Home Business No Fuel Price Increase is Underway, Says Kachikwu

No Fuel Price Increase is Underway, Says Kachikwu

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The Minister of State for Petroleum, Dr. Ibe Kachikwu, has denied speculations that an increase in the prices of petroleum products in the country is underway.

Kachikwu, flanked by the Group Managing Director of the Nigerian National Petroleum Corporation, Alhaji Maikanti Baru, after a closed-door meeting with President Muhammadu Buhari in Abuja, described media reports of a possible hike in fuel price as untrue.

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Present and some ex-Group Managing Directors of NNPC had met recently in Abuja where they said the present N145 per litre price of petrol was no longer feasible given the prevailing exchange rate in the country.

Kachikwu told State House correspondents: “Have you seen any memo to that effect?”

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

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

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