Petrol Price’ll Go Down In Six Months– Kachikwu

The Minister of State for Petroleum Resources, Dr. Ibe
Kachikwu, has said Nigerians will be amazed at what will become of the price of
Premium Motor Spirit in the next 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.

The development has been greeted with mixed reactions, with
labour vowing to protest against it.

Kachikwu, who spoke on Thursday morning on Channels at the
Sunrise Daily programme which was monitored by our correspondent, said the move
was necessary in order put an end to fuel scarcity in the country.

He said the market dynamics would take hold fast “because
there are a lot of Nigerians who are very active, very bullish, very talented
in doing this; they just have been prevented by government intrusions.

“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.”

Punch