NNPC drops hint of fresh increase in fuel price

Mayowa Okekale, Abuja |5th Sep 2016 | 2,641

There is growing concern that the government of President Muhammadu Buhari is planning to further increase the pump price of petrol as past and present Group Managing Directors of the Nigerian National Petroleum Corporation (NNPC) have expressed fears that the current pump price of N145 per litre is no longer feasible.

They stated this after a one-day meeting they held with the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, in Abuja, adding that the current amount does not correspond with the price-determining components of the commodity and the fluctuations of the foreign exchange rate in the country.

In its statement, the NNPC 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 NNPC recently revealed that the actual or real cost of petrol was N151.87 when all the pricing components are adequately captured, while 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.

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.

Meanwhile, the Nigeria Labour Congress (NLC), Trade Union Congress (TUC), Afenifere, former federal lawmakers, security experts and rights activists, have warned President Buhari not to contemplate any further increase in the pump price of petroleum products in the country.

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