Tuesday 8 November 2016

"I am not aware of the fuel price hike" Kachikwu

Inspite of the increase in fuel price at the NNPC retail outlets, Minister of State for Petroleum Resources, Ibe Kachikwu, has maintained that the federal government has no plans of increasing pump price in the nearest future.  Kachikwu stated that he is not aware that NNPC has increased pump price and if they have, then it was done in error.
He said the fluctuating foreign exchange rates affects the landing cost of petrol.
In his words:
"The worst thing you could do is to go back to the era where we basically were fixing prices. What we ought to be doing is watching prices, making sure that they are not taking advantage of the common man; making sure that the template is respected.
One of the things I think we had hoped to do, which we should still do before we embark on any price increase is to work on those templates. There are still areas that are within government control.
These are payments to the Ministry of Transport and the rest, payments to the Nigerian Ports Authority (NPA) that are foreign-currency denominated.
We are working on the possibility of being able to shift that out so that you still can modulate the prices within where it is right now. But I would hold a conversation with the industry and see how it is going,” 
He further explained that what was key was to ensure that fuel queues do not resurface and those that are investing in petroleum products marketing must be able to predict the “pricing methodologies, the pricing consequences and the actions to be able to justify their investments.


GRAMMAR! NNPC HAS INCREASED PUMP PRICE, SIMPLE!!!

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