The Nigerian National Petroleum Corporation, NNPC has called on further hiking of petroleum price from its current price of N145 per litre.
According to former Group Managing Directors of the Corporation, the current price is not substantial due the economic recession.
The NNPC reportedly made this known via a statement issued in Abuja over the weekend.
The Corporation held a meeting with current Group Managing Director of the NNPC, Dr. Maikanti Kacalla Baru, Minister of State for Petroleum Resources, Dr. Ibe Kachikwu and the immediate past GMD.
The duo (past and present GMDs) noted that the petrol price of N145/litre is not congruent with the liberalization policy.
According to them, this is so considering the present forex rate and other price determining factors: crude cost, NPA charges, etc remaining uncapped.
Recall that oil marketers had earlier in August lamented that they were struggling to maintain petrol price at N145 per litre due to stiff competition in the downstream oil sector.
Petroleum marketers also revealed that the actual cost of petrol was now N151.87 when all the pricing components are accurately captured.
NNPC Contemplating Possible Petroleum Price Hike
Commending the NNPC for resolving the fuel supply crisis, the GMDs urged the corporation to come up with measures to ensure sustenance.
The GMDs urged maintenance of the seamless supply of petroleum products nationwide.
They also harped on the need to established the true financial status of NNPC.
According to them, if the current situation remains unchecked, it could cripple the corporation and the nation’s oil and gas sector.
Responding to this planned move to increase petroleum price, the Nigeria Labour Congress, Trade Union Congress, and other groups have warned the President Buhari administration not to contemplate it.
They were of the opinion that any further hikes in the pump price of petroleum products would be detrimental to the peace of the nation.