The Minister of Petroleum Resources, Mrs Dieziani Allison-Madueke has announced a drop in the pump price of Premium Motor Spirit, popularly known as petrol from N97 to N87 due to the drop in oil prices globally.
Alison-Madueke directed all fuel stations and the regulatory authorities to effect the change of price immediately.
It can be recalled that the the presidential candidate of the All Progressives Congress, APC, Muhammadu Buhari, last month called on the government to implement immediate price reduction on fuel products to reflect the downscaling in global oil prices.
Speaking through his campaign organization, the All Progressives Congress Presidential Campaign Council, Mr. Buhari asked the government to “stop stealing from Nigerians and allow them enjoy the relief that has come to consumers of petroleum products globally”.
The APC candidate had said, “The price of diesel which has been deregulated since 2009 still sells at the pump price of N150 and N170 per litre, the same pump price when the international benchmark per barrel of crude was over $100. Now that the international benchmark has dropped to $47.5 (USD) per barrel as at Monday, we ask: where is the deregulation and the relief which it ought to bring to local consumers of diesel?
“For the Nigerian consumers, unfortunately the collapse of crude oil price since October 2014 has not translated into any change in diesel, kerosene and PMS prices across the country.
“We challenge the federal government to reconcile the information on the website of the Petroleum Products Pricing and Regulatory Agency, indicating the maximum open market price of diesel per litre in December 2014 as being at N111.6 and the fact that the price has come down to less than $50 (USD) as at Monday.
“We want to posit that that the maximum indicative benchmark open consumers of diesel should pay is at a margin below N100 per litre. Therefore, Nigerians are being short-changed by about N50 to N70 on every litre of diesel sold by government.
“The implication of this is that with average consumption of about 12 to 15 million litres, Nigerians are currently extorted of amounts between N600 Million to N1 Billion daily due to corruption-induced poor regulatory oversight of the Ministry of Petroleum Resources. No wonder some few industry players are smiling to the banks and buying private jets while small scale industrialists who buy diesel on daily basis for power generation and transportation find it difficult to break-even with their businesses.
“Similarly on Kerosene, information available on the website of the PPPRA puts the Open Market Price at N114.71 per litre although the market price is anything above N150 per litre when the global price for a barrel of crude oil was $65 (USD). Now that international price of crude is at $47.5 (USD) per barrel, why are Nigerians still buying kerosene per litre at the same price? Why are Nigerians not benefitting from the global shortfall in the prices of crude by having a cut in the pump prices of petroleum products?
“We are aware that there are examples in other African countries where governments have cut the pump prices of petroleum products to reflect the changes in the global oil market. Countries like South Africa, Zambia, Tanzania and Kenya have announced cuts in pump prices of petroleum products, why can’t the Nigerian government do same?
“Given the failure of government to do the right thing by announcing a cut in the pump prices of these products, we are compelled to draw the conclusion that the federal government is short-changing Nigerians ostensibly to fund the campaign of the PDP presidential candidate.
“The APC Presidential Campaign challenges the federal government to make explanations on why Nigerians cannot benefit pricing reliefs on petroleum products as occasioned by the fall in the global price of crude oil. Anything should of this is a fraud and Nigerians should take note.
“As for PMS (petrol) the only product the government agrees as regulated at N97 per litre, the irony is that it does not even cost much as in the United States, a country that was importing oil from Nigeria until recently.
“Moreover, even the current budget is still heavy on subsidy with an allocation of N458.68 billion, a scheme that has become a conduit pipe over the years for which the children of ruling party leaders have been beneficiaries.” Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
So that you will win the election and reverse it back again! Smart thinking but remember the drop was over 5 months ago.
ReplyDeleteGood one from our amiable president. #ithastobejonathan
ReplyDeleteGood one from our amiable president. #ithastobejonathan
ReplyDeleteJonathan and his cabinet are rouge for waiting for opposition party and NLC to speak before they know dt they shld reduce the pump price. Ur time is up bcos a lot of things is yet to be uncovered.
ReplyDeleteSo they can reduce it when election is around the corner. If they like, reduce it to 20naira. Nigerians have woken up from their slumber
ReplyDeleteOil price shrunk in the international market by more than 50%. Why don't you slash it by same percentage in the local market? There is an EYE watching you o
ReplyDeleteBus fares will not reduce tho, the common man still suffers.
