John Ameh, Fidelis Soriwei, Friday Olokor, Adelani Adepegba and Okechukwu Nnodim
Former and present Group Managing
Directors of the Nigerian National Petroleum Corporation have expressed
fears that the current pump price of N145 per litre is no longer
feasible.
They said the amount does not correspond
with the price-determining components of the commodity and the
fluctuations of the foreign exchange rate.
They stated this after a one-day meeting
they held with the Minister of State for Petroleum Resources, Dr. Ibe
Kachikwu, in Abuja.
The NNPC in its statement said, “They
(the GMDs) noted that the petrol price of N145/litre is not congruent
with the liberalisation policy especially with the foreign exchange rate
and other price determining components such as crude cost, Nigerian
Ports Authority charges, etc remaining uncapped.”
The declaration of the NNPC present and past bosses confirmed an exclusive report by SUNDAY PUNCH
on August 7, 2016, in which oil marketers revealed that the actual or
real cost of petrol was N151.87 when all the pricing components are
adequately captured.
The marketers had stated that they were
struggling to maintain petrol price at N145 per litre because of the
stiff competition in the downstream oil sector, but stressed that the
practice was not sustainable.
The GMDs, however, commended the NNPC
for resolving the fuel supply crisis and urged the corporation to come
up with measures that will ensure sustenance of seamless supply of
petroleum products nationwide.
According to the corporation, the GMDs
expressed concerns about the declining crude oil production level and
its consequences on the environment and the nation’s revenue.
They further agreed that if the current
situation remains unchecked, it could lead to the crippling of the
corporation and the nation’s oil and gas sector which is the mainstay of
the Nigerian economy.
The Nigeria Labour Congress, Trade Union
Congress, Afenifere, former federal lawmakers, security experts and
rights activists, however, warned the President Muhammadu Buhari
administration not to contemplate any further increase in the pump price
of petroleum products in the country
The General Secretary of the NLC, Dr. Peter Ozo-Eson, who stated this in an interview with SUNDAY PUNCH, said Nigerians would not accept further fuel price increment.
Ozo-Eson had warned the government earlier this week against increasing the pump price of petroleum products in the country.
He said, “We had given a warning before that Nigerians cannot take any further increase, that they shouldn’t do it.
“That remains our position, and if they
go ahead and do it, it is up to Nigerians to say how they want to
respond to it. But we remain opposed to any new increase in the price of
petroleum product.”
Source:Punch
Hello, my name is Salaudeen Ibrahim, I'm a student that's into blogging, still a developing blogger though.
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