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Government may allow increase in pump price

FG may allow increase in petrol pump price.

There are strong indications that the Federal Government may allow the independent marketers to sell petrol above the current regulated pump price N145 per litre.

Minister of State for Petroleum Resources, Dr. IBE KACHIKWU, gave this indication in a presentation at an investigative hearing organised by the Joint committee on Petroleum Resources Downstream 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.

Chairman, senate Committee on Petroleum Resources (Upstream] KABIRU MARAFA said the senate had no hand in the delay of payment to independent marketers.

Moderate queues are still noticed in some filling stations in Lagos and Ogun states while some have ran out of the product.

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