Petroleum Minister denies plans to Increase PMS Price

Federal government on Monday denied alleged plans to increase fuel price from N145 to N200 as was popularly reported in some sections of the media over the weekend.

Dr Ibe Kachikwu, Minister of state for Petroleum Resources while speaking  to newsmen after a meeting with President Muhammadu Buhari at the presidential villa in Abuja made the disclosure.

The Nation reports that the minister stated that there was no memorandum about plans to increase fuel price before the president.

Kachikwu had initially referred journalists to Mr Maikanti Baru, the group managing director of the Nigerian National Petroleum Corporation (NNPC) who was also at the presidential villa to meet with President Buhari.

He however agreed to speak about the speculations that there were plans to increase fuel price when he was told that Baru had refused to speak on the matter.

Monday’s meeting at the presidential villa comes after media reports indicated that a meeting of former GMDs of NNPC had recommended an increase in fuel price, claiming that the current price is no longer sustainable.

Baru, who was the first to emerge from the meeting, was pressed by correspondents for comments but he declined and referred journalists to the Petroleum Products Pricing and Regulatory Agency (PPPRA).

Asked if there will be a review of the price, the NNPC GMD dismissed the journalists, saying: “There is nothing like that.”

The federal government had earlier in the year announced an end to fuel subsidies which resulted in a rise in the official pump price of petrol from N97 to N145.

Over the weekend however, there were reports indicating that the price could rise as high as N200. Anonymous NNPC officials cited by the reports were said to have indicated that the N145 price was unsustainable, hence plans to increase fuel price.