FG will modulate fuel price not subsidy removal
The minister of petroleum, Dr. Ibe Ikechukwu, declared that on the contrary to the speculations of subsidy removal, the federal government has been working on fuel price modulation that will reduce it’s involvement in pricing this coming year.
He also talked about the 97 naira per litre projection, which he said the review would allow marketers trade freely and reflect prevailing international price of crude.
According to him, the review will be the key focus in the first quarter of the coming year.
He said the 97 Naira per litre projection would the highest price of fuel and the increment will be gradual from the current price of 87 Naira to 97 Naira until a fair price is reached in the pricing review.
The oil-rich nation is currently grappling with one of the worst fuel scarcity the nation has faced in recent time, with some service stations selling petrol higher than the 87 Naira official price.
Some service stations have been penalised by the regulatory agencies, but critics have said the agency lacked the manpower to effect adequate monitoring of the marketers activities.
