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    HomeNewsNNPCL says PMS at N170 per liter no longer visible.

    NNPCL says PMS at N170 per liter no longer visible.

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    By Abdul Lawal, Abuja

    The Nigerian National Petroleum Company Limited (NNPCL) has stated that it could no longer keep up with the N170 per litre pump price of premium motor spirit (petrol).

    Mele Kyari, the group’s managing director made the assertion in Abuja while addressing the Legislative Transparency and Accountability Summit organised by the House of Representatives Committee on Anti-Corruption in Abuja.
    He stressed that the NNPC could not sell lower than N510 per litre as the President Muhammadu Buhari regime geared towards the phase-out of the fuel subsidy era.

    He added that it was hard to maintain the N170 per litre pump price of fuel because PMS now costs three times the value of the N170 it is currently selling for, which is N510.

    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.”
    “Everyone knows the price of PMS around the world. There is nowhere today that you can land a litre of PMS to the pumps at the N445 (to a dollar) exchange rate. It is not possible,” he added.

    “So, you must sell at N113 to them to be able to deliver at N165, that means whatever the cost, anything after that value; that is subsidy. Somebody has to pay for it,” he added.
    DailyNewscraft.ng report that long queue of motorists and near absence of PMS in Abuja The Federal Capital Territory is common scene across the metrópolis with petrol hawkers dominating the sales of pms along major highways in the city.
    Investigation revealed that few petrol station along airport road and Kubwa -Abuja Expressway are selling between N185 to N190 per liter to motorists.
    It was further that those who are hawking the products even in the scorching Sun sold at N3,000 or N 3,500 per 10 liter can depending on the location within the city.
    That translate to about N300 or N350 per liter.
    For the past four weeks in FCT scarcity of PMS is palpable at every corner of the city.
    Meanwhile , Automotive Gas Oil ( AGO) otherwise known as Diesel went for between N820 to N 850 per liter depending on the petrol station and location. Household Kero has also gone up to N750 per liter thereby making it difficult for the poor masses to continue to enjoy the product in their various home.

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