Minister for petroleum resources predicts fall in fuel pump price


Minister of state for petroleum resources Ibe Kachikwu has assured Nigerians that the price of oil will take a nosedive.

 Kachikwu said the falling price of diesel is enough evidence that petrol prices will also crash soon from its current N145 per litre.The Nation reports that Kachiwu made the prediction while presenting his scorecard on his two years in office toreporters in Abuja.

 Kachikwu said: “…Once Nigerians throw their trading skill in it, once competition thrives, the prices will continue to tumble.

My guess is that you will see the prices tumble in the next four, five to six months. The market will be more stable and definitely the prices will be lower than what we see today.”

 “Besides, said the minister, in the last 10 years, this is the first time that the three refineries are working simultaneously, although at 50 per cent of their capacity.

 “We expect to put in investment to put them to 90 per cent capacity,”he said.He added: “It has been one massive problem after the other for thje sectorto stabilise in term of product supply.


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Hortencia Kuether

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