Petrol Should Sell At ₦256 Per Litre – NNPC

The Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has stated that Nigerians are meant to be paying at least ₦256 per litre for petrol.

Naija News reports that the NNPC GMD stated this at a stakeholders meeting organised by the NNPC to stop fuel smuggling.

The NNPC GMD disclosed that the federal government is injecting between ₦140 billion to ₦150bn monthly to keep petrol price at ₦162 per litre, from its actual ₦256.

“If we are to sell at the market today at the current exchange rate, we will be selling the product at about ₦256 to a litre. What we sell today is ₦162, so the difference is at a cost to the nation,’’ he said.

He however said with the high volume of daily consumption, the country cannot sustain subsidy payment.

“As long as we don’t regulate volume until we are able to exit this current level, which I know so much work is going on, then we have to manage the volume that we are exposed to between this price of ₦162 and ₦256. The difference comes back to as much as ₦140 billion to ₦150 billion cost to the country monthly.

“As long as the volume goes up, that money continues to increase, and we have two sets of stress to face: the stress of supply and stress of foreign exchange for the NNPC. We may not see foreign exchange cheque taking place for importation.,” Kyari said.