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FG denies fuel price hike

Fuel subsidy: House of Reps summons Kachikwu,others

SUNDAY ODE, Abuja

The Minister of State for Petroleum Resources, Ibe Kachikwu, and the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, on Monday dismissed speculation of an imminent hike in the pump price of petrol.

They both met with President Muhammadu Buhari at the Presidential Villa, Abuja following reports that a meeting of former GMDs of NNPC had recommended an increase in the price as according to them, the current price was no longer sustainable.

Emerging from the meeting, Baru, who was pressed by correspondents for comments declined, and referred journalists to the Petroleum Products Pricing and Regulatory Agency (PPPRA) for any clarification.

Asked if there would be a review of the price, he however, said: “There is nothing like that.”

Kachikwu also toed the same line when he was asked for his position but this time, he directed reporters back to the GMD NNPC for answers.

But when told that the GMD had declined comments, the Minister then disclosed that there was no memo before the Federal Government asking for a review of the price.

Reports had emerged over the weekend that the former GMDs had called for an upward review of the price of Premium Motor Spirit (PMS), arguing that the present price cap of N145 per litre was not realistic in the face of the current economic realities.

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