ReplyDeleteI can beat my chest bro and tell you that Jonathan has performed far beyond any president this nation has had in the past. He has fought corruption more effectively not on the pages of news papers but in Ernest. Fertilizer corruption saved Nigeria over N60b, 60,000 ghost saving the nation over N169b, import waiver corruption saved us N550b, Contract corruption saved us N1.4tr. Before now the past leader make spectacle of corruption without effective stopping it. Today it is been fought.
ReplyDeleteInfrastructure development. GEJ towers far above all former presidents. He has rehabilitated more roads, I travelled and I saw for myself. Even Shagari confessed that his 27 year old grand child used the rail for the first time.
He built 12 new Universities and countless number of Almajiri Schools.
Before Jonathan did you ever hear of cargo airport. Jonathan has built several and rehabilitated our airports. Today every zone in the country can boast of an international airport because Jonathan did it.
Our first class graduates are given automatic scholarship to study in the best institutions in the world.
#ithastobejonathan
Go and sit down. What corruption has goodluck fought? shouldnt security of lives and properties be his utmost concern? what has he done about that? U are just as clueless as him.
DeleteAre one of those characters in Alice in Wonderland? Subsidy scam, pension scam, Sanusi's financial recklessness according to PDP, Aviation ministers recklessness, Petroleum minister's recklessness, Tompolo becoming procurement officer for Navy, Pastor Oritsejafor's arms purchase saga, Boko Haram/Nigerian Army drama. bros Wake Up! Wake Up!! Wake Up!!!
DeleteJonathan has done very well and we Nigerians must vote him back. #ithastobejonathan# weather the demons likes it or not!
DeleteSorry for u, bro, but it appears that u'r d only "Nigerian" dt will vote him back. I sincerely hope God be with us all so we can send him back to where he and his illiterate wife belongs to.
DeleteWhy are APC supporters so daft. It takes a while to exhaust old orders. The Federal Government must make sure that all old orders are exhausted before reducing pump price.
ReplyDeleteWise king Solomon. Na now the old order finish? The announcement should have been before now giving room for old stock to be sold of. And with what percentage did oil price drop? And is the 10 Naira reduction proportionate to the about 50% drop in price?
DeleteEven if he reduces it to 10naira per litre APC will still complain. please hug transformer if it pains you this much. demons of backwardness.
DeleteNigerians still expect futher reduction on pump price of petrol, kerosene, & diesel.
ReplyDelete@Anonymous 11:02pm Please note that every day the pump price reduces in USA and UK. They don't wait to finish stock before adjusting to the effect of the global oil price. A gallon of petrol that sold in December @ $2.56 in US now sells for $1.65 per gallon ( mind u, a gallon is 4 litre in Nigeria). Jonathan, Diaziani are day light thieves that must not be pardon when caught by the owner they are stealibg from. Aba this is too much, this people had made crude oil blessing from God yo be a curse for Nigeria. The pump price should be nothing more than 35 Naira as at today.
ReplyDeleteI Laugh!!! Who is fooling who.
ReplyDeleteOil Price drop worldwide, 50% reduced on oil price, blaa! blaa! blaa!!
I still wonder where's the subsidy money cos all where they say to spend the money on is still crawling as if nothing's done. Imagine, #33 added on every litre sold multiply by what they're sellin per day. Haba!! Ahh! Ahh!!
Thank goodness that we have freedom of speech but I think it's embarrassing that we talk about fertizers, almajiri schs and universities as accomplishments for a government. You produce graduates without gainful employment. How better is our aviation sector crippled by corruption. If you travel, you will realize our airports are eyesores. Poor both in terms of infrastructure and efficiency. Bribes collected opening by custom officials from people traveling with foodstuffs at MM Lagos. Those that campaigns for selfish interest should remember posterity!!!!!!
ReplyDeletebut the airports were they better before Jonathan's administration? were the graduates being gainfully employed before Jonathan's administration? GEJ met a very rotten country and he's just tryinh his best to repair it.
DeleteFellow Nigerians, Fellow Compatriots, I will be foolish at the very point in time to accept this move as a kind and sincere gesture.
