Petroleum Minister Debunks Rumours Of Fuel Price Increase


Petroleum Minister Debunks Rumours Of Fuel Price Increase

The Minister of State for Petroleum, Dr. Ibe Kachikwu, has dismissed rumours of an imminent hike in the pump price of petrol.

Kachikwu had on Tuesday November 1st dismissed insinuations of any increment in the prices of Premium Motor Spirit (PMS).

READ ALSO:  Alleged Fuel Hike: Senate Warn Against Testing Patience of Nigerians

This is coming on the heels of widespread panic in Abuja yesterday that major filling stations, including the Nigerian National Petroleum Cooperation  (NNPC) retail outlets had hiked pump prices to N149 per litre.

The petroleum minister denied the reports when approached by newsmen at the end of a meeting between President Buhari and the leaders of Niger Delta at the Presidential Villa, Abuja.


Dr. Kachikwu disclosed that the government had not announced any change in pump prices.

He said:

“Have you heard me announce any increment? Wait until you hear from my mouth.”

Reports in the media yesterday suggested that petroleum marketers were demanding for an increase in the pump price of the Premium Motor Spirit (also known as petrol).

No Fuel Price Increase – Kachikwu

This is as the naira continues to lose value against the US dollar, making it unprofitable for them to import petrol and sell at the current official rate of N145/litre.

A source close to the Major Oil Marketers Association of Nigeria (MOMAN) said N165 is the pump price that will cover the cost of forex required for fuel importation.

READ ALSO:  NNPC, Petroleum Ministry Deny Plans To Hike Fuel Price

Barely four months ago, the government had increased petrol prices from N86 and N86.5 per litre to between N135 and N145 per litre.

An official of one of the marketers’ associations, who spoke on condition of anonymity said:

“Let the government do the needful. We have already said it before that the price is not sustainable.

“When they fixed that price, dollar was N280 – N285; now the dollar is almost N400 and they want us to bring in products and sell at N145.

“It is not possible.”