The federal government's announcement of an increase in the pump price
of premium motor spirit (PMS), otherwise called petrol from N86 per
litre to N145 per litre on Wednesday, May 11 came as a shock to many
Nigerians who never saw this change coming.
The announcement of the new pump price was disclosed by the minister
of state for petroleum resources, Dr. Ibe Kachikwu, at the
Presidential Villa, Abuja.
Kachikwu said the decision was reached at a stakeholders' meeting
presided over by Vice-President Yemi Osinbajo and attended by the
leadership of the Senate, House of Representatives, the Nigeria
governors' forum and labour unions, including the Nigeria Labour
Congress, Trade Union Congress, Nigeria Union of Petroleum and Natural
Gas Workers, and Petroleum and Natural Gas Senior Staff Association of
Nigeria.
According to him, the new pump price will ensure increased supply and
stabilise the quantity of petrol in the country.
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