The Group Managing Director of the Nigerian National Petroleum Corporation, Mallam Mele Kyari, has said the price of petrol should be more than N280/litre at which Automotive Gas Oil, also known as diesel, is being sold. He said organised smuggling was the reason for the huge consumption volume, stressing that the low petrol price of N162/litre was also an incentive for this. That means that the price of petrol anywhere in the world, assuming you are going to sell it at the market, you are going to sell it above that price you have seen.”On what the landing cost of petrol could be as of Tuesday, Kyari said the cost of the commodity at filling stations would be around N256 per litre, with lower price as its landing price. Kyari said the ongoing meetings between the government and the organised labour on petrol price had not been concluded and could drag beyond next July. “It has a cash flow that is sustainable because refinery business, in the short term, will continue to be sustainable.

Source: Punch June 30, 2021 02:48 UTC