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Nigerian gov't dismisses reports about petroleum price hike

Xinhua, September 6, 2016 Adjust font size:

The Nigerian government on Monday denied reports that it intends to increase the pump prices of petroleum products in the country.

Recent media reports had noted the intention to increase prices of petroleum products due to continued scarcity of foreign exchange to finance importation.

Ibe Kachikwu, Minister of State for Petroleum, described the reports as untrue after a closed-door with President Muhammadu Buhari in Abuja, the nation's capital.

The minister said he does not know where such reports emanate from.

Speaking in the same vein, Maikanti Baru, Group Managing Director of Nigerian National Petroleum Corporation (NNPC), said the corporation had no plan to increase the pump price of petroleum products.

Petrol price is an extremely sensitive issue in Nigeria, and the previous price hike has caused major strikes that nearly paralyzed the nation. Endit