Despite the many challenges in the downstream oil sector, the Nigerian government says it would maintain the pump price of Premium Motor Spirit (petrol) at N145 per litre, Premium Times reports.

The Minister of State for Petroleum Resources, Ibe Kachikwu, stated this in a keynote address at the Rainoil 20th Anniversary Lecture. The event held in Lagos on Wednesday. Represented by the Group Executive Director /Chief Operating Officer, Downstream, Nigerian National Petroleum Corporation (NNPC), Henry Ikem-Obih, Mr. Kachikwu said the issue of freighting and docking was addressed last month.

“We are also working very hard with the NNPC to reduce some of the charges on products such as the usual five per cent provision on proforma invoices as allowed for ship – to- ship operations,” he said. “We are doing all these to help manage and maintain the current price ceiling of N145 per litre in the face of very significant challenges.” He also explained that the petroleum ministry would continue to work with the Central Bank of Nigeria to make forex available to marketers for importation of petroleum products.