Presidency, Petroleum Products Marketers and Petroleum Depot Operators and the Nigerian National Petroleum Corporation (NNPC) have jointly resolved that the sale of a litre of petrol at N145 is still profitable.
They said the market fundamental captured in the petrol pricing template of the Petroleum Products Pricing Regulatory Agency (PPPRA), support the sale of a litre of the product at price ranging from N135 to N145.
The position was adopted at an emergency meeting convened by the Petroleum Resources Minister, Ibe Kachikwu, in Abuja, attended by top officials of NNPC, Major Oil Marketers Association of Nigeria (MOMAN), and the Depot and Petroleum Marketers Association.
The Presidency, NNPC and the Marketers in a communique issued at end of the meeting, asked members of the public to ignore the speculation that price of petrol is about to be reviewed upward.
Last weekend, former Group Managing Directors of NNPC had met with Kachikwu in Abuja, and said the N145 price for a litre of petrol no longer realistic in view of the foreign exchange pricing, charges by Nigeria Port Authority and other charges.