Petrol Price Will Remain N162 Though Should Sell At N256 – NNPC

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The Nigerian National Petroleum Corporation says the official price of a litre of Premium Motor Spirit, otherwise known as petrol, will remain N162 in July.

 

It said engagements were still ongoing with the Organised Labour on the appropriate price of petrol.

 

Speaking on Channels TV’s Sunrise programme on Tuesday, the Group Managing Director of NNPC, Malam Mele Kyari, said Nigerians would continue to buy petrol at N162 per litre until the conclusion of engagement with Labour.

 

Crude oil price hit $74.72 per barrel at the international market early Tuesday, but Kyari said though the pump price of petrol should be N256 per litre based on the current crude oil price, the Federal Government had decided to continue to pay the differential until an appropriate price is agreed upon by the government and Labour.

 

 

 

He said President Muhammadu Buhari had told the corporation to do everything legally possible not to take petrol price out of the reach of Nigerians.

 

 

 

“What this means, however, is that we are taking out cash that could have been used for other things to pay under-recovery,” he said.

 

Kyari, however, said it is not true that the corporation is now remitting zero naira to the Federation Account because of the under-recovery payment.

 

On the equity acquisition in Dangote Refinery, the NNPC GMD said the corporation is buying 20 per cent equity in Dangote refinery for energy and physical security of the country.

 

He said the refinery, which will start production in 2021, shouldn’t be left in the hands of Dangote alone to ensure the stability of the market.

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