The price of petrol may go up in the nearest future, as the Nigerian National Petroleum Corporation (NNPC) says the current n145 price for a litre of petrol, can no longer be sustained.
The corporation ruled out any increase in the price, due to the economic hardships in the country, but said subsidy regime has returned in the pricing of petrol.
NNPC group manager in-charge of crude oil market, Mele Kyari gave this indication in Lagos at the tenth workshop of the oil trading and Logistisc Africa downstream.
He said it was not possible for any petroleum products marketer in the country at present, to import petrol and sell a litre at N145, due the fixed foreign exchange rate.
Mele explains that marketers selling a litre of petrol below N145, are doing so, because they are not importing the product, but getting supplies from NNPC which has been subsidizing the price.