Ibe Kachikwu, minister of state for petroleum, has reiterated that the price of petrol will stay at N145 per litre.
The minister is reacting to reports that the federal government was planning to jack up the pump price of petrol.
Idang Alibi, the Director of Press in the ministry in a statement on Thursday night, clarified the minister’s submission made to the joint committee of the National Assembly on Petroleum Downstream.
“The Ministry of Petroleum Resources would like to categorically state that the Honourable Minister never mentioned nor insinuated the need or plans by the Federal Government to increase the current pump price of Premium Motor Spirit (PMS)”, Alibi said.
Alibi restated what Kachikwu said the Presidency has set up a special committee to identify the immediate and remote causes of the fuel scarcity with a view to finding both immediate and long lasting solutions to the challenge.
“The Committee has been in rounds of deliberations in the past few days and these discussions are still ongoing. The final decisions and recommendations from the Committee would be passed on to the President and Commander-In-Chief for approval”, said Alibi.
Alibi urged the public and indeed stakeholders in the oil and gas sector to disregard any such report of a price increase.
Kachikwu told the public hearing at the National Assembly on Thursday that the Nigerian National Petroleum Corporation, NNPC had incurred a cumulative loss of N85.5 billion in importing petrol and selling at the current retail price of N145 per litre, since October 2017.