MTN Jolly Data - Nigeria

Business Nigeria: Oil Minister Kachikwu Announces Plans to Review Pump Price of Petrol

The Nigerian government will soon review the pump price of petrol in Nigeria, Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has announced.

FG would undertake a review of the pricing template for the commodity to forestall a further increase in the price of the commodity, he said on Sunday.

This would help cushion the effect of rising foreign exchange rates and the dwindling value of the naira against major international currencies on the price of petrol.

“One of the things I think we had hoped to do, which we would still do, before we embark on any price increase is to work on those templates," Dr. Kachikwu said at an award ceremony for oil workers in Abuja.

"There are still areas that are within the government controlled aspects; payments to the Ministry of Transport and the rest; payments to the Nigerian Ports Authority, NPA.

“We are working on the possibility of being able to shift that out so that we can still modulate the prices within where it is right now. But I would hold a conversation with the industry and see how it is going.”


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