The Federal government says it will not increase the pump price of petrol despite a demand that it should consider the removal of the price cap.
This is coming as a reaction to a request made by the forum of former Group Managing Directors of the Nigerian National Petroleum Corporation on Sunday.
They had called for the removal of the price cap of one hundred and forty five Naira per litre, which was set in May by the Minister of Petroleum, Doctor Ibe Kachikwu, insisting that it was not harmonious with the liberalization policy of the Federal Government when factors such as the foreign exchange rate, crude cost and Nigerian Ports Authority charges remain uncapped.
The former Group Managing Directors of the NNPC also expressed concern over the declining production level of crude oil in Nigeria and its consequences on the environment and the nation’s revenue.
They fear that if the current situation is left unchecked, it could lead to the crippling of the NNPC and the nation’s oil and gas sector.