Federal Government has allayed fears over an impending hike in the price of Premium Motor Spirit, also known as petrol, stating that the increase in the Bridging Cost component of the pricing template has been absorbed by efficiencies in the sector and savings from ship lightering expenses.
This was even as the Nigerian National Petroleum Corporation would soon commence the transportation and supply of petroleum products to Kaduna, Kano, Jos and Suleja through pipeline.
Addressing newsmen in Abuja, Minister of State for Petroleum Resources, Ibe Kachikwu, explained that the issue of the increase in the pricing template was an efficiency issue which ensured that the review did not translate to a change in the price of petrol.
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