June 19, 2024

The minister of state for petroleum resources has assured Nigerians that price of petroleum products (diesel, PMS and kerosene) will soon fall in the country.

Kachikwu predicted the fall to occur in the next four to six months as he said the Government has put all necessary apparatus in place to stabilize the price of the commodity in the country.

The minister gave this assurance while presenting a scorecard of his two years in charge of the ministry.

He said “once Nigerians throw their trading skill it, once the competition thrives, the price will tumble”.

“My guess is the very soon the market will be stable and the price will tumble. You will start experiencing the fall our price in the next four, five or six months. We expect to put in investment to put it at 90 per cent capacity.

“It has been massive problem after the other for the sector to be stabilized in terms of product supply”.

“The time has come to take the problems bullishly and that is what we are trying to do now”.

“We believe the ire will be money for the infrastructural development in the downstream

He said companies will jump up to invest more in the sector and between 200,000 to 400,000 jobs which could be lost if we had continued with the condition we were in before, will be saved.

Leave a Reply

Your email address will not be published. Required fields are marked *