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Nairaland Forum / Nairaland / General / Politics / Fuel @ 145/litre Is No Longer Sustainable..... NNPC (455 Views)
Petrol: N145 Per Litre Not Sustainable – NNPC / Nigerians React To The Possible Increase In The Petrol Price Of 145/litre To 152 / Fuel At N145/litre No Longer Sustainable – NNPC (2) (3) (4)
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Fuel @ 145/litre Is No Longer Sustainable..... NNPC by ayopleasant(m): 6:31pm On Sep 04, 2016 |
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.” |
Re: Fuel @ 145/litre Is No Longer Sustainable..... NNPC by Mynd44: 6:38pm On Sep 04, 2016 |
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