Fuel Scarcity: Federal Government To Review Fuel Price In May

Typical fuel queues across Nigeria

The Federal Government on Tuesday, April 5th, disclosed that it would undertake the review of Premium Motor Spirit (PMS) also known as petrol, in the month of May.

The Acting Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Mrs Sotonye Iyoyo, called on the Federal Government to undertake the automation of PPPRA operations for improved transparency and efficiency and also develop a pricing framework to encourage local refining.

Mr Ibe Kachikwu, the Minister of State for Petroleum Resources, while speaking in Abuja, stated that the present fuel crisis witnessed across the country would end in Lagos and Abuja by Thursday.

Kachikwu also stated that as part of a long term strategy to eliminating fuel scarcity, especially with the issue of sourcing scarce foreign exchange, the Federal Government is considering the privatization of the petroleum industry, whereby operators would be allowed to source for funding and run the industry, while the government's role would be felt in the area of price modulation.