The Federal Government has denied that it plans to increase the pump price of petrol from N87 per litre to N97 by January 2016.
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.
“I have not put a static figure. PPPRA will have to do the calculation to be able to announce what price PMS will sell for in January, but we do not anticipate any major shift because of the price of crude today,’’ he noted.
http://sunnewsonline.com/new/no-plan-to-increase-petrol-price-fg/

I am very sure the previous fake Propaganda was from the wailers camp. Keep Wailing till 2023 and beyond........ Ride on PMB.

Confusion everywere 87N & 97N what dos d masses stnd 2 gain

Damage control it seems

the time to remove subsidy is now... subsidy is a scam

Tpharell:
Damage control it seems

What damage is being controlled? Last time i check elections are still 3 years and some months away...

koboko69:

What damage is being controlled? Last time i check elections are still 3 years and some months away...

The damage his earlier statement on price increment could cause the system, hence the need for the "clarification"
'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'

abegi remove this thing called subsidy once and for all.....its seems better now global price of crude oil at record low

This administration has broke all records on the number of days fuel scarcity persisted.

Petrol still sell N130/l by Independent marketers.

If APC cannot check corruption by few marketers, how can they achieve it in government ministries, agencies and departments?

Nice

This incident has actually convinced me that
Buhari's administration has failed! How can there
be a breaking news this disheartening and
Buhari's administration will fail to update
Nigerians? What does it take for the minister for
Information to inform Nigerians that Jose
Mourhino has been sacked by Chelsea?

This government has failed! Can't wait for 2019.


Mcheeeew!!!

modelmike7:
I am very sure the previous fake Propaganda was from the wailers camp. Keep Wailing till 2023 and beyond........ Ride on PMB.

I wonder what you have to say today...

ivandragon:


I wonder what you have to say today...

Hahaha

modelmike7:
I am very sure the previous fake Propaganda was from the wailers camp. Keep Wailing till 2023 and beyond........ Ride on PMB.

chai!!!!! Don't worry,we know u will shift goal post soon.......

They lied about it before, they're currently lying about it today.
Zoogerians will be in for a big surprise by Vegetable govt next year.