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Business News of Wednesday, 30 June 2021

Source: www.mynigeria.com

NNPC to maintain petrol price in July

NNPC's Group Managing Director (GMD), Malam Mele Kyari NNPC's Group Managing Director (GMD), Malam Mele Kyari

The official price of a ​litre of Premium Motor Spirit (PMS), otherwise known as petrol, will remain N162 in July, NNPC's Group Managing Director (GMD), Malam Mele Kyari has confirmed.

He made this known on Tuesday, June 29 as he appeared as a guest in Channels TV.

According to Legit.ng, Mr Kyari said engagements were still ongoing with the Organised Labour on the appropriate price of petrol.

The NNPC boss gave assurance that Nigerians would continue to buy petrol at N162 per litre until the conclusion of the engagement with Labour.

Kyari Kayri said though the pump price of petrol should be N256 per litre based on the current crude oil price, the federal government has decided to continue paying the cost until an appropriate price is agreed upon by the government and Labour.

He said President Muhammadu Buhari had told the corporation to do everything legally possible not to make petrol price out of reach of Nigerians.

The NNPC chief also debunked the claim that the corporation was now remitting zero naira to the federation account because of the subsidy payment.