December 5, 2022

Petrol: Consumers Are Not Paying Market Price – Kyari

2 min read

The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC Mallam Mele Kyari has said that consumers are not paying market price of Premium Motor Spirit otherwise known as Petrol.

He made this known on Thursday at the Maiden Edition of State House Briefing inside the Aso Rock Villa. This edition is focused on the Economy and Economic Recovery.

“Importing PMS at market price and selling at N162/L. Actual market price should be between N211 and N234/L. Meaning is that consumers are not paying market price. The difference is being carried in the books of NNPC, and we may no longer be able to carry that burden, Kyari said.

He further said that Nigeria’s current PMS consumption; evacuation from NNPC depots is about 60million Litres per day

“Cheapest Premium Motor Spirit, PMS price in any of our neighbours is above N300 per Litre, up to N500 in some countries.

“NNPC currently sole importer of PMS, and we’re trying to exit the underpriced sale of PMS. Eventual exit is inevitable, when it will happen I cannot say, but engagements are ongoing because government is cognizant of the implications, Kyari said.

He further said that The Federal Government is vigorously trying to deepen Autogas to deliver alternative fuel for vehicles, which should cost as low as half the price per Liter compared to Premium Motor Spirit.

Present at the briefing include The Minister of State Petroleum, Timipre Sylva and Executive Secretary of the Petroleum Technology Development Fund (PTDF), Dr. Bello Aliyu Gusau

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