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No Plan To Hike Pump Price—FG

fuel price

By Modupe Gbadeyanka

The Federal Government has assured Nigerians that it has no intention to increase the price of Premium Motor Spirit (PMS) commonly called petrol as being feared.

The assurance was given on Monday in Abuja by the Minister of State for Petroleum Resources, Mr Ibe Kachikwu.

The Minister, while answering questions from newsmen, said there was no plan by the FG to tamper with the pump price at the moment.

Mr Kachikwu specifically disclosed that there was no memo before the FG seeking a review of the fuel price.

Also corroborating Mr Kachikwu’s stand was the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru.

“There is nothing like that! Go to the Petroleum Products Pricing and Regulatory Agency (PPPRA‎),” he told newsmen.

Nigerians were shocked when former Group Managing Directors of the NNPC at the weekend called for an upward review of fuel price, arguing that the current price did not reflect the price-determining mechanisms of the commodity and the fluctuations of the foreign exchange rate.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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