Oil And Gas Industry No Longer Attractive To Investors — NNPC

• Kyari stated, “NNPC currently the sole importer of PMS, and we’re trying to exit the underpriced sale of PMS.

The Nigerian National Petroleum Corporation has stated that it can no longer bear the burden of the difference between the market price of PMS and the selling price.

This was made known by Mele Kyari, Group Managing Director (GMD) of NNPC during a state briefing, Eko hot blog gathered.

Eventual exit is inevitable, when it will happen I cannot say, but engagements are ongoing because the government is cognisant of the implications.”

He further added, “NNPC importing PMS at market price & selling at N162/L. Actual market price should be between N211 and N234/L. Meaning is that consumers are not paying market price.

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The difference is being carried in the books of NNPC, and we may no longer be able to carry that burden.”

“Nigeria’s current PMS consumption i.e. evacuation from NNPC depots is about 60 million Litres per day Cheapest PMS price in any of our neighbours is above N300 per Litre, up to N500 in some countries.”

“Nigeria’s Government is vigorously trying to deepen Autogas to deliver alternative fuel for vehicles, which should cost as low as half the price per Liter compared to PMS.”

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