This weekend, the minister of State for Petroleum Resources, Mr Ibe Kachikwu, hinted that the price of Premium Motor Spirit, PMS, is rising above the current pump price, but that there might not be an upward price review because the Nigerian National Petroleum Corporation, NNPC, is currently absorbing the differences in the prices.
In a podcast posted on his social media account, Kachikwu, however, stated that the Federal Government would undertake another review of the pricing template for petrol, to remove several multi-layered charges and costs that affect the pump price of petrol at retail stations, Vanguard reports.
“First we have moved from a fully subsidy based sector to a partially liberalized sector. I say partially because we haven’t quite achieved the template to have a fully liberalized sector. What that has done for us is that it had reduced consumption from 50 million litres to 37 million litres a day.”