The Minister of State for Petroleum, Ibe Kachikwu, had described the recent N4 increase in the price of motor premium spirit (petrol) at Nigerian National Petroleum Corporation (NNPC) filling stations, has a wrong development which has to be redressed.
Mr. Kachikwu who spoke on the side line to journalists after receiving an award at an event organized by the Petroleum Products Pricing Regulatory Agency (PPPRA) in Abuja on Sunday said the development will be quickly cross examined.
NNPC had been selling fuel at N141 but on Thursday, increased it by N4 to the government benchmark of N145.
“It is obviously humbling and too early in the day to receive an award and to be recognised so soon in some of the things we are trying to do. It is humbling, I thank them very much.
“First, I am not aware that the NNPC has increased price. I need to look into that. It is a bit of surprise for me, because there are processes in doing this, if they have done that, it means they are doing it wrongly.
“Let me find out what the facts are,” he told journalists.
Mr. Kachikwu said the increase could be as a result of foreign exchange differentiation.
He said there were commitments like payments to the Ministry of Transport and the Nigerian Ports Authority that needed foreign currency.
