Abuja - The minister of state for Petroleum Resources, Ibe Kachikwu has revealed that the Federal Government will increase fuel price by next month.
This is despite the current scarcity of fuel Nigerians have been made to face lately.
The minister made the announcement when he visited the Petroleum Products Pricing Regulatory Agency (PPPRA) in Abuja.
Kachikwu also promised that the fuel crisis will end in Lagos and Abuja on Thursday, adding that it will end by the end of the week in other states.
Also read: Labour asks Kachikwu to resign over fuel scarcity
The minister said “The reality is that in the first three months of doing the price modulation, our over-recovery basically enabled us to save quite a lot of money and that is going to fund the gap that we see in April.
“But for May, obviously, the prices would have to be adjusted to mark the current trends.”
Kachikwu also announced that Nigeria’s refineries are ready to work.
He also said Nigerian companies will cope with the global crash in oil prices.
- News 24