The group managing director of the Nigerian national petroleum corporation, Mele Kyari, has stated that the price of gasoline should be higher than N280/litre, which is the price at which automotive gas oil, better known as diesel is supplied.
According to Kyari smuggling of fuel from Nigeria has had a detrimental impact on the Nigerian oil sector, but this would not lead to another border shutdown.
He added that NNPC presently evacuates around 60 million litres of petrol per day in Nigeria, the company is certain that demand is not up to that amount.
He attributed the large consumption volume to organized smuggling, noting that the cheap petrol price of N162/litre was also an incentive.
“Today, we are spending N162/litre,” Kyari added (for petrol). I’m sure a lot of people purchase AGO (diesel) on the market, and it’s now retailing for N280 per litre. As a result, diesel is more costly in PM than everywhere else on the planet. That indicates that the price of gasoline everywhere in the globe, presuming you sell it at the market, will be higher than the price you have seen.”