The Federal Government has said it is considering a review of the pricing of petrol in view of the rising prices of crude oil in the world market.
Minister of State for Petroleum Resource, Ibe Kachikwu, who gave this indication, said there is an urgent need for a new formula that will reduce the burden of subsidy that Nigerian National Petroleum Corporation (NNPC) is bearing.
Kachikwu, speaking at the ongoing African Downstream Oil Trading and Logistics Expo 2017 in Lagos, said the proposed review will enable investors to forecast with some degree of accuracy costs recovery and return on investments.
He suggested the streamlining of the multi-layer charges by government agencies on petrol import.
The Minister, represented by the Deputy Director, Upstream, Ministry of Petroleum Resources, Kamoru Busari, listed some of the challenges in the petroleum sector, as including the refineries which are battling to survive, oil pipelines that are ruptured or vandalized and imported petrol subsidy owed to marketers