Petrol would sell for N256 if we are to recover costs —NNPC MD, Kyari

Group Managing Director (GMD) of the Nigeria National Petroleum Corporation (NNPC) Mele Kyari, has stated that for the corporation to recover costs, Premium Motor Spirit (PMS) also known as petrol would have to be sold to Nigerians at N256 per litre.

He spoke on Tuesday during an interview on Channels TV, where he also revealed that engagements are ongoing to determine appropriate pricing for PMS.

“The engagement is aimed at making sure there is a reasonable level of pricing that we can do that will recover the cost,” he explained.

Price of fuel haven’t been increased or reduced according to crude oil price and landing cost in the past four months due to threat of nationwide strike by the Nigerian Labour Congress.

READ ALSO: Nigeria’ll borrow to buy 20% stake in Dangote refinery —NNPC boss

Kyari said the country can’t afford to implement the market reality in the crude oil industry. He also explained that care must be taken in order not to burden Nigerians with overprice.

“…the second reality is if you don’t do something smart, you could end up throwing prices at Nigerians that are well above prices that they should pay for.” Kyari said.

Meanwhile, Kyari, who disclosed that the NNPC will soon release its 2020 audited accounts, said impending work on the dilapidated refineries is not a Turn Around Maintenance, but total rehabilitation.

He also reiterated that the creditors for the rehabilitation funds will operate the refinery upon completion in 48 months.

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