FG To Hike Fuel Price By May – Kachikwu

Picture of queue for fuel
Picture of queue for fuel

Minister of State for Petroleum Resources, Mr. Ibe Kachikwu has disclosed yesterday that the federal government would review the pump price next month amid the lingering fuel scarcity across the nation; Nigerians might still have to pay more for the product.

Speaking during a visit to the Petroleum Products Pricing Regulatory Agency (PPPRA) in Abuja, Minister of State for Petroleum Resources, Mr. Ibe Kachikwu stated that the present fuel debacle experienced across the country would end in Lagos and Abuja by Thursday, while it would end in other states of the country by the end of the week.

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He explained on the review of pump price that the country had been able to save a lot of money within the first three months of the year, stating that the savings would be used to fund the gap recorded in pricing in April.

He said, “The reality is that in the first three months of doing the price modulation, our over-recovery basically enabled us to save quite a lot of money and that is going to fund the gap that we see in April But for May, obviously, the prices would have to be adjusted to mark the current trends”.

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