petrol at N145 per litre no longer feasible??

Amid recession, the Nigerian National Petroleum Corporation (NNPC) on Monday, October 24, reminded the nation that the sale of petrol at N145 per litre was no longer sustainable with the current price of foreign exchange. Mele Kyari, the group general manager, Crude Oil Marketing Department of the NNPC, made this known at the 10th Oil Trading and Logistics Africa Downstream Week in Lagos state, Vanguard reports.

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, FOREX 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.” Although Kyari explained that the current price was not realistic, he noted that attempt by the government to make an increase would not go down well with the citizenry as it will be resisted. He said: “I also know today 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 accept that figure.
Read more: https://www.naij.com/1021283-petrol-sell-n145-per-litre.html

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