The Minister of State, Petroleum Resources, Dr. Ibe Kachikwu, has given assurance that the pump price of Premium Motor Spirit (PMS), otherwise known as petrol will crash from the current N145/litre within four to six months, The Sun reports.
Kachikwu who made the prediction in a podcast message to mark his two years in office, did not give the likely price the vital product would be sold. According to him, the forecast springs from what he described as the competition inherent in the PMS price modulation.
The minister said the price of diesel, which is now 40 per cent lower that what hitherto obtained, amid surplus supply, was enough evidence that petrol prices will also crash. He said: “My guess is that you will see the prices tumble in the next four, five to six months. The market will be more stable and definitely the prices will be lower than what we see today.”