NNPC voiced out at last, where are we going? what's really wrong here? Those are the questions that Nigerians will be asking each other. Remember Patience is the master of all. Fuel at N145/litre no longer sustainable – NNPC
Fuel at N145/litre no longer sustainable – NNPC
Former and present Group Managing
Directors of the Nigerian National
Petroleum Corporation have expressed
fears that the current pump price of
N145 per litre is no longer feasible.
They said the amount does not
correspond with the price-determining
components of the commodity and the
fluctuations of the foreign exchange
rate.
They stated this after a one-day
meeting they held with the Minister of
State for Petroleum Resources, Dr. Ibe
Kachikwu, in Abuja.
The NNPC in its statement said, “They
(the GMDs) noted that the petrol price
of N145/litre is not congruent with the
liberalisation policy especially with the
foreign exchange rate and other price
determining components such as crude
cost, Nigerian Ports Authority charges,
etc remaining uncapped.”
The declaration of the NNPC present
and past bosses confirmed an exclusive
report by SUNDAY PUNCH on August 7,
2016, in which oil marketers revealed
that the actual or real cost of petrol was
N151.87 when all the pricing
components are adequately captured.
The marketers had stated that they
were struggling to maintain petrol price
at N145 per litre because of the stiff
competition in the downstream oil
sector, but stressed that the practice
was not sustainable.
The GMDs, however, commended the
NNPC for resolving the fuel supply
crisis and urged the corporation to
come up with measures that will ensure
sustenance of seamless supply of
petroleum products nationwide.
According to the corporation, the GMDs
expressed concerns about the declining
crude oil production level and its
consequences on the environment and
the nation’s revenue.
They further agreed that if the current
situation remains unchecked, it could
lead to the crippling of the corporation
and the nation’s oil and gas sector
which is the mainstay of the Nigerian
economy.
The Nigeria Labour Congress, Trade
Union Congress, Afenifere, former
federal lawmakers, security experts and
rights activists, however, warned the President Muhammadu Buhari administration not to contemplate any further increase in the pump price of petroleum products in the country The General Secretary of the NLC, Dr. Peter Ozo-Eson, who stated this in an
interview with SUNDAY PUNCH, said
Nigerians would not accept further fuel
price increment.
Ozo-Eson had warned the government
earlier this week against increasing the
pump price of petroleum products in the
country.
He said, “We had given a warning
before that Nigerians cannot take any
further increase, that they shouldn’t do
it.
“That remains our position, and if they
go ahead and do it, it is up to Nigerians
to say how they want to respond to it.
But we remain opposed to any new
increase in the price of petroleum
product.”
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