We’re working to retain petrol at N145 –Kachikwu

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said a number of steps have been taken to maintain the pump price of Premium Motor Spirit (petrol) at N145 per litre despite significant challenges in the downstream sector. Kachikwu stated this in Lagos on Wednesday in a keynote address at the Rainoil 20th Anniversary Lecture.

The minister, who was represented by the Group Executive Director/Chief Operating Officer, Downstream, Nigerian National Petroleum Corporation, Mr. Henry Ikem-Obih, said the issue of freighting and docking was addressed last month.

He said the ministry would continue to work with the Central Bank of Nigeria to make foreign exchange available to marketers for importation of petroleum products. Kachikwu stated, “We are also working very hard with the NNPC to reduce some of the charges on products such as the usual five per cent provision on proforma invoices as allowed for ship-to-ship operations.