FG to review fuel price template - Kachikwu

The Federal Government, weekend, said it would undertake a review of the pricing template for Premium Motor Spirit, PMS, also known as petrol, to forestall a further increase in the price of the commodity.

 Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, stated this during a grand award ceremony organised by the Petroleum Products Pricing Regulatory Agency, PPPRA, branch of Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN  in Abuja.

Meanwhile the Senate Committee on Petroleum (Upstream), has asked the Department of Petroleum Resources, DPR, to henceforth, prepare and forward to it, the daily product records of oil and gas in the country.

Speaking on the pending review of pricing template, Kachikwu said it would help cushion the effect of rising foreign exchange rates and the dwindling value of the naira against major international currencies on the price of petrol.

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