President Buhari and NNPC has said the current market price of N145 per liter is no longer sustainable. Both the President and NNPC admitted that oil marketers were reluctant to import fuel because they would be selling at a loss.
Speaking in Lagos at the 2016 Oil Trading and Logistics (OTL) Conference, the President, ably represented by the Group General Manager, Crude Oil Marketing Division at the NNPC, Mr. Mele Kyari, said there was no way petrol would continue to be sold at the current pump price.
Kyari however added that President Buhari is yet to make up his mind on whether to increase fuel prize or not.
According to him, legislation by the National Assembly would be required for petrol to be sold above N145 per liter.
He said some suppliers had already stopped importation because of the current pricing regime.
“We have a very difficult business environment.
“It is impossible today to import products at the current market price – at the current foreign exchange rate.
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