NNPC to reduce Petrol Pump price below 87 naira by January.

Dr. Ibe Kachikwu, The Minister of State for Petroleum Resources, while inspecting the Port Harcourt Refining Company, disclosed to newsmen on Thursday that on 1st January, 2016 , the Federal Government of Nigeria might reduce fuel pump price to 85 naira per litre.


Dr. Ibe, after been pressed to reveal the exact date this new development will take effect from, he said the Federal Government were looking at January 1st and as for the price, he said the template prepared by the Petroleum Product Pricing Regulation Agency revealed a price below 87 naira.


He said that this is to show Nigerians that the pricing modulation the Federal Goverment said it was going to embark upon was not a bluff as the modulation revealed a price below 87 naira and was falling between 86 and 87 naira.


He also added that he signed off the new price on Thursday and petrol marketers would soon get an advice to this note. Dr. Kachikwu also said that Federal Government cannot afford to subsidize anymore. They realized there were lots of fraud elements in the subsidy plan and have to totally cut it off.


Good News or bad????

Source: http://www.punchng.com/fg-may-reduce-petrol-to-n85litre-january-1/