The pump price of Premium Motor Spirit will crash from the current N145 within four to six months, the Minister of State, Petroleum Resources, has disclosed.
The Minister of State, Petroleum Resources, Dr. Ibe Kachikwu, has given assurance that the pump price of Premium Motor Spirit (PMS), otherwise known as petroleum will crash from the current N145/litre within four to six months. Kachikwu who made the prediction in a podcast message to mark his two years in office, did not give the likely price the vital product would be sold.
According to him, the forecast springs from what he described as the competition inherent in the PMS price modulation. The minister said the price of diesel, which is now 40 per cent lower that what hitherto obtained, amid surplus supply, was enough evidence that petrol prices will also crash.
He said: “once Nigerians throw their trading skill in it, once competition thrives, the prices will continue to tumble. “My guess is that you will see the prices tumble in the next four, five to six months. The market will be more stable and definitely the prices will be lower than what we see today.”
On the refining capacibility of the nation’s refineries, Kachikwu this was the first time the three refineries would be working simultaneously, although at 50 per cent of their capacity, in the last 10 years.
“We expect to put in investment to put them to 90 per cent capacity,” he said.
According to Kachikwu, this his tenure was also the first time the NNPC Group has recorded savings, which could be used to fix the refineries in collaboration with its Joint Venture partners.
The Minister further noted that this was the first time the government upgraded the nation’s depots, adding that out of 19, only three are grounded currently.
