The Nigerian National Petroleum Corporation (NNPC) is eyeing a N150 per litre price for Premium Motor Spirit (PMS), otherwise called petrol. This is as the embargo placed on price increase by President Muhammadu Buhari has worsened planned fuel price hike dilemma for the corporation.
The Group General Manager, Crude Oil Marketing Department of the NNPC, Mr. Mele Kyari, had earlier hinted that the nation’s difficult business environment may make it difficult to sustain the current pump price of petrol.
He spoke at the 10th Oil Trading and Logistics Africa Downstream Week in Lagos, where he also said it was impossible to import products at the current market price, at current fixed foreign exchange rate and recover one’s money.
“This government cannot sustain it,” he declared, maintaining that this “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.”
ENCOMIUM Weekly sought the opinion of Nigerians about the move for N150 per litre of petrol by the NNPC. In the chat, Nigerians go against the idea as the sees the development as the act of extorting more money from Nigerians.
Why you’re contemplating of making a decision to either leave or stay in this country, more evidence are emanating giving you a reason to leave.
NLC have turned deaf and dumb. Now, we are subjected to any rules by the mighty to destroy Nigerians especially the low class. NLC should tell the president to remove the embargo placed on PMS, also tell NNPC N123.03 of landing will still be profitable if it remains N145. Why the unnecessary blood money.
It has already gotten to a point that all critics are even tired of talking again. Because each day comes with new mess up from this government. Once the price of fuel is increased, the price of dollars too will go up. Nigerians are really in for a tough time under this man. I doubt if there’s any change agenda under this present administration.
Subsidy is back period. This is actually what the marketers want, all the grammar about landing costs are just lies and deceit. The more you look, the less you see. The president should even allow for price increase and let’s see how many people will buy.
The forces of demand and supply is not going down well with the players in the downstream sector, Christmas is coming and they need mega bucks to satisfy their greed as usual.
If I’m the president, I will pick price increase over subsidy payments.
I got their grievance while watching the news yesterday but the question is will the common man afford the N150 naira pump price increase?
We are in it for this ride till 2019. May God be with us.
Truth be told, a blind warrior cannot be a leader on a war front. What we are experiencing today is called greed for leadership. If you ask me, we do not have leaders who will lead us in the path of peace, prosperity and progress, but I know every intoxication has its expiry date. Let’s just hope 2019 get closer, then you will know Nigerians will not repeat the same mistake of 2015.
Nigeria is in a serious dilemma. The variables affecting pump price are just too distant and unpredictable. If the price of oil goes up, earnings from crude sale is supposed to go up to but the activities of the avengers in the delta, blowing up pipelines won’t let it be. Then the IOC’s that are supposed to sell more dollars to the marketers have less dollars to sell.
Our forex regime is another variable. The higher the value of the dollar, the more expensive it is to import.
These problems we’re facing are relics from the past. The past managers of this country really failed us.