The present price of gasoline at the pump, which is N170 per litre, cannot be maintained, according to Mele Kyari, Group Chief Executive Officer (GCEO), Nigeria National Petroleum Company (NNPC) Ltd.
In his keynote talk on Wednesday at the symposium on legislative openness and accountability, Kyari made this revelation.
The House of Representatives committee on anti-corruption served as the event’s host.
His remarks are being made in light of the nation’s current gasoline shortage.
Kyari said that selling gasoline at N170 was no longer viable during his speech at the conference.
According to him, the current pump price for gasoline in the Nigerian market has increased by three times due to the market conditions.
“You cannot purchase petrol for 170 Naira when your true cost is three times that much.
To guarantee N165 at the pump, he added, “for instance, now when PMS comes into our nation, we transfer to marketers for N113 per litre.
Further, Kyari said that in some areas of the nation, the cost of gasoline subsidies is around N290 per litre, costing about N19 billion every day.
