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Petrol is sold above N145/litre in 16 states

20 September 2016, 19:15

Abuja - The National Bureau of Statistics, NBS, has indicated that petrol marketers in16 states of the country are selling the product significantly higher than the N145 maximum price stipulated by the federal government, Vanguard reports.

Marketers have always clamoured for upward review of the ceiling on the bases of upwards movement in exchange rate, the key factor in the petrol pricing template, many stakeholders have argued that the marketers were being selfish in pressuring the government for their financial gains at the expense of the economy and the citizens.

Also the federal government through both the presidency and the Nigerian National Petroleum Corporation, NNPC, have resisted the pressure saying that the increase was not acceptable.

Governor of Central Bank of Nigeria, CBN, Godwin Emefiele, has also indicated that at N145 per litre the marketers were already making huge margins on the exchange rate of N280/USD1.00, arguing that the further depreciation of Naira recently only narrowed the profit margin instead of wiping it out.

But according to the NBS report, as at last month Nigerians across the 36 states bought petrol at average of N147 per litre, above the fixed price cap of N145 per litre.

Minister of State for Petroleum, Ibe Kachikwu, had said the government has no plans to increase the price of petrol according to News24.

Kachikwu’s statement came a day after former Group Managing Directors, GMDs, of the Nigerian National Petroleum Corporation (NNPC), advised the government to increase the price.

While addressing journalists at the State House after meeting the President, Kachikwu indicated the government would not heed his predecessor’s advice.

- News 24

Tags nnpc nigeria

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