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

Former 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 PUNCHon 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.”

Hahahaha anyway sai Pmb till 5050 ...let me stay here and wait for ofonjas

Everything they promised to reduce are increasing and things they promised to increase are reducing. May God help us in this country.

DIFY20:
Hahahaha anyway sai Pmb till 5050 ...let me stay and wait for ofonjas

Sai Baba!!!

You've got to be kidding me.

Jokers

ASUU started the bad joke and now NNPC/Marketers have cracked another.

Heaven will be very difficult for anyone still saying buhari has not failed him,he wiped his ass with the whole trust and hope we had in him, very painful!!!

Am not Disappointed in PMB, cuz I never appointed nor expected anything better from him, My worry is why is it taking so long for him to completely destroy Nigeria as we know it?




Syria. And Somalia. Shall be Child's play when Post Mail Box (PMB) is through with the ones largest economy in Africa and third fastest growing economy in the World.

These people dey craze walahi!


Better go and dialogue with the Niger/Delta militants now @least for an economic reprieve intead of disgraceful show of 'shame' Force .

Tinubu and co must be regretting their actions now.

You people can use me most of the times, but hopefully not all the time. bring it back to 65 and let subsidy continue. After all it is diesel most of you used both on your cars and engines.

There is light at the end of tunnel

Buhari baba Ole... u better return to subsidy payment. .. Mumu man...