The Nigeria National Petroleum Corporation (NNPC) on Wednesday said making petrol available to Nigerians at the current price of N145 per litre is becoming increasingly difficult. The NNPC said Nigeria’s N145 per litre of petrol is the cheapest in the entire west African sub region.
Making submissions on revenue generation before the leadership of the Senate, the Group Managing Director ( GMD) of NNPC , Mele Kyari added that the low fuel price and smuggling , are 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 noted that Nigeria is not benefiting optimally from gas production.
He however informed the Senate leadership that as far as projected daily production level is concerned , remarkable achievement has been made with the 2.3million barrel daily production being recorded as against 1.6m barrel recorded on daily basis in 2016.
He assure that before the year runs out, the corporation would meet the revenue projection of the appropriations act since according to him, 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 , the 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 that doing so will significantly transform the oil and gas industry and attract revenues .
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