The Nigerian National Petroleum Corporation, NNPC, yesterday said it is no visible to sustain 145 Naira per litre pump price for Premium Motor Spirit ,otherwise known as Petrol.
Group General Manager, Crude Oil Marketing of the NNPC, Mele Kyari, who disclosed this , explained that with the current price of foreign exchange, it was no longer feasible selling petrol at N145 per litre.
While further explaining that this year’s Oil Trading and Logistics Expo, holding in Lagos he said , ” We have a very difficult business environment. It is impossible today to import products at the current market price, at current fixed foreign exchange rate.
“There is no way today you can take products to retailers and sell at N145. It is not possible.
“If that is true and I believe that it is, because we all go to the market, why can’t we sell above N145? That is where legislation should come in.”