"Petrol Price Will Go Down In Months After Selling At N145 Per Litre"

 

Minister of state for Petroluem Ibe Kachikwu has said that the federal government of Nigeria will review the rice of petrol downwards in coming months even as the official pump price was increased from 86.5 naira to 145 naira after the removal of subsidy on petrol yesterday.

Said Kachikwu:

“As it gets better and it gets to a point where we find that the market has stabilised in terms of supply, we will begin to pull back a bit in terms of determinants for pricing. You will be amazed at what will happen to your N145 price because it will go downwards.”

“You don’t give what you don’t have. We want Nigerians to understand that we feel the pain, and we have tried to avoid it since I came in October. We have done everything we can.

“We first went on to the issue of the subsidies that we inherited which, by the way, were based on 50 to 55 million litres consumption, and we said the number looked bloated. So, we did an experiment and came to a conclusion that this country doesn’t consume more than 45 million litres a day.

“Then we came to a second point and said, ‘We are not even going to have subsidy again. We are going to exit it because there was just too much fraud involved in it.'”