Fuel Price Increase: PMB Summons Kachikwu, Baru

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…as Baru denies fuel price increase 

President Muhammadu Buhari on Monday held  a close door meeting with the Minister of State, Petroleum, Ibe Kachikwu and Group Managing Director of the Nigerian National Petroleum Corporation, (NNPC), Maikanti Baru at the Presidential Villa.

This is coming on the heels of speculations of an imminent fuel price hike due to increasing dollar exchange rate.

LEADERSHIP recalls that last week after a meeting of  the NNPC’s past and present GMD’s  stated that N145 per litre fuel price did not reflect the price determining components of the commodity and the fluctuations of the forex.

It will be recalled that on May 11 last year, the Federal Government increased the price of fuel from N86.60 to N145 in a move which was seen as a partial deregulation of the petroleum sector.

The NNPC GMD who came out the meeting first, refused to speak to State House Correspondents and when probed further simply said,the NNPC has no plans of increasing the price of fuel and referred journalists to the Petroleum Products Pricing and Regulatory Agency (PPPRA) for any clarification.

Similarly after his meeting with the President, Kachikwu declined to speak and referred journalists to the GMD NNPC for any questions on the fuel price increase.

The minister then disclosed that there was no memo before the federal government asking for a review of the price.


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