The Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, advised Nigerians to dispel such insinuations.
Kachikwu stated this during a media parley at the NNPC Towers, Abuja, that the discourse has long left the realm of subsidy removal to a more scientific price modulation approach, which entails an elastic price mechanism regime to be reviewed periodically to reflect the prevailing international price of crude.
He explained that when operational, the novel price modulation system would place a N97 per litre cap on the price of fuel to ensure that Nigerians are insulated from the vagaries of the global crude price.
“I did not say that refined petroleum products will sell for N97 per litre next year. I said that between a band of N87 and N97, we are going to be looking at prices and today the prices are largely close to N87. So, there is no need to change the price,’’he said.
The Minister noted that to determine the price of petroleum products in future, the Petroleum Products Pricing Regulatory Authority (PPPRA), will undertake quarterly review of the crude market situation.
Details in THE SUN
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