The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said Nigerians will be amazed at what will become of the price of Premium Motor Spirit in the next six months.
The Federal Government had on Wednesday announced the removal of fuel subsidy, with a new petrol price band of N135 to N145 per litre, up from N86 and N86.50.
The development has been greeted with mixed reactions, with labour vowing to protest against it.
Kachikwu, who spoke on Thursday morning on Channels at the Sunrise Daily programme which was monitored by NigerianEye, said the move was necessary in order put an end to fuel scarcity in the country.
He said the market dynamics would take hold fast “because there are a lot of Nigerians who are very active, very bullish, very talented in doing this; they just have been prevented by government intrusions.
“As it gets better and it gets to a point where we find that the market has stabilised in terms of supply, we will begin to pull back a bit in terms of determinants for pricing.”
He said by opening up the space for people to perform, to practise their trade, “you will be amazed at what will happen to your N145 price because it will go downwards.”
The minister said as a result of the decline in government earnings from oil, it could not provide foreign exchange for the importation of fuel.
“You don’t give what you don’t have. We want Nigerians to understand that we feel the pain, and we have tried to avoid it since I came in October. We have done everything we can.
“We first went on to the issue of the subsidies that we inherited which, by the way, were based on 50 to 55 million litres consumption, and we said the number looked bloated. So, we did an experiment and came to a conclusion that this country doesn’t consume more than 45 million litres a day.
“Then we came to a second point and said, ‘We are not even going to have subsidy again. We are going yo exit it because there was just too much fraud involved in it.'”
The minister said if the government did not take the step it took, massive subsidy would continue, adding that there was no foreign exchange for importation.
“So, left with that option, what were we supposed to do? We have struggled. Queues continue to go and they are back. And it will continue to happen unless we address the issues.
“If you free up Nigerians to find sources of funds, they will find those secondary funds. They will import the product; the burden on the NNPC will reduce and the country will have peace and subsidy will go away permanently.”
Kachikwu added, “I am appealing to Nigerians to please for the first time realise that we are doing our very best. I have together with everybody who is in this government worked night and day looking for solutions.
“We mean well and Nigerians should please trust us. Give us a chance, you will be surprised what will become of your PMS price over the next six to eight months.” Click to signup for FREE news updates, latest information and hottest gists everyday
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None of these rubbish would be taken from you guys this time otherwise it would be permanent.well , you and your family do not buy fuel otherwise you wouldn't be there voicing out this trash.
ReplyDeleteNa today una start to lie? Selfish and incompetent deceivers.
ReplyDeleteAnother Promise ooooh!....I can't wait to witness the Magic...Well,as events are unfolding...
ReplyDeleteNigeria was corrupt under PDP. But we are now 'fantastically currupt' under Apc.
ReplyDeleteNigerians will not trust u again because u don't stic to ur words
ReplyDeleteGo ask the Venezuelans, PMS price never drops like GSM phones/cards/tariff. U guys- politicians are evil.
ReplyDeleteIf U guys steal less even with #50 per liter growth will still come to this country. However, Ur greed of wanting to acquire everything is what had put us in this mess.
We are with you. Please go ahead. Let's fix the issue head-on. No pain, no gain
ReplyDeleteMr. Kachukwu I would have loved to share the same faith as you, but I remember vividly in March, you told us all you were no magician. Am thus wondering which wand you will be waving to perform dis trick in 6 months. If it is d magic of throwing Nigeria from the frying pan into d fire, I believe you have that talent.
ReplyDelete7th of April u told Nigerian that there will be fuel overflowing everywhere at 86 Maura per liter, we didn't see anytin, now u are telling us another story after u and ur govt had drastically increased fuel to 145 and u are here telling us rubbish...God is taking record, Nigerian are taking record... Lies everywhere yet u say u are fighting corruption.
ReplyDeleteThe Change in Nigeria is a scam of the century
ReplyDeleteIt's democracy but they took decision on there own and impose it to the poor citizen of Nigeria. Going around the world labeling Nigerians as corrupt people. Shame on you PMB.
ReplyDeleteI understand price increase for the independent marketers but NNPC that is accessing forex at CBN rates should't sell petrol at N140 they should stick to the N86.
ReplyDeleteWe are not happy with the way and manner govt deal with Nigerians. In this hardship, I don't think, is necessary for govt to remove this subsedy.
ReplyDeleteHow can subsidy of 12 Naira on top of 86 suddenly become 145? - Story. And why on earth is there a fixed price if the goal is deregulation and removal of subsidy? - Story. What measures have been put in place to guarantee that the price doesn't increase further? - Nothing. What measures are in place to manage the immediate crippling impact on the masses? - Nothing. Why did you cripple the last govt when subsidy could have been removed in times of plenty? - No Answer. Where is the 45 Naira/Litre you promised in less than 1yr - I never said it. What a govt !
ReplyDelete#WeDonJamOneChance #FantasticallyConfusedGovt
#TalesByMoonlightGovt