Group Managing Director of NNPC, Maikanti Baru, yesterday had a meeting with former Group Managing Directors of the oil corporation at the Transcorp Hilton hotel Abuja. A statement by the corporation, says the former NNPC bosses expressed concerns over the current N145 per litre pump price, saying it is no longer feasible. According to them, fluctuating foreign exchange rates as well as price-determining components of the commodity are the major causes for the non-feasibility of the current pump price. Part of the statement reads
“They (the GMDs) noted that the petrol price of N145/litre is not congruent with the liberalisation policy especially with the foreign exchange rate and other price determining components such as crude cost, Nigerian Ports Authority charges, etc remaining uncapped”.
Among the former GMDs that attended the meeting include HRM (Dr.) Edmund Daukoru, Chief Odoliyi Lolomari, Engr. Lawrence Amu, Dr. Jackson Gaius-Obaseki, Dr. Thomas M. A. John, Engr. Funsho Kupolokun, Engr. (Dr.) Abubakar Lawal Yar’Adua, Dr. Joseph T. Dawha.