FG To Review Petrol Pump Price

Nigeria’s Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has revealed the Federal Government’s intention to review the nation’s fuel price template. He said the essence of the review would be to avoid any increase in the price of the product.

The Minister who spoke at an award ceremony organised by the Petroleum Products Pricing Regulatory Agency, PPPRA in Abuja disclosed that the review would prevent the government and its agencies from incurring unwanted charges that may lead to a hike in pump price. He said: “One of the things I think we had hoped to do, which we would still do, before we embark on any price increase is to work on those templates. There are still areas that are within the government controlled aspects; payments to the Ministry of Transport and the rest; payments to the Nigerian Ports Authority, NPA.

“We are working on the possibility of being able to shift that out so that we can still modulate the prices within where it is right now. But I would hold a conversation with the industry and see how it is going.”

Meanwhile, the Senate Committee on Petroleum (Upstream) has demanded a report of daily records of oil and gas production from the Department of Petroleum Resources. The analysis which is to be submitted on a monthly basis will include data on industry activities, crude oil production, gas production, seismic activities, liftings, allocations, exports by destination, receipts, utilization, sales, transmission and exports.