The Federal government is set to reduce the pump price of petrol to about 85 or 86 naira per litre.
Minister of State for Petroleum , Dr Ibe Kachikwu who disclosed this during a tour of the Port Harcourt refinery on Christmas Day expressed hope that the new price regime may come on stream January next year.
He said efforts were on to get the refinery to achieve 60 percent production capacity and to supply about 11 million liters of petrol daily.
“If you look at the new PPPRA template that we developed and which I just signed off two days ago, when it is announced you will find out that for now ,and I use the emphatic word of the President for now, the price of the refined product will actually be lower than 87 naira, It will be 85. We will probably announce that in January if the prices hold.
“like I said, we have done a modulation calculation and it is showing us below N87. I imagine that if PPPRA publishes it today, it will become effective immediately. But the 1st of January that is when we are looking at.”
“What that does for you is that its modulating. If it goes up you move up, if it comes down you come down. So we take away the fact of having to go find funds to pay for these subsidies that we cannot afford.
“More importantly we try to be as close to the pump price that we have now as possible,” he said.
Kachikwu who is also the Group Managing Director, Nigerian National Petroleum Corporation, NNPC said government had resolved to scrap oil subsidy because of alleged fraud around it.
“So for the first time people will understand that the pricing modulation I was talking about is not a gimmick. It is for real. The objective is that we cannot afford to continue to subsidize .We can’t even understand where those subsidies were going to. There is a lot of fraud elements in it so we need to cut that of.
The second is the earning capacity of the Federal Government is deteriorating by the day with lower prices of crude “, he said.
He also said there was improvement in security of pipelines with the engagement of private contractors by the federal government. Click to signup for FREE news updates, latest information and hottest gists everyday
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Do you call this reduction
ReplyDeleteIdiots! Reduce it by #1 or #2 now and add #40 later. Wolves in sheep clothing. Wicked POLITICIANS.
ReplyDeleteYou are a RAM for that insult
Delete86 or 85? I thought u people campaign that it will be reduced to #45/liter. I beg leave it for us for that 87 or what is the different if you people can't fulfill your promise to Nigerian?
ReplyDelete
ReplyDeleteAn American man walked into a restaurant in London. As soon as he entered, he noticed an African man sitting in the corner.
So he walked over to the counter, removed his wallet and shouted, "Waiter! I am buying food for everyone in this restaurant, except that black African guy over there!"
So the waiter collected the money from the man and began serving free food to everyone in the restaurant, except the African.
However,instead of becoming upset, the African simply looked up at the American and
shouted, "Thank you!" That infuriated the man. So once again, the American took out his wallet and shouted, "Waiter! This time I am buying bottles of wine and additional food for everyone in this bar, except for that African sitting in the corner over there!" So the waiter collected the money from the man and began serving free food and wine to
everyone in the bar except the African.
When the waiter finished serving the food and drinks, once again, instead of becoming angry, the African simply smiled at the American man and shouted, "Thank you!"
That made the American man furious. So he leaned over on the counter and said to the
waiter, "What is wrong with that African man? I have bought food and drinks for everyone in this bar except him, but instead of becoming angry, he just sits there and smiles at me and shouts 'Thank you.' Is he
mad???"
The waiter smiled at the American and said...
Continue...
Is modulation different from oil subsidy removal and allowing market forces to determine the price?, the same thing the previous government of Goodluck Jonathan wanted to do and he'll was let loose on the country courtesy of sponsorship of those who are now in the APC controlled goverment
ReplyDeletePls want we want as Nigerians is the availability of the product. If the product is not made available, price reduction is of no effect and Nigerians will still be forced to buy above pump price.
ReplyDeleteWe are OK at the rate of 87/litre. What the minister should be talking is how to overcome the current scarcity in the country. I wonder if our so-called ministers could really feel what the masses are passing. Would they want to tell us that they are not aware of the plight of the people as being reported on daily basis on news and social midia?
MAY GOD HELP OUR BELOVED NATION, NIGERIA
do u reduce product that is not there? let there be fuel first, at the pumping stations so that Nigerians will av the product. this APC government never thought it could be as hard as this. up till now Good luck government do this or that abeg leave Good luck alone.
ReplyDeleteKudos. I want subsidy off, pain will be temporal. I've been buying at 130 since and govt will still those criminals subsidy. Take it off let's face it squarely.
ReplyDeleteAPC government, a government dat preacheth change and doeth none. First it was #45 now z #85, ngwanu let's keep watching. 5day to 2016
ReplyDeleteBunch of lying tongue. No clue on possible solutions to the economy. Wandering wandering..... Pls don't turn Nigerians to wanderer
ReplyDeletei tot u promise to reduce to 50 naira per litre, wat's d different between 87 & 85, just 2 naira is better u live it at 87.
ReplyDelete