The Federal Government has said it is making efforts to maintain retail price of fuel at N145 per litre.
This includes paying N40.70 for every litre, according to Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru.
While speaking at a press conference in Abuja, Baru said the landing cost of petrol is now N171 per litre.
“So, there is a lot of profit in between after taking the transportation cost of N7 off; there is sufficient margin for marketers in that PPPRA template at the price cap.”
Will it work?
If the allegations by petroleum bodies are anything to go by, this approach may not work in reducing price of fuel.
The fuel marketers will still sabotage this effort by the Federal Government to achieve their aim this holiday season.