The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has directed the Nigerian National Petroleum Corporation (NNPC) to clear petrol queues in Abuja before Sunday.
Kachikwu gave the directive at a world news conference to intimate journalists on the upcoming international oil and gas conference and exhibition tagged the Nigerian International Petroleum Summit (NIPS).
According to Kachikwu, the queues have been persistent as logistics and policy issues that could end the scarcity are largely unaddressed.
He disclosed that necessary measures have been put in place to address logistics and policy issues that lead to the crisis adding that fundamental policy issues leading to differences in pricing between landing and sales price will also be addressed.
On the recent rebound of Shale oil, Kachikwu explained that the bullish price rises and oil market witnessed on the back of production cuts agreements are not enough to worry Organisation of Petroleum Exporting Countries (OPEC).
He reiterates that slight drop in crude oil prices shouldn’t make OPEC become reactionary. he maintained that every OPEC producer must work hard to be a least-cost producer.