Tuesday, February 27Inside Business Africa

Nigeria must allow petrol prices move with parity, says Baru

Former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has said there was need for price of Premium Motor Spirit (PMS), also called petrol to move with parity.

Speaking in Abuja, Baru said government took the right steps by introducing some sort of modulations to the price of the commodity, which was recently reduced to N125 from N145 per litre.

Baru, who was honoured with Leadership Newspaper 2019 Chief Executive Officers (CEO) Award, said the price reduction would positively impact the citizen.

Baru said: “It is positive for the economy and people because there is reduction in price but it is also what we in the industry will say that there is need for the prices to move with the parity.”

According to him, government took the right step, especially by indicating that they are introducing price modulation.

“What the government has done is generally appreciated because it has empathised with the citizens, ” Baru said

Speaking on the award, the former GMD said: For the Leadership Newspapers to go out of its way to recognise what we have done in NNPC after my leadership and conferring me with CEO award was good and I cherish it.”

Speaking on the impact of Coronavirus in the global oil market, he said that it was a trying moment for the global market, stressing: “We should go away from mono economy, depending on only oil.”

“Our suppliers are shutting down and because of it, we are going to have shortage and with low income coming from oil price dropping to N25 dollars per barrel these are low to cover production cost.
“This is very terrible situation, we should empathise with government.”

According to him, the move by the NNPC to put the refineries in shape would help local production and level of reduction in price of transportation of crude.

Source: Guardian

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