FG Denies Plan to Hike Fuel Price

The Minister of State for Petroleum, Dr Ibe Kachikwu on Monday refuted media reports of possible increase in the prices of petroleum products in the country.

Supported by the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, after a closed-door with President Muhammadu Buhari in Abuja, Kachikwu described the reports as untrue.

Pressed on the issue by State House correspondents, he asked, “have you seen any memo to that effect?’’

On his part, Baru said that NNPC has no plan to increase the pump price of petroleum products, stressing that “there is nothing like that.’’

The GMD, however, directed the correspondents to go to the Petroleum Product Pricing and Regulatory Agency (PPPRA?) for further clarification on the issue.

Oil marketers had indicated intention to increase prices of the products, citing continued scarcity of foreign exchange to finance importation of the products, as reason.

Also,the past Group Managing Directors of the Corporation had on Saturday at a one day meeting with Baru said that the current N145 price cap for the price of Premium Motor Spirit was not matching with the current foreign exchange liberalisation policy of the Central Bank of Nigeria.