You are here
Home > OIL & GAS > Kachikwu: I didn’t say petrol will sell for N97

Kachikwu: I didn’t say petrol will sell for N97

Minister of State for Petroleum Resources and Group Managing
Director of the Nigerian National Petroleum Corporation (NNPC), Dr.
Ibe Kachikwu, has dismissed insinuations in some quarters that
the Federal Government has concluded plans to increase the pump price
of fuel from N87 to N97 per litre as from January 2016.

Speaking during a media parley at the NNPC Towers, Abuja, Kachikwu
noted that the discourse has long left the realm of subsidy removal to
a more scientific price modulation approach, which entails an elastic
price mechanism regime to be reviewed periodically to reflect the
prevailing international price of crude.

He explained that when operational, the novel price modulation system
will place a N97 per litre cap on the price of fuel to ensure that
Nigerians are insulated from the vagaries of the global crude price.

“I did not say that refined petroleum products will sell for N97 per
litre next year. I said 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,’’ he said.

The minister noted that to determine the price of petroleum products
in future, the Petroleum Products Pricing Regulatory Authority (PPPRA)
will undertake quarterly review of the crude market situation.

Sunday Olatunji
Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93. Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism. He had done many courses in communication, including the EU-BBC Editing Course in 2002. Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013). He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers. He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 - 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 - 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor. Dele Fashomi is now the Publisher/Editor-in-Chief of newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye - DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography - AGAINST ALL ODDS. There are many other books in the works under his pen.