John Ameh, Fidelis Soriwei, Friday Olokor, Adelani Adepegba and Okechukwu Nnodim

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.Close


Fuel at N145/litre no longer sustainable – NNPC

John Ameh, Fidelis Soriwei, Friday Olokor, Adelani Adepegba and Okechukwu Nnodim

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.”

http://punchng.com/fuel-n145litre-no-longer-sustainable-nnpc/

Can someone tell me am dreaming, you mean after the 70% increase in price of petrol and increase in dollars exchange rate which has led to increase in all products including house rent, some people call still be thinking of increasing pump price.
All the currency swap deal which we thought could help nobody is telling us anything about it again
So where are we going in this countries, minimum salary can't even buy you a bag of rice, businesses are shutting down, entrepreneurs can't even start business as government policy doesn't support small scale business.
With this kind of news while won't our best brains and youth run abroad to look for greener pastures. Imagine working as casual in London (without certificate) in UK and you are paid 10 pounds/hour and you worked for 6 hours per day, That is 60 pounds/day. Working 5 days a week =300 pounds, 4ce a month is 1200 pounds. 40% tax you are left with 800 pounds converting to naira @ 525= 420k.
How many graduates makes that in 2 months.

This Buhari with his scalar system of governance self. By the time the dullardeen will be done with Nigeria only God know what will be left of our country. we wailed and warned Nigerians against these desperate power seekers but no one care to listen, they said they wanted change. Now this is the change!
APC=SCAM

Jokers......

This is where I would be very angry with this nation. Make FG kukuma close down this nation and let's start seeking asylum in other countries. Cuz am sure av not heard of any coming policy to salvage this mess.

No b now

Immediately I saw Nupeng threaten to go on strike I knew another fuel increment was around the corner ..Buhari has spent almost two years in power but is still silent on what his plans for our refineries are

If increasing it will solve Nigeria problem, they should increase it.

As long as biafrans are in the zoogeria, the zoo will keep on turning itself to jungle until it is finally destroyed ... nothing will ever progress where progress is suppressed and injustice thrives.

Okay

Dis govt na waoo! U have collected everything frm us n we didn't struggle. U're just wicked.

This is the worst government ever seen in the history of Nigeria & perhaps the whole world that is marked by inconsistent policies, subtle & overt corruption,selective corruption fight,"bastardization"of an inherited blooming economy,unprecedented widespread hardship...and still countingl.The desperation with which the APC seek & ascended to power was their undoing.Recall they initially planned to formed a parallel government of which none of them ever talked about since after the last election.These show that they were never prepared for governance hence Nigeria is suffering lost today.Welcome to "change". [/b]BTW,Where're the effects of Buhari's endless global junkeeting that sapped our lean national purse but which was highly praised by the APC & their armies of deluded zombies as having economic benefits? Where also is the effects of the China's currency swap that these retards said it will benefit Nigeria in their deluded thinking? What about the so called recovered monies? This government should never contemplate this satanic decision otherwise Nigeria will not contain us all.May it never be well with APC & anyone that brought this calamity on this nation.[b]

No problem, we know your target is N200/litre ..useless government and their voodoo economics.

Hopeless situation

Afonjas Afonjas Afonjas Afonjas Afonjas Afonjas Afonja

Good Morning

You guys hatred for the glorious SS and SE has ruined your destinies

ConqueredWest:
Afonjas Afonjas Afonjas Afonjas Afonjas Afonjas

Good Morning

You guys hatred for the glorious SS and SE has ruined your destinies

Dont mind those empty people

DABMarkNig2019:
This Buhari with his scalar system of governance self. By the time the dullardeen will be done with Nigeria only God know what will be left of our country. we wailed and warned Nigerians against these desperate power seekers but no one care to listen, they said they wanted change. Now this is the change!
APC=SCAM

We know the useless parts of Nigeria that wanted change even when their elders warned them

Here we go again!

We will continue to grope in the dark until we decide to do the right thing.

They say it gets worse before it gets better,problem is with the kind of people at the helm of affairs seems that theory might soon be changed to it gets worse before it gets worst.

It is only a matter of time. As Naira takes its real value such is bound to happen.

Onatisi the prophet, come oh, e don dey happen.

Wuch kain misyarn be this? For my side (Yola) pms dey sell between #140-142. Na for river them dey fetch their own sell ne?

YOU PEOPLE JUST LIKE GIVING YOURSELVES HEART ATTACK

WHILE MANY FILLING STATIONS ARE REDUCING THEIR PUMP PRICES TO BETWEEN 138 TO 140, YOU ARE DREAMING OF PRICE INCREASE

PLEASE NOTE WE ARE NOW ON PRICE MODULATION.

NO MORE PRICE INCREASE AGAIN

ANYWAY WE KNOW THOSE BEHIND THIS THREAD

Yes! Increase the price of pms. Increase the price of everything!

When next a walking corpse indicats interest to run for a public post, you zombies would ask questions.


I do not pity anyone, nigerians totally deserve the type of leadership they're getting.

Zombies, over to you. Come and do the math and tell us how this is a wonderful idea and how rainbows fly out of buhari's _ass.

Odikwa serious

.

Big things a gwaan!

ALMUSTAQIM:
YOU PEOPLE JUST LIKE GIVING YOURSELVES HEART ATTACK

WHILE MANY FILLING STATIONS ARE REDUCING THEIR PUMP PRICES TO BETWEEN 138 TO 140, YOU ARE DREAMING OF PRICE INCREASE

PLEASE NOTE WE ARE NOW ON PRICE MODULATION.

NO MORE PRICE INCREASE AGAIN

ANYWAY WE KNOW THOSE BEHIND THIS THREAD

Your eye go soon clear. You shall soon confess winch and beg for forgiveness in trash typing

PaulIdu:
Immediately I saw Nupeng threaten to go on strike I knew another fuel increment around the corner ..Buhari has spent almost two years on power but is still silent on what his plans for our refineries are

He's obviously waiting for Dangote's refinery.

These people are criminals,they are just looking for excuse to continue their usual habit of suffering Nigeria during xmas God will punish them liars when filling station are selling for 140.

Buhari and Co don't buy petrol

Those of you hailing avengers will!!

Happy buying


Oh and in some places in Osun fuel sells for as low as 139-143