The Group Managing Director of the Nigerian National Petroleum Corporation, Mallam MeleKyari, says the price of petrol should be more than N280/litre at which Automotive Gas Oil, also known as diesel, is being sold.
Kyari says smuggling of petrol from Nigeria had impacted negatively on the Nigerian oil sector but add that this would not lead to another closure of the borders.
The NNPC boss says although petrol evacuation by NNPC in Nigeria is currently about 60 million litres daily, the corporation is sure that consumption is not up to that volume.
He says organized smuggling is the reason for the huge consumption volume, stressing that the low petrol price of N162/litre is also an incentive for this.
There is nowhere in the world diesel sells more expensive than PMS. That means the price of petrol anywhere in the world, assuming they are going to sell it at the market, they will sell it above the price.
