Minister of State for Petroleum, Dr Ibe Kachikwu, has refuted media reports that the Federal Government was planning to increase the pump price of petrol.
Kachikwu had dropped a hint that the current price of N145 per litre could no longer be sustained, sparking insinuations the government could increase the price soon.
Kachikwu and the Group Managing Director of the NNPC, Maikanti Baru, appeared before a joint committee of the National Assembly on Petroleum Downstream.
They were at the Senate to explain the reason for the fuel scarcity in the country.
The minister, in his presentation, said the landing cost for petrol stood at N171 per litre and the cost of N26 per litre, representing the difference between N171 and the current official price of N145 per litre, is borne by the Federal Government.
However, the spokesperson of the ministry, Idang Alibi, said the minister never made any statement that backed a possible price increase.
“The Ministry of Petroleum Resources would like to categorically state that the Honourable Minister never mentioned nor insinuated the need or plans by the Federal Government to increase the current pump price of Premium Motor Spirit (PMS),” Alibi said in a statement on Thursday evening.
“The Committee has been in rounds of deliberations in the past few days and these discussions are still ongoing.
The final decisions and recommendations from the Committee would be passed on to the President and Commander-In-Chief for approval.”