NNPC Set To Increase Fuel Price, Says N145 Cheapest In West Africa

According to the Nigerian Petroleum Corporation (NNPC), the price of fuel may be increased soon, saying that N145 pump price as the cheapest in West Africa.

He identified cheap fuel price and smuggling as the two key factors hampering revenue generation by the agency.“The N145 per liter fuel price regime in Nigeria runs against the N350 per liter most of the other West African countries operate, encouraging smuggling.”

“It is even very difficult for us to make the product available at N145,”  he said.

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 the emplacement of an enabling legal framework for the growth of the oil and gas sector.

READ ALSO: Just In: New NNPC Chairman Appointed As Buhari Sacks Kachikwu

Immediate past GMD, Dr. Maikanti Baru, who was at the meeting, said a visit to the senate president was part of the programmes planned for the period of transition but was not realised due to exigencies.

Baru stressed that he considered it necessary to still visit, even after the formal handover, considering the good relations he enjoyed with Lawal.

He stated that beyond 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 boost the government’s revenue with about $5 billion per annum.