Minister of State for Petroleum , Dr Ibe Kachikwu during a tour of the
Port Harcourt refinery on Christmas Day said that the Federal
government is working to reduce the pump price of petrol to about 85 or
86 naira per litre by Jan 1st.
He said efforts were on to get the refinery to achieve 60 percent
production capacity and to supply about 11 million liters of petrol
daily.
“If you look at the new PPPRA template that we developed and which I
just signed off two days ago, when it is announced you will find out
that for now ,and I use the emphatic word of the President for now, the
price of the refined product will actually be lower than 87 naira, It
will be 85. We will probably announce that in January if the prices
hold.
“Like I said, we have done a modulation calculation and it is showing us
below N87. I imagine that if PPPRA publishes it today, it will become
effective immediately. But the 1st of January that is when we are
looking at.”
“What that does for you is that its modulating. If it goes up you move
up, if it comes down you come down. So we take away the fact of having
to go find funds to pay for these subsidies that we cannot afford.
“More importantly we try to be as close to the pump price that we have now as possible,” he said.
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