Minister of Information and Culture, Lai Mohammed, has stated the reason for the recent increase in the petrol price to 161 Naira.
He declared that despite the recent hike in the price of Premium Motor Spirit to N162 per litre, the price of the commodity in Nigeria remains among the cheapest in Africa.
Lai Mohammed made this known while speaking during a press conference in Abuja.
He explained that with the price of crude creeping up, petrol price was equally bound to increase, hence the latest price of N162 per litre.
The minister, however, believes if the price of crude drops again, the price of petrol will also drop and the benefits will also be passed on to the consumers.
He stressed that despite the recent increase in the price of petrol, that of Nigeria has remained the lowest in the West and Central African sub-regions.