The minister of state for Petroleum Resources, Mr. Ibe Kachikwu has revealed that the current price of Premium Motor Spirit (PMS) also known as petrol, which presently stands at N86.50, will be increased in the month of May.
This is coming in spite of the untold hardship faced by Nigerians across the country following the prolonged scarcity of the product.
Kachikwu disclosed this while speaking during an official visit to the Petroleum Products Pricing Regulatory Agency, PPPRA, in Abuja.
During the visit, Kachikwu said the Federal Government would undertake a review of the PMS in the month of May.
“The reality is that in the first three months of doing the price modulation, our over-recovery basically enabled us to save quite a lot of money and that is going to fund the gap that we see in April.
“But for May, obviously, the prices would have to be adjusted to mark the current trends,” he said.