The Minister of State for Petroleum
Resources, Dr. Ibe Kachikwu says that owing to the competition inherent in the
Premium Motor Spirit, PMS, price modulation, the product’s prices will
crash in the next four to six months.
He urged Nigerians not to undermine
the present prices of the product, stressing that a look at the prices of the
diesel which are now 40% down and recording surplus supply is enough evidence
that the petrol prices will also crash.
Presenting his scorecard on his two
years in office in a podcast released to reporters yesterday in Abuja he said that “once Nigerians throw
their trading skill in, once competition thrives, the prices will continue to
tumble.
Kachikwu said that this was the
first that the NNPC group of companies are recording savings which could be
used to address the issue of the refineries alongside the Joint Venture
Partners.
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