There won’t be any increase in fuel price, despite the rise in the landing cost of imported fuel, Nigerian National Petroleum Corporation Public Affairs Group General Manager, Ndu Ughamadu, has said.
He said the landing cost goes up when the international price increases, adding that it is a normal occurrence in the global crude oil market. He said the government has fixed N145 as official pump price for premium motor spirit (PMS) or petrol, adding that marketers were free to sell it at either the regulated price or below it, depending on market forces.
He said the landing cost had increased in the second quarter of the year compared to the first quarter. The landing cost as at last December 22 was N171.4 per litre when the price of crude was $64 per barrel. At over $80 per barrel, the landing cost would be well above N180. According to him, the government, has huge under-recovery to battle in view of the rise in the landing cost.