Presidency intends to review the template used for pricing imported petroleum products, to prevent a fresh increase in the pump price of the products.
The review aims at addressing the challenges of the falling exchange rate of the Naira, and ensuring that a litre of petrol is not sold above N145 per litre.
Petroleum Resources Minister of State, Ibe Kachikwu, who made this known in Abuja, said the proposed review of the pricing template would involve petroleum products marketers and other major stakeholders in the petroleum downstream sector.
Kachikwu said the proposed template review would see the elimination of some of the charges by Federal Government Ministries and agencies on imported product.
A few days ago, Nigerian National Petroleum Corporation (NNPC) said the pricing of a litre of petrol at N145 was no longer sustainable, considering the Foreign Exhange Regime, but said the pump price would not be increased.Please subscribe to our newsletter