ReplyDeletePlease, help me appeal to Mr President to fulfill the promises he keeps making without ever fulfilling them;
1) Everyday, he would say the Chibok girls will be home soon since more than a year now. Please my fellow Nigerians, when can soon be defined as being just undeniably too long for our dear Mr President.
2) Everyday, he would say that he is putting modalities in place to fight corruption, please when can we say waiting period is just too long.
3) Everyday, he would say that plans are being put in place and after that, it is endless wait for the manifestation.
4) When is Mr President going to admit that Fayose going by the constitution is not qualified to have contested for the public office he now uses federal might to hold.
5) When is Mr President going to admit that he knows that were carrying out illegal bunkering activities and sabotaging pipelines of the oil companies within the Niger Delta.
The list could go on and on.
Now we see APC speaks and makes observation regarding petroleum products pricing, GEJ quickly goes to reduce, how are we sure that every plan revealed by APC will quickly not be copied and adopted by GEJ being currently holding the power of incumbency.
God must save Nigeria ooooo ...............
Dia ris God oooooo .................
All of u commenting negatively, remember that your salaries too will reduce o. Reducing every thing means there will be no money to pay salaries and execute projects
ReplyDeleteYou are foolish in thought
DeleteThis comment has been removed by a blog administrator.
ReplyDeleteIs it now he suppose do it? Where has he been? If he like let him reduce it to N2 he will not win. God give Nigerian a corrupt free leader.
ReplyDeleteTHIS IS POLITICAL GIMMICK AND GIFT. THIS WON'T SAVE PDP AND PRES. JONATHAN . TOO LATE TO PLAY THE GAME. WE ARE WISER NOW. GO, PDP GO. EVEN IF YOU GIVE IT FREE, WE WILL SEE IT AS A GREEK GIFT TO LURE US INTO MORE YEARS OF SUFFERING.Jay 2, Abuja.
ReplyDeleteDid salaries increase with increase in fuel price over the years? Where are u borrowing this faulty logic from?
ReplyDeleteNice try presido this won't make you win.
ReplyDeleteThis report is so biase and one sided. instead of giving details of the implications of the reduction or the effects..good and bad to Nigerians, the whole write up is just on what GMB said earlier. Now let me ask; was he the only one that called for a redcution? NLC nko? civil society organizations nko?...
ReplyDeleteRUM@>--: Fellow Nigerians, AM NOT A POLITICIAN or looking forward to get anything from any political party as we have Just few days to our elections and below are some vital things we must consider before casting our vote.
ReplyDelete1. Buhari killed Ben ogedengbe by a death penalty for a crime that didn't carry death penalty when he committed it.
2. Buhari doesn't attend the Federal Council meetings yet collects his allowances. Mr. Integrity indeed.
3. Buhari canceled former Governor Jakande's metroline and forfeited the $50 million paid for it by the then Lagos State Government
4 Buhari used Violence to stop the September 1985 National Conference of the National AssociatIon of Nigeria Students.
5. Buhari jailed Tai Solarin and denied him his asthma drugs simply because he campaigned against military rule and for democracy.
6. Buhari Jailed Nduka irabor and Tunde Thompson for writing a truthful report which embarrassed his Government
7. Buhari raided respected Papa Awolowo's house and seized his passport so he couldn't travel out of the country. Was he also corrupt?
8.Buhari threw Former vice President Alex Ekweme in jail even though it was proven that Ekweme never stole any money.
9. He jailed honest and respected pa Adekunle Ajasin.
10. He jailed Fela Kuti in I984 for singing against the dictatorial tendencies of his Military Government
11 Doctors, remember that Buhari banned the Nigeria medical Association (NMA)
12. Buhari stopped Ooni of Ife for traveling abroad simply because he visited the holy land of Israel in 1984
13. He broke up press conference of ASSU in 1984 and detained four of their executives
14 He jailed Beko Ransome Kuti who only demanded for the release of his brother.
Nigerians must be careful what they wish for!
Keep sharing to keep Nigeria democratic and free from oppression.
When the massed asked for it to be reduced GEJ sent soldiers to send us away from the peaceful rally. Now he wants our votes and he's trying to give us bone cos he thinks we are dogs. Even if you want to deceive a dog give him a good meat. Only a foolish Nigerian would vote Jonathan again.
ReplyDeleteBeware of this Greek gift my fellow countrymen.
ReplyDelete