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The Nigerian National Petroleum Corporation has said it can no longer sustain the sale of petrol at N145 per litre.

The Group General Manager, Crude Oil Marketing of the NNPC, Mele Kyari, stated this on Monday at this year’s Oil Trading and Logistics Expo holding in Lagos.

Kyari said with the current price of foreign exchange, it was no longer feasible selling petrol at N145 per litre.

He said: “We have a very difficult business environment.

“It is impossible today to import products at the current market price, at current fixed foreign exchange rate.

“There is no way today you can take products to retailers and sell at N145.

“It is not possible.

“If that is true and I believe that it is, because we all go to the market, why can’t we sell above N145?

“That is where legislation should come in.”

Kyari, however, said it was obvious that any official increase by the government would not go down well with the citizenry as it will be resisted.

He said: “I also know today that it is impossible for this government to announce tomorrow that petrol is about N150.

“This government cannot sustain it.

“That is the truth.

“The people will not accept that figure.

“That is why suppliers are not importing.”

Kyari said the NNPC was still subsidizing petrol.

He said: “Today, we are in subsidy regime, absolutely.

“There is no way you bring product today and sell at N145 and get back your money and make profit.

“That is not possible.

“You can see some marketers saying that fuel is N138.

“It is because they did not import.

“Somebody has taken the heat off the price.

“Because we (NNPC) have taken the heat and you buy from us, you can afford to go to the market and then put a ridiculous price.

“It is not possible because they did not import it.”

BIG STORY

President Tinubu Congratulates Dele Alake On 68th Birthday

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President Bola Tinubu congratulates the Minister of Solid Minerals Development, Dele Alake, on his 68th birthday.

President Tinubu celebrates his long-time ally, buddy, brother and invaluable partner for his support throughout his political journey as Senator, Governor of Lagos State, Presidential candidate and President of the Federal Republic of Nigeria.

The President says he cherishes working closely and collaboratively with Alake in more than three decades.

The President thanks Alake for his candid counseling and unwavering support, which have provided invaluable guidance during challenging times in public office.

He notes that Alake’s staying power in the various roles he has handled in his lifetime has been rooted in his honesty, passion, tact, determination and exceptional public relations.

President Tinubu is confident that the Minister will continue to uphold his high standards of excellence in service to the nation.

He joins family, friends, and well-wishers in offering prayers for Alake’s continued success and well-being.

 

 

 

 

 

 

 

 

 

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BIG STORY

Local Government Election Holds In Rivers Despite Police Absence [PHOTOS]

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The local government election in Rivers State is currently underway, notwithstanding the notable absence of police personnel to oversee the process.

Sources reveal that sensitive materials have been successfully distributed across various local government areas.

Governor Siminalayi Fubara remains resolute in his determination to conduct the election, despite escalating tensions within the state.

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BIG STORY

JUST IN: Explosion Rocks Rivers APC Secretariat As Local Government Poll Holds

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An explosion occurred at the Tony Okocha-led secretariat of the All Progressives Congress (APC) in Rivers State, located along Aba Road, Port Harcourt, on Saturday, October 5, 2024, during the local government election.

The explosion damaged the gate and doors of the secretariat, along with other property. According to Tony Okocha, Chairman of the APC faction in Rivers State, “About 3:20am some gun-trotting young men with their explosives and all that, came here and dropped the first explosive,” but when it did not detonate, “they came back the second time to burn the structure – look at the security house is gone.”

Okocha alleged that the attack was politically motivated, accusing Governor Siminalayi Fubara of responsibility. He stated, “It was deliberate to see how they can annihilate us, it is deliberate to see how they can embarrass us, it is deliberate to see how they can decimate us.”

Despite the incident, accreditation and voting have commenced in several polling centres around Port Harcourt City.

More to come…

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