The Nigerian National Petroleum Corporation, NNPC, has said the cost of Premium Motor Spirit, PMS, in the country should be N256 per liter. Mele Kyari, Group Managing Director, GMD, of NNPC, disclosed this while appearing on Channels Television yesterday. Kyari noted that there is nowhere in the world where Diesel sells more than petrol.
The Nigerian National Petroleum Corporation, NNPC, has said the cost of Premium Motor Spirit, PMS, in the country should be N256 per liter.

Mele Kyari, Group Managing Director, GMD, of NNPC, disclosed this while appearing on Channels Television yesterday.

Kyari noted that there is nowhere in the world where Diesel sells more than petrol.

The NNPC boss stated that the petrol pump price is meant to reflect the current crude oil price which stands at $74.40 per barrel at the international market.

Mele Kyari

He said: “Today we are paying N162/liter (for petrol). I am sure many people buy AGO (Diesel) in the market and it is selling at N280/liter in the Market today.

“So (there is) nowhere in the world diesel sells more expensive than PMS. That means that the price of petrol anywhere in the world, assuming you are going to sell it at the market, you are going to sell it above that price you have seen.

“Today, from what I can remember, I checked the number two days ago; what would we sell if we are at the filling station today and recover our cost fully is around N256/liter.”

Kyari also disclosed that the government was negotiating with the Nigerian Labour Congress (NLC) over the cost of petrol.

Meanwhile, Kyari had stated that the inability to find a suitable price for petrol is responsible for the continued subsidy scheme.

The NNPC is presently the only official importer of petroleum products into Nigeria.