The Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, has said the petroleum pricing template being used by the Department of Petroleum Resources (DPR) to fix the price of the product at a maximum of N145 per liter, is not inflated.
This is as the House of Representatives Committee on the Review of Pump Price of Petrol insisted that there were several unnecessary charges in the template particularly those related to transportation, which when removed, can reduce the pump price of the product.
At the continuation of the hearing yesterday, the minister said 71 percent of the N145 is for product, and the foreign exchange rates.
