The Nigerian National Petroleum Company Limited has revealed that Premium Motor Spirit (Petrol) cannot sell lower than N510 per litre, as the President Muhammadu Buhari regime gears towards the phase out of the fuel subsidy era.
Mele Kyari, the Group Managing Director, at the Legislative Transparency and Accountability Summit organized by the House of Representatives Committee on Anti-Corruption in Abuja on wednesday stated that it was hard to maintain the N179 per litre pump price of fuel because PMS now cost three times the value of the N170 it is currently selling for, which is N510.
He said, “everyone knows the price of PMS around the world. There’s nowhere today that you can land a litre of PMS to the pumps at N445 (to a dollar) exchange rate. It is not possible “.
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