new petroleum price will swing along with the international markets - -ibe Kachikwu

Minister of state for Petroleum Resources and
Group Managing Director of NNPC, Ibe
Kachikwu, says the Federal Government will be
coming up with a new policy for the Petroleum
sector within the next few days. Speaking during
the second town hall meeting organised by the
federal ministry of information and culture in
Kaduna state yesterday May 10th, Kachikwu
said the new policy will allow petroleum price
products to swing along the line of the
international market.
Industry experts say the new policy will allow oil
marketers determine how much they will sell
their products while the Federal Government will
continue to subsidize the products at all NNPC
fuel outlets.
They project that the new regime may shoot
petrol price to as much as N130 per liter
“We are coming up with a new policy in
the next few days that will allow our fuel
price swing along with international
pricing. We are now transiting into fuel
modulating pricing, because we do not
have sufficient foreign exchange to
continue fuel importation we have been
doing.” The minister said