Mallam Mele Kyari, the Group Managing Director of the NNPC said on Channels Television that Nigeria is supposed to be selling premium motor spirit (PMS) or petrol at more than N280 per litre.

He insisted that this was necessary due to the illegal activities of smugglers, which he noted have negatively impacted the country’s oil sector.

He however added that despite the negative impact smuggling has had on the sector, borders will not be closed again. Instead, he continued, the authorities will find ways of clamping down on the smugglers.

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.”

He added that the price for petrol was supposed to be same with that of automotive gas oil (AGO), if not more.

“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.”