Dr. Emmanuel Ibe Kachikwu, Minister of State for Petroleum yesterday stated that the Federal Government will not erase the Petroleum Support Fund (also known as subsidy) but will, instead, embark on price modulation.

[quote_center]He explained that government is planning to use N87 and N97 as a ceiling for the price modulation at every given time instead of fixing the fuel price without basis.[/quote_center]

Addressing a press conference in Abuja, he said the Nigerian National Petroleum Corporation (NNPC) will alongside the Petroleum Product Pricing Regulatory Agency (PPPRA) sit to determine the new template to arrive at a new price which will be subject to quarterly review in line with the price of crude oil.

He denied saying the price of petrol will go up in January.

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