The Nigerian National Petroleum Corporation (NNPC) on Monday said the price of petrol cannot remain at N145 per litre, owing to the current exchange rate.

The Group General Manager, Crude Oil Marketing, NNPC, Mr. Mele Kyari, stated this at this year’s Oil Trading and Logistics Expo, OTL, holding in Lagos.

He said: “We have a very difficult business environment. It is impossible today to import products at the current market price, at current fixed foreign exchange, FOREX rate.

“There is no way today you can take products to retailers and sell at N145. It is not possible. If that is true and I believe that it is, because we all go to the market.  Why can’t we sell above N145?  That is where legislation should come in.”

Kyari, however said the government cannot increase the price of fuel because Nigerians will reject it.

“I also know today that it is impossible for this government to announce tomorrow that petrol is about N150. This government cannot sustain it. That is the truth. The people will not accept that figure.

“That is why suppliers are not importing. It is not FX. We have created a niche market for the FX. I am part of the committee allocating FX. We gave FX. It was rejected. The reason being given is that FX is not enough to import. But that is not true.

“The truth is that marketers go back to the market and land it here, that you are required to sell it at N145 maximum. I am sure they won’t make it. We won’t let you do it today. That is the main reason  people are not importing today. It is not FX,” he added.

Azeez