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More Nigerians across board might be subjected to severe hardship in the coming months, as the Federal Government under the watchful eyes of President Muhammadu Buhari, who happens to be the Minister of Petroleum, has concluded plans to increase the pump price of fuel, due to market variables.
The Group General Manager, GGM, of the Nigerian National Petroleum Corporation, NNPC, ‎Crude Oil Marketing Department, Mele Kyari, who made this known at ‎the 10th Oil Trading and Logistics Africa Downstream Week, in Lagos,‎ disclosed that the nation’s difficult business environment, has presently hampered the sustainability of the current petrol pump price of N145 per litre.
According to him, ‎it was impossible to import products at the current market price, and fixed foreign exchange rate.
‎On marketers presently selling below the cost price of N145 per litre, he said those categories are those dependent of the NNPC for supply, as they are not importing directly.
Based on his argument, those importing directly, are finding it difficult to recoup their capital after much expenses, due to the present hostile economic condition prevalent in the country.

‎He said, “Because we (NNPC) have taken the heat, and you buy from us, you can afford to go to the market, and sell at whatever subsidized price. ‎It is possible, because they did not import it.”
On the immediate possibility to increase the price of petrol, Kyari said, “It is impossible for this government to announce tomorrow that petrol is about N150.
“This government cannot sustain it. That is the truth. The people will not take that number. ‎But that is why the suppliers now are not importing. It is not about the foreign exchange.‎
“We are in subsidy regime absolutely, there is no way you bring product today, and take it and sell at N145, and get back your money, and make profit.
“That is not possible. You can see some marketers saying that fuel is N138.
“It is because they did not import. Somebody has taken the heat of the price”, the NNPC General Manager said.
Reacting to his statement, the Speaker of House of Representatives, Yakubu Dogara, who was represented by Chairman, House Committee on Downstream, Joseph Akinlaja, disclosed that the lower house will look into the situation, as it is committed to reviewing and improving legislation, regarding refining and key areas in the downstream sector operations in the country.

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