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Business & Finance

Official Pump Price of Petrol Might be Increased to Over N300 Per Litre

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Nigeria’s Minister of State for Petroleum Resources, Ibe Kachickwu, has stated that FG would in the next few days unveil new policy to address the problem of fuel subsidy in the country.

According to him, the introduction of price modulation had helped to stabilise the problem.

He said that it was necessary for the country’s oil sector to reflect global pricing of the product.

“We are coming up with a policy in the next few days that will allow us develop the price modulation that allow us swing our price along with international pricing,” he said.

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The average international price of petrol on Tuesday is $1.2 per litre. In the UK , it’s £1.07. This is over N300 per litre when converted to Nigeria’s currency.

According to Kachikwu, “we are now transiting into fuel modulating pricing because we do not have sufficient foreign exchange to continue fuel importation we have been doing.”

Kachickwu spoke during a town hall meeting in Kaduna.

News Agency of Nigeria

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