No Petrol Price Increase In July — NNPC

*Says Petrol price should be more than N280/litre

The Nigerian National Petroleum Corporation (NNPC) has said the
official price of a litre of Premium Motor Spirit (PMS) otherwise
known as petrol will remain N162 in July as engagement is still
ongoing with organised labour on the appropriate pricing.

This is even as crude oil price hit $74.72 per barrel at the
international market early Tuesday.

But speaking on Channels TV’s Sunrise programme on Tuesday, the
Group Managing Director (GMD) of NNPC, Malam Mele Kyari, said
though petrol pump price should be N256/litre based on current
crude oil price, the federal government has left it at N162 until
the engagement is completed.

He said President Muhammadu Buhari had told the corporation to
do everything legally possible not to make petrol prices out of the
reach of Nigerians, especially at this moment.

“What this means, however, is that we are taking out cash that
could have been used for other things to pay under-recovery,” he
said.

On the equity acquisition in Dangote Refinery, the NNPC GMD said
the corporation is buying 20% equity in Dangote refinery for energy
and physical security of the country.

He said the refinery, which will start production in 2021,
shouldn’t be left in the hands of Dangote alone to ensure stability
of the market.

“There is no way you can allow a business of this magnitude to
be left with just a private sector player,” he said. Kyari revealed
that the rehabilitation of Warri and Kaduna refineries would be
awarded in July.

This is to ensure that their rehabilitation goes at the same
time with the already awarded Port Harcourt Refinery, he said.

*Says Petrol price should be more than N280/litre

The Nigerian National Petroleum Corporation (NNPC) has said the
official price of a litre of Premium Motor Spirit (PMS) otherwise
known as petrol will remain N162 in July as engagement is still
ongoing with organised labour on the appropriate pricing.

This is even as crude oil price hit $74.72 per barrel at the
international market early Tuesday.

But speaking on Channels TV’s Sunrise programme on Tuesday, the
Group Managing Director (GMD) of NNPC, Malam Mele Kyari, said
though petrol pump price should be N256/litre based on current
crude oil price, the federal government has left it at N162 until
the engagement is completed.

He said President Muhammadu Buhari had told the corporation to
do everything legally possible not to make petrol prices out of the
reach of Nigerians, especially at this moment.

“What this means, however, is that we are taking out cash that
could have been used for other things to pay under-recovery,” he
said.

On the equity acquisition in Dangote Refinery, the NNPC GMD said
the corporation is buying 20% equity in Dangote refinery for energy
and physical security of the country.

He said the refinery, which will start production in 2021,
shouldn’t be left in the hands of Dangote alone to ensure stability
of the market.

“There is no way you can allow a business of this magnitude to
be left with just a private sector player,” he said. Kyari revealed
that the rehabilitation of Warri and Kaduna refineries would be
awarded in July.

This is to ensure that their rehabilitation goes at the same
time with the already awarded Port Harcourt Refinery, he said.