:

The Group Managing Director, Nigerian National Petroleum Company Limited (formerly Nigerian National Petroleum Corporation), Mele Kyari, has disclosed that NNPC cannot maintain a pump price of N170 per litre for Premium Motor Spirit, popularly called petrol or fuel.

Kyari, while speaking at the Legislative Transparency and Accountability Summit organised by the House of Representatives Committee on Anti-Corruption in Abuja on Wednesday, stated that the landing cost of fuel was thrice the amount.

Kyari stated, “It is not possible for you to buy fuel at N170 when your actual cost is thrice that value.

“For instance, today, when PMS comes into this country, we transfer to marketers at N113 per litre for us to ensure N165 at the pump.


“So, you must sell at N113 to them to be able to deliver at N165, that means whatever the cost, anything after that value; that is subsidy. Somebody has to pay for it.

“Everyone knows the price of PMS around the world. There is nowhere today that you can land a litre of PMS to the pumps at the N445 (to a dollar) exchange rate. It is not possible.

“In some places, you are subsidising up to N290 on every litre. With this regime, it is impossible for you to avoid all the wrong things that are happening – round tripping, cross-border smuggling, document forgery.

“Anywhere you have arbitrage, you will have these issues. As long as arbitrage is there, you will continue to have these issues and you cannot hold NNPC accountable for it because it is a value chain that involves everything and everybody.


“You cannot price it at the market today because of the socio-economic impact on the prices of PMS. Every country is doing something about high energy costs. Some have removed taxes on petroleum; this is a subsidy. NNPC Limited will no longer go to FAAC because we are expected to pay taxes, dividend and royalty.”

The GMD also stated that he has been receiving death threats over the reforms he was spearheading in the oil and gas industry.

Kyari further stated that he was not deterred by the threats.

He said, “Without mincing words, I want to say that this industry is at a threshold of change.

“There is massive change going on and it is very expensive and of personal cost to many people, including myself. There is a threat to life; I can say this.

“I have several death threats but we are not bothered about this. We believe that no one dies unless it is his time.

“But this is the cost of change. When people move away from what they are used to, to something that is new; that will take away value and benefit from them, they will react.

“That reaction is of benefit to all of us and we will work together to make sure it works out.”

Source: https://punchng.com/N170/litre-fuel-price-impossible-NNPCL

Does this justify the reason we are buying fuel at ₦220/per litre at the moment when there is no scarcity.

In this regime, no one is in charge, not even Buhari.

Before now, whenever fuel pump price is about to be increased, the will be some kind of announcement informing the citizens that the price of fuel will be increased to so so and so amount.

But since the emergence of this calamitous APC government brought in by the Emilokan drug lord and his gang, the price of fuel and other commodities keep increasing daily.

The current fuel price increase and other price increase in commodities like rice we are witnessing at the moment, we thought it was as a result of the recent floods we experienced all over the country because it was believed that it disrupted distribution of petroleum products and destroyed farm lands but right now we are meant to understand that it is the usual increase in the pump price of fuel and other commodities that has been happening.

You cannot buy a product at the moment at a particular price, then come back the next moment to still buy it at that same price, there must be an increase in the price of that same product

The worst of it all is that no one is talking to Nigerians, no one is in charge of affairs not even Buhari, or his ministers

Nigeria is actually on autopilot

Build local refineries so that importation will be stopped una no gree.

They should have asked the dunce how the countries where they imported the petrol got it from.

Remove the gadam scam fuel subsidy.
We are paying high for fuel but still subsidy is still been paid

lol Just say u wan raise am go up make we kuku dey compete with the neighboring country rate...

Mele, the most corrupt official in Nigeria.

From their oil theft abracadabra to this shit

Please let's support his excellency Mr Peter obi for the president of federal Republic of Nigeria, we are tired of those thief's now,

Without a tribalism and nepotism any sane Nigerian know it's only someone like Peter obi that can now rescue Nigeria from total collapsing, but seriously some ethnic bigot people will just still prefer to hav their own man at the affairs of the country either he is capable or not than to go for what could have been the best solution to all nigerian's current problems, #ObiDatti2023 is certain

Subsidy is a scam

Proceeds of this scam is making some few people extremely wealthy

Why do Nigerians initially oppose Subsidy removal

They do not trust the Proceeds would be used to better their lives following the antecedence of previous government

It's better we brace up for what is coming in a few months because the pump price would likely hit 400 naira

The ride is going to be bumpy

It is a shame The country has to rely on a private individual to build a refinery while it is spending money maintaining liability

Op be careful.
The APC members and those worthless zombies are buying it cheaper

Nonsense+ senselessness equal to worthlessness

Buhari and his economic team has destroyed the economy of Nigeria.



Shame on Buhari...

Shame on APC.

Revolution2022:
Build local refineries so that importation will be stopped una no gree.

dangote is already building one

Until Nigeria removes fuel subsidy totally that is when it can move forward as a country.

Fuel subsidy is killing Nigeria

Kyari is just crying and pouring spit everywhere
Where are the refineries buhari promised to build If elected.
This subsidy wey dey always hungry Una to comot.
Make Una kukkuma comot and triple the hunger and inflation.
You guys actually never cared for Nigerians before

What BuhariAPC and his Fulanis people cannot destroy does not Exist...!

Locust Army of Destruction since 1804.....

I bought petrol at ₦500 a litre today. All the filling station in my area have closed down. Only those black marketers are selling and it's just too much.

Tell us how much you and your principal Buhari has stolen under the guise of subsidy payment....


At every turn, APC is scamming Nigerians. Even at the polls, they want to scam Nigerians with Tinubu, then off him and hand over power to a known Boko Haram with ID card

at this point, other civilized countries would have introduced better substitute to fuel but here, NO! Let try and vote for Peter Obi. we need a change.

adenigga:
:


Source: https://punchng.com/N170/litre-fuel-price-impossible-NNPCL

Before Christmas ehh,

Some people would be so broke that,they won't have voice to support APC before December.

IDIOTS STILL SHOUTING APC AND PDP

VOTE L.P FOR YOUR SANITY

I only blame Emilokan for putting you people in power to purnish Nigerians
The number of people people still supporting APC equals the number of idiots in Nigeria

07kjb:
IDIOTS STILL SHOUTING APC AND PDP

VOTE L.P FOR YOUR SANITY

governance is not theory.Obi failed in anambra he will flop as a president.Tinubu is the answer we need now.

adenigga:
:


Source: https://punchng.com/N170/litre-fuel-price-impossible-NNPCL

Mobil filling station is selling 170/litre

Change u asked for

9ja my country, where everything keeps going up and doesn't come down.

but flooding the nation with adulterated petrol without consequences is possible abi?
fooking joker

God bless Nigeria Amen ��.
You people being the authorities have do something on it simply because, the thing is out of hand already ���

I'm paying #200 per litre in Lagos. What a cursed country and state