Former NNPC GMDs call for hike in fuel price
Written by Morenike Adebayo on September 4, 2016
Former Group Managing Directors of the Nigerian National Petroleum Corporation, NNPC, have called for an upward review of the price of Premium Motor Spirit, also known as petrol, stating that the present price cap of one hundred and forty-five naira per litre is not in line with current economic realities.
According to a statement by the NNPC, the Former Group Managing Directors (GMD) stated this during a meeting with the Group Managing Director of the NNPC, Dr. Maikanti Baru and the immediate past GMD and current Minister of State for Petroleum Resources, Mr. Ibe Kachikwu in Abuja at the weekend.
The former GMDs said the PMS Price cap of one hundred and forty-five naira per litre is not congruent with the liberalization policy especially with the foreign exchange rate and other price determining components such as crude cost, Nigerian Ports Authority (NPA) charges, among others, remaining uncapped.
They also warned that if left unattended to, the current challenges bedeviling Nigeria’s oil and gas sector is capable of leading to its total collapse, saying that the federal government and stakeholders must now chart a new course to reform the country’s oil industry.