The Nigerian National Petroleum Corporation (NNPC) says the official price of a litre of Premium Motor Spirit (PMS), popularly known as petrol, will still remain N162 in July this year, as engagements were still on-going with the Organised Labour on the appropriate price for petrol.
Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, who made the disclosure this morning, said Nigerians would continue to buy petrol at N162 per litre until the conclusion of discussions with the organized Labour.
According to him, President Muhammadu Buhari had charged the NNPC to do everything legally possible to make petrol price remain within the reach of Nigerians, especially at this moment. This is even as the crude oil price has hit $74.72 per barrel at the international market as at this Tuesday morning.
He said the pump price of petrol should be N256 per litre based on the current crude oil price, but the federal government, through the Corporation, had decided to continue paying the differential until an appropriate price is agreed upon by government and organized Labour.
Mallam Kyari also disclosed that the rehabilitation of Warri and Kaduna refineries would be awarded in July this year, to ensure that their rehabilitation goes on at the same time as the already awarded Port Harcourt Refinery.
On the source of funds for the rehabilitation project, Mallam Kyari said the banks are providing the money for the rehabilitation.