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FG to maintain N145 pump price of petrol

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Nigerian Minister of State for Petroleum, Ibe Kachikwu says government will re-visit the pricing modulation model introduced in 2016, and remove the multi layer charges on importation of petroleum products to maintain the pump price of petrol at the current N145 per litre.

Kachikwu says government would also find a way to ensure that the modulation model allows Nigerians to enjoy a windfall when the price of crude oil goes down in the international market.

On wednesday, the minister disclosed plans to reduce charge on pro-forma invoice, which allows for ship-to-ship transfer operations on imported cargoes from the current 5% to 1%, so as to reduce the burden on fuel marketers.

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