Mele Kyari, Group Chief Executive Officer (GCEO) of Nigeria National Petroleum Company (NNPC) Ltd, has stated that the current petrol pump price of N170 per litre cannot be sustained.
Kyari made the announcement during his keynote address at the legislative transparency and accountability summit on Wednesday.
The event was hosted by the House of Representatives Anti-Corruption Committee.
His statement is coming against the backdrop of the current petrol scarcity across the country.
Speaking at the summit, Kyari stated that selling petrol at N170 was no longer sustainable.
He stated that the market conditions have caused the landing cost of petrol to go up three times higher than the value of the current pump price in the Nigerian market.
“It is not possible for you to buy fuel at N170 when your actual cost is thrice that value.
“For instance, today, when PMS comes into this country, we transfer to marketers at N113 per litre for us to ensure N165 at the pump,” he said.
Kyari further added that the subsidy cost for petrol hovers at about N290 per litre in parts of the country, adding that subsidy costs about N19 billion a day.