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NNPC hints of fuel pump price rise, says N145 cheapest in West Africa

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Nigerians may soon wake up one day to discover that the pump price of PMS, commonly refers to as Petrol has been jerked up by the government., going by the hint by the new helmsman at the state-run oil firm.

According to the new chief executive of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, the current price of 145 naira per liter for petrol is the cheapest in West Africa.

Kyari stated this while on a visit to Senate President Ahmed Lawan at the National Assembly complex, Abuja.

“The N145 per litre fuel price regime in Nigeria runs against the N350 per litre most of the other West African countries operate, encouraging smuggling.
“It is even very difficult for us to make the product available at N145,” said he.
Kyari spoke while making submissions on revenue generation before the leadership of the senate.
He identified cheap fuel price and smuggling as the two key factors hampering revenue generation by the agency.
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.
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.

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