There are no plans to increase the price of fuel- FG
Tue Sep 06, 2016 07:37:am Business
2.6K By Buchi Obichie
The Federal Government has no plans to hike the price of Premium Motor Spirit, PMS, otherwise known as petrol.
This is according to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, and the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Maikanti Baru.
They stated this yesterday in Abuja against the backdrop of calls by former Group Managing Directors of the NNPC that the price of the product be hiked from its present rate of N145 per litre to enable the corporation generate more funds.
According to the former GMDs, the present price cap of N145 per litre was not in line with current economic realities.
The Acting Executive Secretary of the Petroleum Products Pricing and Regulatory Agency, PPPRA, Mrs. Sotonye Iyoyo, has also dismissed the calls by the former NNPC GMDs; stressing that the downstream segment of the petroleum industry had already been liberalized.
She also noted that the call of the former NNPC bosses was their personal opinion, which had no bearing on the agency's price template.
Both Kachikwu and Baru who spoke (separately) after meeting with President Buhari at the Presidential Villa said there was no proposal before the Government to increase the price of fuel.
Speaking to State House Correspondents, Baru, who was first to emerge from the meeting with the President, initially referred the newsmen to the Petroleum Products Pricing and Regulatory Agency, PPPRA, for clarifications.
But pressed further to speak as he was exiting the Villa, he simply said "there is nothing like that."
On his part, Kachikwu first directed reporters back to the GMD NNPC for answers; but told that the GMD was mute on the matter, he said that there was no plan to review the price.
"There is no memo to that effect, wait for the GMD," Kachikwu said.
This is according to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, and the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Maikanti Baru.
They stated this yesterday in Abuja against the backdrop of calls by former Group Managing Directors of the NNPC that the price of the product be hiked from its present rate of N145 per litre to enable the corporation generate more funds.
According to the former GMDs, the present price cap of N145 per litre was not in line with current economic realities.
The Acting Executive Secretary of the Petroleum Products Pricing and Regulatory Agency, PPPRA, Mrs. Sotonye Iyoyo, has also dismissed the calls by the former NNPC GMDs; stressing that the downstream segment of the petroleum industry had already been liberalized.
She also noted that the call of the former NNPC bosses was their personal opinion, which had no bearing on the agency's price template.
Both Kachikwu and Baru who spoke (separately) after meeting with President Buhari at the Presidential Villa said there was no proposal before the Government to increase the price of fuel.
Speaking to State House Correspondents, Baru, who was first to emerge from the meeting with the President, initially referred the newsmen to the Petroleum Products Pricing and Regulatory Agency, PPPRA, for clarifications.
But pressed further to speak as he was exiting the Villa, he simply said "there is nothing like that."
On his part, Kachikwu first directed reporters back to the GMD NNPC for answers; but told that the GMD was mute on the matter, he said that there was no plan to review the price.
"There is no memo to that effect, wait for the GMD," Kachikwu said.
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