FG rules out fresh increase in petrol price

The Presidency says it has no plan for a fresh increase in the price of petrol.

Petroleum Resource Minister, Ibe Kachikwu, and the Group Managing Director of the Nigerian National Petroleum Corporation, Maikanti Baru, gave the assurance after a meeting with President Muhammdu Buhari at the Presidential Villa, Abuja.

Former NNPC group managing directors at a meeting over the weekend, had said the current price of N145 for a litre of petrol has become unrealistic, considering the exchange rate.

Also major petroleum products marketing companies had been complaining that the cost of foreign exchange for importation of petrol has pushed the price beyond N150 per litre.

But Kachikwu and Baru answering questions from the state house correspondents at the Presidential Villa dismissed report of a fresh increase in petrol price.

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