The Nigerian National Petroleum Corporation, NNPC has declared that the sale of petrol at one hundred and forty five Naira per litre was no longer sustainable due to the prevailing exchange rate of the Naira to the dollar.
Speaking at an event in Lagos, the Group General Manager in charge of Crude Oil Marketing at the NNPC, MELE KYARI said there was no way petrol would continue to be sold at the current pump price.
KYARI disclosed that despite the preferential exchange rate made available to oil marketers to import petrol, they were reluctant to do so because they would be selling at a loss at the prevailing pump price.
He added that what this means is the return of subsidy.
KYARI however announced that the present administration would not introduce another increase in the petrol pump price, because Nigerians would not accept it.