Why It’s Impossible To Buy Fuel At N170/litre – NNPCL
Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Company, formerly Nigerian National Petroleum Corporation, has stated that it cannot retain a pump price of N170 per litre for Premium Motor Spirit, popularly known as petrol.
Kyari disclosed this when he appeared at the Legislative Transparency and Accountability Summit organised by the House of Representatives Committee on Anti-Corruption in Abuja on Wednesday.
He said, “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 af...