President Buhari and NNPC has said the current market price of N145 per liter is no longer sustainable.

Both the President and NNPC admitted that oil marketers were reluctant to import fuel because they would be selling at a loss.

Speaking in Lagos at the 2016 Oil Trading and Logistics (OTL) Conference, the President, ably represented by the Group General Manager, Crude Oil Marketing Division at the NNPC, Mr. Mele Kyari, said there was no way petrol would continue to be sold at the current pump price.

Kyari however added that President Buhari is yet to make up his mind on whether to increase fuel prize or not.

According to him, legislation by the National Assembly would be required for petrol to be sold above N145 per liter.

He said some suppliers had already stopped importation because of the current pricing regime.

“We have a very difficult business environment.

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

“There is no way today you can take the product to retail and sell at N145. It is not possible today.

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

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

“The people will not take that number. That is why suppliers are not importing,” he added.

“It problem here is not FX. We have created a niche market for FX.

“I am part of the committee that allocates FX to marketers.

“But it is rejected, and the reason being given is that the FX is not enough to import. But that is not the truth,” he said.

“Today, are we in a subsidy regime? Absolutely.

“There is no way you can bring products today and take it and sell at N145 and get back your money, and make a profit.

“That is not possible.

http://vanguardnigeria.org/why-we-have-to-increase-fuel-price-again-president-buhari/

We will survive this administration.

Fake news with fake vanguard source.

vendetta we need u...!! all those Niger Delta don't even know how to cripple government.. it only mouth they have..mtcheww..!! buhari don't try nonsense..!

Nigerians are in for a long thing.

The way I dey do press up with frog jump they wait 2019 ehn ! I don't know if Nigerians are with me.

My Professor Iledare was right about the Federal Government.

If this is true Benin republic here I come

The evil spirit in Aso rock is at work

the trend is always,

total denial of a planned rise in the cost of PMS by the FG,


then after sometime, the increase takes effect and our govt comes out to say why the price of PMS must be increased....

A: all

P: promises

C: cancelled.

and the poor man and woman on the street are the worst hit.

This thing no be by force abeg resign make we rest

What Have We Done To Ourselves?




GEJ Wherever you are we are so sorry


During your Regime these CRIMINALS told us that a fall in crude price should result to a fall in fuel pump price..

Next week we'll buy fuel at N200

May God Save us all.

It's so hard to ensure this hardship till 2019


We All Miss You.... We All Miss You



#SenatorSamuelAnyanwu2019

I thought Buhari said no plan to increase fuel pump price

seunmsg:
Fake news with fake vanguard source.

Any price increase above 145 is not sustainable by the masses pocket right now .. The truth is that we are all paying the hardware for Buhari's incompetence nothing more, because this has nothing to do with FX as the man said but it has all to do with Buhari's overall incompetence

I see

SMH

Since this illiterate entered as president,nah from one problem to another.Buhari nah God go punish you & all the people who enthroned you as the panacea to Nigeria's problem.May all the change chanters have a mega dose of APC-induced hardship.BTW where is that fool Prof.Tam-David West that said Buhari will sell fuel at #40? A whole educated illiterate putting hope in a stark illiterate.

seunmsg:
Fake news with fake vanguard source.

So APC induced hardship just dey start for your eyes.That is how the zombie spirit works;making one to deny the obvious reality.

Kachikwu and nnpc should speak something about it Oo

Fg should not increase the fuel price oooo. egypt increased their price of fuel of recent.

Hope the Afonjas are happy

Obkngowo, u d yarn balderdash.

Your explanation is not farer from the fact that you are sent from hell to sniff good life from Nigerians.

Continu

Buhari why na?

do what you have to do..


the question for us nigerians is: increase it to where??..

buhari should know that we dont have that much patience left...

we are not going to play,we love you buhari,and die in the process...

They should come and defend this one o

I no talk am?

Hmmm naija...

Siberia101:
What Have We Done To Ourselves?




GEJ Wherever you are we are so sorry


During your Regime these CRIMINALS told us that a fall in crude price should result to a fall in fuel pump price..

Next week we'll buy fuel at N200

May God Save us all.

It's so hard to ensure this hardship till 2019


We All Miss You.... We All Miss You



#SenatorSamuelAnyanwu2019

Please bring him back in 2019.

Hahahahahahaha... Brace urselves Nigerians, it's only CHANJI for now. From nxt year d DOLE go show face. By dat tym zombies brain go begin reformat small small.