The current price of Premium Motor Spirit. (PMS), which is N145, has been referred to by the Nigerian National Petroleum Corporation (NNPC) as the major cause of its loss in terms of revenue.
This was the position of the new general managing director of the NNPC, Mele Kyari, when leaders of revenue generation associations met with the Senate in Abuja to brainstorm over efforts targeted at increasing revenue for the country, Nigerian Tribune reports.
At the meeting, Kyari said that fuel at N145 in Nigeria was over 70% below N350, per litre in neighbouring countries where the products are illegally transported to for gain.
Speaking further, the NNPC boss said that what is obtained in the country is the cheapest throughout West Africa. Kyari even said: “It is even very difficult for us to make the Petroleum Product available at N145.″
Concerning investment in the upstream, he revealed that Nigeria has not achieved much revenue from gas production compared to what it has generated from crude oil, adding that it churns 2.3 million barrels of PMS per day as opposed to 1.6 million barrel recorded daily in 2016.
