Federal Government: No plan to increase petrol price in 2016

The federal government through the The Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, has denied the report making the round that there is a plan to increase fuel pump price from 87 to 97 Naira from January 2016. He said this during a media chat in Abuja, read his statement below:


“I did not say that refined petroleum products will sell for N97 per litre next year. I said that between a band of N87 and N97, we are going to be looking at prices and today the prices are largely close to N87. So, there is no need to change the price"

 Speaking further, Kachikwu said
“I have not put a static figure. PPPRA will have to do the calculation to be able to announce what price PMS will sell for in January, but we do not anticipate any major shift because of the price of crude today,’’