The NNPC Group General Manager, Crude Oil
Marketing Department  Mr. Mele Kyari, disclosed that the nation’s difficult business
environment may make it difficult to sustain the current pump price of
petrol.

 

He said that  at the 10th Oil Trading and Logistics Africa Downstream
Week in Lagos,he also made mention that it was impossible to import products
at the current market price, at current fixed foreign exchange  rate and
recovered one’s money.

 

Here is what he said about those who sale below the actual price “Because we
(NNPC) have taken the heat, and you buy from us you can afford to go to
the market and then put a ridiculous price. It is not possible, because
they did not import it.”    

He also added that….

“It is impossible for this government to announce tomorrow that petrol
is about N150. This government cannot sustain it. That is the truth. The
people will not take that number. But that is why the suppliers now are
not importing. It is not about the foreign exchange.”

 

Finally he pointed out that “we are in subsidy regime absolutely, there is no way you
bring product today and take it and sell at N145 and get back your
money, and make profit. That is not possible. You can see some marketers
saying that fuel is N138. It is because they did not import. Somebody
has taken the heat of the price. “

The Speaker of House of Representatives, Yakubu Dogara,
who was represented Chairman, House Committee on Downstream, Joseph
Akinlaja also said that the lower house was committed to reviewing and improving
legislation regarding refining and key areas in the downstream sector
operations in the country.