Abuja – Nigerians may soon begin to buy Premium Motor Spirit (PMS) otherwise called petrol at official price of N185 per litre as the Federal Government on Thursday said the current price of N145 per liter is no longer sustainable considering the landing cost of fuel in the country.
Stakeholders in the oil industry told the Senate at an interactive session hosted by the Senate Committee on Petroleum Resources (Downstream) that landing cost of petrol is now between N170 and N171 while the right price to sell the product may be within the sum of N185 per litre considering the pricing templates.
But the government assured Nigerians that critical steps will be taken in the next 18 months to address the issue of inadequate supply of fuel through the nation’s refineries which are currently not working at optimal level.
The position of the Federal Government were made public by the Minister of state for Petroleum Resources, Ibe Kachikwu and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Maikanti Baru in their presentations before the committee.
Details later…
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