Federal Government rejects call for petrol price increase
Written by Morenike Adebayo on September 6, 2016
The federal government says it will not increase the pump price of petrol despite a demand that it should consider the removal of the price cap. This is coming as a reaction to a request made by the forum of former Group Managing Directors of the Nigerian National Petroleum Corporation (NNPC) on Sunday.
They had called for the removal of the price cap of one hundred and forty-five Naira per litre, which was set in May by the Minister of Petroleum, Dr. Ibe Kachikwu, insisting that it was not harmonious with the liberalization policy of the Federal Government.
Giving the government’s position on the request for price review, the acting Executive Secretary the Petroleum Products Pricing Regulatory Agency (PPPRA), Sotonye Iyoyo, said that the agency will not accept the advice.
Mrs Iyoyo pointed out that the proposal is the personal opinion of the former Group Managing Directors of the NNPC.