The Nigerian National Petroleum Corporation (NNPC), has assured Nigerians that the price of a litre of Premium Motor Spirit (PMS), otherwise known as petrol, will remain N162 in July.
Mele Kyari, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), disclosed this on Channels Television on Tuesday.
Kyrai said engagements are still ongoing with the organised labour on the appropriate price of petrol.
This is even as the crude oil price has hit $74.72 per barrel at the international market early Tuesday.
The NNPC GMD stated that until the conclusion of engagement with labour, Nigerians will continue to buy petrol at N162 per litre.
He said though the pump price of petrol should be N256 per litre based on the current crude oil price, the Federal Government, through the NNPC, has decided to continue paying the differential until an appropriate price is agreed upon by the government and labour.
He added that President Muhammadu Buhari has directed the corporation to do everything legally possible not to make petrol price out of reach of Nigerians, especially at this moment.
“What this means however is that we are taking out cash that could have been used for other things to pay under-recovery”, he said.
Kyari also denied reports that the NNPC does not make any remittance to the federation account due to under-recovery payment.