Kachikwu,baru meet buhari over fuel price hike

– The federal government reacts to the call
to increase the prices for petroleum
products in Nigeria
– The authorities denied any plans to
change fuel prices saying that the country is
in a liberalised market already
The government denied reports of increase
in fuel price
The officials have said that the government
of President Muhamadu Buhari does not
have plans to increase the pump price of
petrol despite a demand that it should do so,
Premium Times reports.
The call for the hike of fuel price was made
at the forum of former group managing
directors of the Nigerian National Petroleum
Corporation (NNPC) on September 4,
Sunday.
The forum called for the removal of the
price cap that would mean that the traders
would be free to sell petrol at their desired
price, supported by several factors such as
the exchange rate and international crude
price.
With the local currency exchange rate going
down by over 50 % to about N412 since the
current petrol price was fixed, accepting the
recommendation would have meant
Nigerians pay more for fuel.
Meanwhile, the federal government through
the Petroleum Products Pricing Regulatory
Agency (PPPRA) stated that that it will not
accept the proposal.
While informing about the government’s
response, the acting executive secretary of
PPPRA, Sotonye Iyoyo, said the advice was
the personal opinion of the former state oil
chiefs.
“ If it was a recommendation, that is what it is
– a personal opinion. I’m not aware
government is planning any fuel price
increase. We are in a liberalised market
already, ” she said.
Ibe Kachikwu, the minister of petroleum,
also denied media reports of possible hike in
the prices of petroleum products in Nigeria.
The incumbent GMD of the NNPC Maikanti
Baru supported the minister, Vanguard
reports.
After a closed-door meeting with President
Muhammadu Buhari in Abuja, Kachikwu
defined the reports as untrue.
He asked the state house correspondents
after the meeting: “Have you seen any memo
to that effect?’’
On his own part, NNPC director said the
organization has no plan to increase the
pump price of petroleum products,
underlining that “there is nothing like that.’’
Meanwhile, he directed the journalists to go
to the PPPRA for further explanation on the
issue.
The oil marketers had shown aim to
increase prices of the products, quoting
continued scarcity of foreign exchange to
finance importation of the products, as
reason.


Source :naij.com
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