The Minister of State for Petroleum, Dr. Emmanuel Ibe
Kachikwu yesterday said the Federal
Government will not scrap the Petroleum Support Fund (also known as subsidy)
but will, instead, embark on price modulation.
He denied saying the
price of petrol will go up in January. Addressing a press conference in Abuja, he said the Nigerian
National Petroleum Corporation (NNPC) will alongside the Petroleum Product
Pricing Regulatory Agency (PPPRA) sit to determine the new template to arrive
at a new price which will be subject to quarterly review in line with the price
of crude oil.
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