The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has announced that the country will need to revert to the old pump price of N97 per litre of Premium Motor Spirit, popularly known as petrol, come 2016.
According to Kachikwu, the nations economy cannot adequately support the current pump price of N87 per litre. He disclosed that the Federal Government’s plan to remove fuel subsidy might be put into action if the current strategy being employed failed.
The Federal Government has also warned of impending difficult times ahead of the populace as a result of the policy response it intends to roll out to manage economic conditions, vowing to strictly monitor expenditure of all Ministries, Department and Agencies, MDAs to avoid wastes.
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