There are indications from the leadership of the Nigerian National Petroleum Corporation (NNPC) that the pump price of premium motor spirit (PMS) may be increased soon, as it described the N145 pump price as the cheapest in West Africa.
The new general managing director of the NNPC, Mele Kolo Kyari, has said that it is difficult for the organization to provide the product at the price of N145, he stated this yesterday during a visit to Senate President Ahmed Lawan at the National Assembly complex, Abuja.
Kyari said that fuel at N145 in Nigeria was over 70% below N350, per liter in neighboring countries where the products are illegally transported to for gain
He identified cheap fuel prices and smuggling as the two key factors hampering revenue generation by the agency.
He said: “It is even very difficult for us to make the product available at N145,”
NNPC also said it would lobby the National Assembly to ensure speedy passage of laws relating to the oil and gas industry to enhance performance.
The corporation stated that the move would ensure that corruption is eradicated in the oil and gas sector.
Dr. Maikanti Baru, Immediate past GMD, who was at the meeting, said a visit to the senate president was part of the programs planned for the period of transition but was not realized due to demands.
After the formal handover and considering the good relations he enjoyed with Lawal, Baru stressed that he considered it necessary to still visit.
He said aside introducing his successor, the visit was meant to canvass the senate’s support for the quick passage of the Deep Offshore Amendment Bill, which could enhancement the government’s revenue with about $5 billion per annum.
Added to this promise, Kyari affirmed that his administration will see to it that all four Nigerian refineries are delivered before the end of President Muhammad Buhari’s second term.