- The GMD of the NNPC, Malam Mele Kyari, has given Nigerians assurance that petrol price will not be increased in July
- Kyari also said that Nigerians will continue to buy petrol at N162 per litre until the FG concludes its discussions with the organised labour
- Nevertheless, the NNPC noted that petrol should have been selling for N256 per litre if the government had stopped paying subsidy
The Nigerian National Petroleum Corporation (NNPC) has said the official price of a litre of Premium Motor Spirit (PMS), otherwise known as petrol, will remain N162 in July.
The NNPC's Group Managing Director (GMD), Malam Mele Kyari, made this known on Tuesday, June 29, when he appeared as a guest on Channels TV, Daily Trust reported.
Kyari said engagements were still ongoing with the Organised Labour on the appropriate price of petrol.
The NNPC boss gave assurance that Nigerians would continue to buy petrol at N162 per litre until the conclusion of the engagement with Labour.
Pump price of petrol should be N256 per litre - Kyari
Kayri said though the pump price of petrol should be N256 per litre based on the current crude oil price, the federal government has decided to continue paying the cost until an appropriate price is agreed upon by the government and Labour.
He said President Muhammadu Buhari had told the corporation to do everything legally possible not to make petrol price out of reach of Nigerians.
The NNPC chief also debunked the claim that the corporation was now remitting zero naira to the federation account because of the subsidy payment.
Why NNPC is borrowing to acquire 20% equity in Dangote Refinery
Meanwhile, Kyari has also explained why the national oil company is purchasing a stake in the Dangote oil refinery which is expected to begin production in 2022 with an installed 650,000 barrels per day capacity.
He argued that the decision was also driven by the profit potential of the refinery business.
Earlier, Legit.ng reported that the NNPC boss said smuggling of petroleum has to stop to avoid the rising subsidy payment that has kept the country in a state of bleeding.
He made this known at a stakeholders meeting organized by the NNPC in Abuja on how to stop smuggling in the country.
Kyari said Operation White was commissioned in 2020 to stop the illegal export of products through the borders but noted that the initiative had not worked effectively. Nevertheless, he expressed optimism that the introduction of the Economic and Financial Crimes Commission (EFCC) and other security agencies into the operation will yield positive results.