The Nigerian Federal Government disclosed that it would review the price of Premium Motor Spirit –PMS, also known as petrol– in May, to encourage local refining and discourage importation of petroleum products in the long term, All Africa reported, but Nigerians might have to pay more for petrol in the days ahead.
Minister of State for Petroleum Resources, Ibe Kachikwu, explained that the country had been able to save a lot of money within the first three months of the year, adding that the savings would be used to fund the gap recorded in pricing.
Kachikwu reassured that the lingering fuel scarcity will end in Abuja and Lagos in the first week of April, All Africa added in a related news report. “There is not sufficient reason why Nigerians should suffer this much, we just need to take the right policies as difficult as it comes. We need to take the right policies to ensure that we do not have this recurrence of fuel scarcity. It has been with us historically, but I do not want that to define my legacy in the petroleum industry,” he said.
It was also reported that the Minister hinted that as part of a long term strategy to eliminate fuel scarcity, Nigeria was considering the privatization of the petroleum industry, where operators would be allowed to source for funding and run the industry, while government’s role would be felt in the area of price regulation.