On Tuesday, The Nigerian National Petroleum Corporation disclosed that the price of the Premium Motor Spirit, also known as petrol will remain N162 in July.
The Group Managing Director of NNPC, Mele Kyari, noted that the corporation is still discussing with the Organised Labour on the appropriate price of petrol.
This is coming at the time crude oil price has hit $74.72 per barrel at the international market early Tuesday.
Kyari while speaking on Channels TV said until the conclusion of engagement with Labour, Nigerians would continue to buy petrol at N162 per litre.
He noted that though the price of petrol should be N256 per litre based on the current crude oil price, the federal government, through the NNPC, had decided to continue paying the differential until an appropriate price is agreed upon by the government and Labour.
The GMD disclosed that President Muhammadu Buhari has directed the corporation to do everything legally possible not to make petrol prices out of 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.
He said it was not true that the corporation was now remitting zero nairas to the federation account because of the under-recovery payment.
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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 the 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 also disclosed that the rehabilitation of Warri and Kaduna refineries would be awarded in July.
This is to ensure that their rehabilitation goes on at the same time as the already awarded Port Harcourt Refinery, he said.
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He said the banks are providing the money for the rehabilitation.
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