Increase In PMS Price Is Imminent –NNPC Official

Hamilton Nwosa
Writer

Ad

Alleged N85 Billion Nigeria Air fraud: Ex-Minister Sirika Debunks Allegations

By Abiola Olawale The immediate-past Minister of Aviation, Hadi Sirika has spoken on the controversies surrounding the Nigeria Air project, a national carrier initiative that sparked widespread criticism. Speaking during an interview with Channels TV on Wednesday, Sirika dismissed claims of fraud and mismanagement. Sirika, during the interview rejected allegations of fraud, claiming that Nigeria…

Alphabet surges after court rejects DOJ’s call to break up Google in antitrust case

By Obinna Uballa Alphabet shares jumped 6% in premarket trading on Wednesday after a United States court rejected the Department of Justice’s (DOJ) push to break up Google in a high-stakes antitrust case. The DOJ had proposed divesting Google’s Chrome browser and imposing strict restrictions after the company was found last year to hold an…

PDP Governors, Wike’s group clash again Over National Convention

• Wike's Camp: "National Convention Won't Hold If...." • PDP Govs: "National Convention 'll Hold Whether Wike likes It or Not By Abiola Olawale Latest developments emerging from the Peoples Democratic Party (PDP) have revealed that the party might be teetering on the edge of a major national crisis as tensions between its governors and…

Ad

The Group General Manager, Crude Oil Marketing Division of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari has reportedly said that the increase in pump price of Premium Motor Spirit (PMS) is inevitable.

According to Vanguard, Kyari said this in Lagos at the 2016 Oil Trading and Logistics (OTL) Conference.

He said it was impossible to import products at the current foreign exchange rate, sell at the rate of N145 per litre, and make any gain.

“We have a very difficult business environment. It is impossible today to import products at the current market price – at the current foreign exchange rate. There is no way today you can take the product to retail and sell at N145. It is not possible today,” Kyari reportedly said.

“If that is true and I believe that it is true because we all go to the market, why can’t we sell above N145? I also know today that it is impossible for this government to announce tomorrow that petrol is about N150.

“The people will not take that number. That is why suppliers are not importing. The problem here is not FX. We have created a niche market for FX.

“I am part of the committee that allocates FX to marketers. But it is rejected, and the reason being given is that the FX is not enough to import. But that is not the truth. Today, are we in a subsidy regime? Absolutely.

“There is no way you can bring products today and take it and sell at N145 and get back your money, and make a profit. That is not possible,” kyari claimed.

Ad

X whatsapp