N145/Litre Fuel Is No Longer Bearable, NNPC Laments

Former and present Group Managing Directors of the Nigerian National Petroleum Corporation have expressed dissatisfaction towards N145 current pump price of petrol.

They made this known in a statement on Sunday after a one-day meeting held with the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu in Abuja.

They lamented that the amount does not correspond with the price-determining components of the commodity and the fluctuations of the foreign exchange rate.

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.”