Top nnpc official wants fuel price increased n145 says current price no longer sustainable

According to a recent report, a top official of the Nigerian National Petroleum Corporation (NNPC) has called for an increase in the price of fuel from the current N145 per liter to a more sustainable level.

The official, who is the Group Managing Director of NNPC, Mele Kyari, made this statement during a meeting with the Senate Committee on Petroleum (Downstream) in Abuja. According to Kyari, the current price of N145 per liter is no longer sustainable due to the increasing cost of production and other factors.

Kyari explained that the NNPC is facing a significant challenge in maintaining the current price of fuel, as the cost of crude oil, which is the main input for fuel production, has increased significantly. He also pointed out that the corporation is incurring significant losses due to the difference between the current price of fuel and the actual cost of production.

The NNPC official emphasized that the corporation is not opposed to the idea of increasing the price of fuel, but rather wants to ensure that the price is set at a level that is sustainable and does not have a negative impact on the economy.

It is worth noting that the NNPC is the sole importer of refined petroleum products in Nigeria, and the corporation has been facing significant challenges in recent times due to the decline in the country's oil production and the increasing cost of crude oil.

The call for an increase in the price of fuel has sparked controversy, with many Nigerians expressing concerns about the potential impact on the economy and the cost of living. However, the NNPC has emphasized that the corporation is committed to ensuring that the price of fuel is set at a level that is sustainable and does not have a negative impact on the economy.

In conclusion, the call by the NNPC official for an increase in the price of fuel from N145 per liter to a more sustainable level is a significant development that has sparked controversy in Nigeria. While the corporation has emphasized that the price increase is necessary to ensure the sustainability of the fuel industry, many Nigerians are concerned about the potential impact on the economy and the cost of living.