- Post by Admin on sunday, March 05, 2015
The Federal Government on Thursday hinted that independent marketers might be allowed to sell petrol above the current regulated pump price N145 per litre. The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, gave the hint in a presentation at an investigative hearing organised by the Senate on the lingering scarcity of the product in the country.
He said the N26 differential between the current pump price and the landing cost of the commodity was caused by the rise in the exchange rate. The minister recalled that naira was 285 to a dollar when the pump price was raised to N145 per litre, adding that the rate would have to drop to N240 to a dollar for marketers to be able to sell at the official price.
Kachikwu stated that the government had come up an 18-month emergency period within which issues affecting supply and pricing of the commodity should be solved.
Photo Caption: Minister of State for Petroleum Resources, Dr. Ibe Kachikwu