.

"It is because they did not import. Somebody has taken the heat off the price. Because we (NNPC) have taken the heat, and you buy from us; you can afford to go to the market and then put a ridiculous price. It is not possible, because they did not import it. It is not FX,”


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