The Nigerian National Petroleum Corporation (NNPC) has said the current fuel price regime of N145/litre is unsustainable.
A statement from the NNPC said; “They (the GMDs) noted that the petrol price of N145/litre is not congruent with the liberalisation policy especially with the foreign exchange rate and other price determining components such as crude cost, Nigerian Ports Authority charges, etc. remaining uncapped’
Reports indicate that the current price of fuel as at the present market indicators by marketers should stand at about N151.87.
The Nigerian Labour Congress has immediately opposed the plan to raise prices as labour leaders are scheduled to meet with President Buhari today.
It is unclear whether the price hike will take effect this week.