A Litre of Petrol Should be #256, says Meme Kyari



Mele Kyari, the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), says A litre of petrol should be at least #256 as at now on. 


Mr Kyari disclosed this at a stakeholders meeting organised by the NNPC to stop fuel smuggling.


Commenting on the current PMS and subsidy payment, Mr Kyari noted that the petrol pump price should be N256 per litre as a result of given the current exchange rate.

In his words:

“If we are to sell at the market today at the current exchange rate, we will be selling the product at about N256 per litre. What we sell today is N162, so the difference is at a cost to the nation,’’


According to him, the country cannot sustain subsidy payment with the high volume of daily consumption, pointing out that, every month the country coughs up N150 billion on subsidy.




The NNPC boss further explained,

 “As long as we don’t regulate volume until we are able to exit this current level, which I know so much work is going on, then we have to manage the volume that we are exposed to between this price of N162 and N256. The difference comes back to as much as N140 billion to N150 billion cost to the country monthly.


“As long as the volume goes up like this, that money continues to increase, and we have two sets of stress to face:

1. The stress of supply and stress of foreign exchange for the NNPC.

2. We may not see foreign exchange cheque taking place for importation any more.’’

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