“In six months, the price of fuel will amaze you,” Kachikwu tells Nigerians

• Nigerians are in for a surprise as regards the price of Premium Motor Spirit in the country. And it will come in six months’ time.
  
  Minister of State for Petroleum Resources, Dr Ibe Kachikwu said this on Channels Television while trying to explain the rationale behind the removal of fuel subsidy.
  
  Nigerians are still widely agitated as the price of petrol per litre has moved up to between N135 to N145 from between N86 and N86.50.
  
  According to the minister, the move was necessary to effectively put an end to fuel scarcity in the country.
  
  Kachikwu said the market dynamics would take hold fast and subsequently allow the NNPC to pull back from determining pricing. “As it gets better and it gets to a point where we find that the market has stabilised in terms of supply, we will begin to pull back a bit in terms of determinants for pricing.” He said by opening up the space for people to perform, to practise their trade, “you will be amazed at what will happen to your N145 price because it will go downwards.” He added that government could not provide foreign exchange for the importation of fuel due to dwindling oil revenues.