Petrol price increase inevitable —Lai Mohammed

The Minister of Information and Culture Alhaji. Lai Mohammed said yesterday in Lagos that the recent decision by the federal government to increase the pump price of Premium Motor Spirit, PMS (petrol) was inevitable. Alh. Lai MohammedAlh. Lai Mohammed The minister made this assertion while speaking as a guest of honour at the Advertisers Association of Nigeria, ADVAN marketing conference themed: “Connecting Brand Builders,” where he said that the decision by government to increase petrol price was caused by the slide in the price of oil which is the country’s main foreign exchange earner in world oil market and the need for the government to reduce the pressure on the citizenry for them to have access to the product. He also said that the petrol marketers could not import fuel as a result of their inability to access foreign exchange, raise funds and open letters of credit. On the other hand, he stated that the Nigeria National Petroleum Corporation, NNPC, was only able to supply 48 percent of the nation’s required consumption which was a far cry from what is needed in the country. He however assured that government was doing everything possible to ensure that it did not renege on its promises. “We are here today to bridge the gap between the government and the people. It is critical to have confidence in the government.” On the conference, Mohammed said that the conference was designed for the organisers to share ideas that will improve consumer experiences.