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Kachikwu blasts NNPC for increasing pump price in stations

07 November 2016, 09:45Lekan Oladeinde

Abuja - Minister of State for Petroleum, Dr Ibe Kachikwu, has berated the Nigerian National Petroleum Corporation (NNPC) for increasing the pump price of petrol in all its filling stations across the country.

NNPC had on Tuesday last week hiked the pump price of the product to N145 naira per liter as against the previous N141.

The corporation is also proposing an upward review of the price in the coming days.

It is proposing N150 per litre price for the product.

Also read: NNPC denies plan to increase fuel price

The new price follows the increase in the landing cost of the product.

The landing cost of the product has surged to N122.03 per litre, about N4 increase from the specification in the pricing template of the Petroleum Products Pricing Regulating Agency (PPPRA).

Reacting to the increment, Kachikwu said he was not aware that NNPC has increased the price of petrol.

Daily Post reports that the minister said it was wrong for the NNPC to have increased the price without following the due process.

“It is a bit of surprise for me, because there are processes in doing this, if they have done that, it means they are doing it wrongly.

Kachikwu, however, noted that the increase could be as a result of foreign exchange differentiation.

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- News 24

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