FG working to retain petrol at N145 per litre

Written by  May 18, 2017

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has said despite challenges in the downstream sector, the federal government is putting in place mechanisms to keep the pump price of petrol at N145 per litre.

Kachikwu disclosed this while speaking at the Rain-oil 20th Anniversary Lecture in Lagos.

According to him, the government is making efforts to reduce some of the charges on products such as the usual five per cent provision on proforma invoices as allowed for ship-to-ship operations.

The minister was represented by the Group Executive Director, in charge of Downstream, NNPC, Henry Ikem-Obih.

He said while the NNPC had performed well in service delivery, products supply and distribution, the corporation needs to be operated as a business.

Kachikwu added that once 50 per cent or more of products were being brought in by marketers, activities will be boosted in the sector thereby resulting in job creation and generating revenue for government.

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