Fuel Price to Increase as FG Plans to Review Price Next Month - Kachikwu

Nigerians might have to pay more for petrol in the days ahead, as the Federal Government, Tuesday, disclosed that it would undertake the review of Premium Motor Spirit (PMS) also known as petrol, in the month of May.

Speaking during a visit to the Petroleum Products Pricing Regulatory Agency (PPPRA) office in Abuja on Tuesday, Minister of State for Petroleum Resources, Ibe Kachikwu, has stated that Nigerians might have to pay more for petrol in the days ahead, as the Federal Government would undertake the review of Premium Motor Spirit (PMS) in the month of May. 

 

The minister also stated that the present fuel crisis witnessed 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. 

 

"We have to take the right policies to see that things are done well. I hope that tomorrow slash Thursday queues in Abuja must have cleared; hopefully the same thing will happen in Lagos. By weekend, we will see same in Sokoto, Port-Harcourt, Warri and others."

 

He added that as part of a long term strategy to eliminating fuel scarcity, especially with the issue of sourcing scarce foreign exchange, the Federal Government is considering the privatisation of the petroleum industry, whereby operators would be allowed to source for funding and run the industry, while government’s role would be felt in the area of price modulation. 

 

Speaking on the planned review of petrol prices, he explained 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.

 

"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," he added.