The Federal Government yesterday dismissed a possible hike in the price of petroleum products. The Group Managing Director (GMD), National Petroleum Corporation‎ (NNPC), Maikanti Kachalla Baru, after a closed-door meeting with President Muhammadu Buhari and the Minister of State for Petroleum Resources, Ibe Kachikwu, yesterday, dismissed the speculation. He said: “There is nothing like that,” and directed journalists to “go to PPPRA.” Speculations of another round of fuel price increase became rife when former NNPC GMDs noted: “The PMS price cap of N145/litre is not congruent with the liberalisation policy, especially with the foreign exchange rate and other price determining components, such as crude cost and Nigerian Ports Authority (NPA) charges.” Ironically, oil marketers, for the first time, are saying pump price increase “doesn’t make sense at this point, as long as it is not open to market fundamentals.” Making clarification on the Saturday meeting by the former NNPC […]