The N145 per litre price of fuel may be reviewed upward if the position of the Nigeria National Petroleum Corporation (NNPC) is anything to go by, Blueprintreports.
The newspaper reported that indications to this emerged Wednesday when the NNPC said the current price (per litre) of fuel in the country was the cheapest in the entire West African sub region.
Making submissions on revenue generation before the leadership of the Senate, Group Managing Director (GMD) of NNPC Mele Kyari said the low fuel price and smuggling were the two key factors hampering high revenue generation of the agency.
“The N145 per litre fuel price regime Nigeria runs against the N350 per litre most of the other West African countries operate, encourages smuggling, which invariably affected revenue generation for the agency and by extension the country.
“It is even very difficult for us to make the petroleum product available at N145,” he said.
He said Nigeria was not benefiting optimally from gas production.
He however informed the Senate leadership that as far as projected daily production level is concerned, remarkable achievements had been made with the 2.3million barrel daily production being recorded as against 1.6million barrel recorded on daily basis in 2016.
He said before the year runs out, the corporation would meet the revenue projection of the appropriations act as the NNPC was working tirelessly with the customs and security agencies in controlling and containing cross border activities of the oil smugglers.
In his own submission, Director of Department of Petroleum Resources (DPR) Rufai Ahmed Ishaku called on the National Assembly for the speedy passage of the Petroleum Industry Bill, saying doing so would significantly transform the oil and gas industry and attract revenues.