Fuel Price To Stabilise At N145 – Kachikwu
The Federal Government has said it is working on maintaining the pump price of Premium Motor Spirit (petrol) at N145 per litre.
Minister of State for Petroleum Resources, Ibe Kachikwu, stated this while speaking at the Rainoil 20th Anniversary Lecture in Lagos on Wednesday.
Kachikwu who was represented by the Group Executive Director /Chief Operating Officer, Downstream, Nigerian National Petroleum Corporation, NNPC, Henry Ikem-Obih, said the issue of freighting and docking has been addressed.
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“We are also working very hard with the NNPC to reduce some of the charges on products such as the usual five per cent provision on proforma invoices as allowed for ship – to- ship operations,” the minister said.
“We are doing all these to help manage and maintain the current price ceiling of N145 per litre in the face of very significant challenges.”
Kachikwu said the petroleum ministry will continue to work with the Central Bank of Nigeria to make foreign exchange available to marketers, adding that the NNPC is doing what it is supposed to do as a supplier of last resort.
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“But the reality is that the NNPC needs to be run as a business,” he added.
“So, we must begin to move the market to a point where private sector operators are more involved. If we achieve that, everybody will compete and have a longer-term view of the market from an investment standpoint.”
