The Group General Manager, Crude Oil Marketing Division at the NNPC, Mr. Mele Kyari, said there was no way petrol would continue to be sold at N145 current pump price.
He said some suppliers had already stopped importation because of the current pricing regime.
“We have a very difficult business environment. It is impossible today to import products at the current market price – at the current foreign exchange rate. There is no way today you can take the product to retail and sell at N145. It is not possible today.
“If that is true and I believe that it is true because we all go to the market, why can’t we sell above N145? That is where legislation should come in,” Kyari said.
“I also know today that it is impossible for this government to announce tomorrow that petrol is about N150. This government cannot do it. That is the truth. The people will not take that number. That is why suppliers are not importing,” he added.
Kyari further argued that the scarcity of FX was not responsible for suppliers’ inability to import, adding that the NNPC had created “a niche FX market” for them.
“It is not FX. We have created a niche market for FX. I am part of the committee that allocates FX to marketers. But it is rejected, and the reason being given is that the FX is not enough to import. But that is not the truth,” he said.
According to Kyari, suppliers were refusing to import because they would be selling at a loss as long as the pump price is left at N145 per litre.
Source:ThisDaylive
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