The Minister of State for Petroleum, Dr. Emmanuel Ibe Kachikwu broke the news to journalists in the Port Hacourt Refinery Company (PHRC), where he spent Christmas inspecting the plant.
Asked when would the Federal Government release the new price temperate of the Petroleum Product Pricing Regulation Agency (PPPRA), he said that he approved the new price for the agency on Thursday.
Pressed to reveal when the new price will become effective, Kachikwu, who is also the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) said "like I said, we have done a modulation calculation and it is showing us below N87. I imagine that if PPPRA publishes it today, it will become effective immediately. But the 1st of January that is when we are looking at."
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