The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has revealed that the price of the Premium Motor Spirit known as petrol will go down in six months.
The Federal Government had on Wednesday announced the removal of fuel subsidy, with a new petrol price band of N135 to N145 per litre, up from N86 and N86.50.
Kachikwu, who spoke on Thursday said :
“As it gets better and it gets to a point where we find that the market has stabilised in terms of supply, we will begin to pull back a bit in terms of determinants for pricing.”
He said by opening up the space for people to perform, to practise their trade, “you will be amazed at what will happen to your N145 price because it will go downwards.”
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