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.