The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has said the cost of Premium Motor Spirit commonly known as petrol in the country should be N256 per litre.
Kyari, who made this known while featuring on Channels Television programme on Tuesday, noted that the petrol pump price is meant to reflect the current crude oil price which stands at $74.40 per barrel at the international market.
He added that there is nowhere in the world where Diesel sells more expensive than PMS.
Kyari said, “Today we are paying N162/litre (for petrol). I am sure many people buy AGO (Diesel) in the market and it is selling at N280/litre in the market Today .
“So (there is) nowhere in the world diesel sells more expensive than PMS. That means that the price of petrol anywhere in the world, assuming you are going to sell it at the market, you are going to sell it above that price you have seen.
“Today, from what I can remember, I checked the number two days ago; what would we sell if we are at the filling station today and recover our cost fully is around N256/litre.”