We have no plan to reduce petrol to N70 per liter - FG

The federal government has announced that it will not reduce the pump price of petrol following a recommendation from the House of Reps that the commodity shouldn't cost more than N70 per litre.

The PPPRA on Thursday held a meeting to discuss the issue.

A top ranking PPPRA official said all the stakeholders came to the table to decide how much a litre of petrol should be sold.

“PPPRA should not take the blame alone. The whole stakeholders should be blamed for the current template. Whenever we review, the stakeholders and the government approve for execution. The template is only domiciled in PPPRA,” he said.

He argued that but for the Federal Government’s intervention, the price of petrol should have been higher than it is presently in view of the foreign exchange challenges.

According to him, petrol price was calculated at less than N300 to $1 whereas the exchange rate is almost N498 to $1, noting adding that marketers cannot even access dollars from the Central Bank of Nigeria (CBN).