Strong indications emerged last week that the Federal Government may be contemplating a reduction in the pump price of petroleum products to reflect the sliding price of crude oil in the global market.
Raising hope of a possible price slash last week in Abuja, minister of petroleum, Dr Rilwan Lukman disclosed that already consultations have begun with stakeholders, even as he acknowledged that the sliding prices would be appraised.
“We are still discussing with marketers over it. Put in mind that the petrol support fund provides how to deal with that. That is what we are working on now. That is being worked out and we would let you know,” the minister confirmed to journalists after appearing before the House of Representatives committee on petroleum.
The minister who had gone to the National Assembly as part of the 2009 budget defence programme disclosed that $13 billion would be expended on the 4,300 kilometre trans-Sahara gas pipeline; a bilateral project between Nigeria, Niger and Algeria.
Dr Lukman however refused to give further details on when and how the expected pump price cut would come on stream.