Posted on: 05:38 Mon, 05 Sep 2016



Former and present Group Managing Directors of the Nigerian National Petroleum Corporation have expressed dissatisfaction towards N145 current pump price of petrol.

They made this known in a statement on Sunday after a one-day meeting held with the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu in Abuja.

They lamented that the amount does not correspond with the price-determining components of the commodity and the fluctuations of the foreign exchange rate.

The NNPC in its statement said, “They (the GMDs) noted that the petrol price of N145/litre is not congruent with the liberalisation policy especially with the foreign exchange rate and other price determining components such as crude cost, Nigerian Ports Authority charges, etc remaining uncapped.”