FG to Increase Prize of Petrol? Kachikwu and Baru React to Possible Hike in Petroleum Products

President Muhammadu Buhari on Monday, met with Maikanti Baru, group managing director of the Nigerian National Petroleum Corporation (NNPC), and his predecessor, Ibe Kachikwu, over a report of petrol prize hike.

Ibe Kachikwu

 

Just after a closed-door with President Muhammadu Buhari in Abuja on Monday, the Minister of State for Petroleum, Dr Ibe Kachikwu on Monday refuted viral media reports of possible increase in the prices of petroleum products in the country, and described the reports as untrue.

 

The minister who was supported by the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Alhaji Maikanti Baru, when pressed on the issue by State House correspondents, he asked, “have you seen any memo to that effect?."

 

The NNPC GMD, Baru on his part, said that NNPC has no plan to increase the pump price of petroleum products, stressing that “there is nothing like that.’’ 

 

He however, directed the correspondents to go to the Petroleum Product Pricing and Regulatory Agency (PPPRA‎) for further clarification on the issue. 

 

According to the News Agency of Nigeria (NAN), oil marketers had indicated intention to increase prices of the products, citing continued scarcity of foreign exchange to finance importation of the products, as reason.

 

The details of the meeting were not disclosed to state house correspondents, as both minister and group managing director declined to speak with the press.

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Oil Price Increases To $48.74

Recent over the few weeks the international prive for oil per barrel has being increase after an unexpected fall. Over the five weeks Bent Oil price has increase to $48.74 meanwhileU.S. West Texas Intermediate crude reached $46.16 per barrel, the highest since July 15, before easing to $45.98, settling at 17 percent above its $39.19 monthly low from August 3.

I hope this reduce the economic state in Nigeria

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