Kachikwu say FG to increase fuel price next month

Amid the lingering fuel scarcity across the nation, Nigerians might still have to pay more for the product as the Federal Government, Tuesday, disclosed that it would review the pump price next month.

Speaking during a visit to the Petroleum Products Pricing Regulatory Agency (PPPRA) in Abuja, Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, also stated that the present fuel debacle experienced across the country would end in Lagos and Abuja by Thursday, while it would end in other states of the country by the end of the week.

Speaking on the planned review of petrol prices, he explained that the country had been able to save a lot of money within the first three months of the year, stating that the savings would be used to fund the gap recorded in pricing in April.

He said, “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.


Dailypost reportage.