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ANXIETY AS MINISTER DENIES IMPENDING FUEL PRICE HIKE

The dust over the current fuel scarcity rose further to the sky yesterday when speculations became rife that the government had concluded plans to allow independent marketers to import fuel and sell at market price.

The implication is that the current market price of N14e5 per liter may be jerked up to meet the current fluctuation in the foreign exchange market. Despite the current effort to stem the fuel scarcity, many fuel stations in Lagos are selling btween N180 to N200 per liter.

But the Minister of State for Petroleum Resources Dr. Emmanuel Ibe Kachikwu has denied any move to increase the price of fuel. In a statement yesterday, Kachikwu said: “The Ministry of Petroleum Resources would like to categorically state that the Honorable Minister of State, Petroleum Resources all through his presentations at the hearing never mentioned nor insinuated the need or plans by the Federal Government to increase the current pump price of Premium Motor Spirit (PMS).

 

“It would be expedient to note that that the Presidency has set up a special committee to identify the immediate and remote causes of the fuel scarcity with a view to finding both immediate and long lasting solutions to the challenge.  The Committee has been in rounds of deliberations in the past few days and these discussions are still ongoing. The final decisions and recommendations from the Committee would be passed on to the President and Commander-In-Chief for approval.

 

“The general public and indeed stakeholders in the Oil and Gas sector are by this statement urged to disregard any such report of a price increase.”