Fuel Pump price will fall, Says Oil minister Kachikwu
Minister of state for petroleum resources Ibe Kachikwu has assured Nigerians that the price of oil will drop down in coming months.
The Nation reports that Kachiwu made the prediction while presenting his scorecard on his two years in office to reporters in Abuja.
Kachikwu said: “…Once Nigerians throw their trading skill in it, once competition thrives, the prices will continue to tumble.
“My guess is that you will see the prices tumble in the next four, five to six months. The market will be more stable and definitely the prices will be lower than what we see today.”
“We expect to put in investment to put them to 90 per cent capacity,” he said.
He added: “It has been one massive problem after the other for the sector to stabilise in term of product supply.
"The time has come to take on the problem bullishly and that is what we are trying to do.
“So, we believe the ire will be money for infrastructural development in the downstream sector.
“We believe that a lot of the companies will jump up now and be able to sell at the right prices and not the pump down by the problem of price control and will be able to grow their businesses.
"We believe that most of them, efficient ones will drive prices southward rather than northward.
“And we believe that almost 200,000 jobs will be created in this sector and over 400,000 jobs will be saved, which would have been lost if we had continued on the path we were in.”
The Nation reports that Kachiwu made the prediction while presenting his scorecard on his two years in office to reporters in Abuja.
Kachikwu said: “…Once Nigerians throw their trading skill in it, once competition thrives, the prices will continue to tumble.
“My guess is that you will see the prices tumble in the next four, five to six months. The market will be more stable and definitely the prices will be lower than what we see today.”
“We expect to put in investment to put them to 90 per cent capacity,” he said.
He added: “It has been one massive problem after the other for the sector to stabilise in term of product supply.
"The time has come to take on the problem bullishly and that is what we are trying to do.
“So, we believe the ire will be money for infrastructural development in the downstream sector.
“We believe that a lot of the companies will jump up now and be able to sell at the right prices and not the pump down by the problem of price control and will be able to grow their businesses.
"We believe that most of them, efficient ones will drive prices southward rather than northward.
“And we believe that almost 200,000 jobs will be created in this sector and over 400,000 jobs will be saved, which would have been lost if we had continued on the path we were in.”
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