Minister of State for Petroleum, Mr. Ibe Kachikwu, Wednesday,
defended the jerking up of pump price of Premium Motor Spirit, PMS, also
known as fuel by the federal government from N86:50 to N145, saying
that it was the only way out of the exorbitant prices of N150 to N250
Nigerians were subjected to at many filling stations across the country.
He however stated that government had articulated many social protection
programmes in the 2016 budget to cushion the effect the hike may have
on Nigerians.
Rising from a meeting chaired by Vice President, Yemi Osinabjo which
also had other various stakeholders including the Leadership of the
Senate, House of Representatives, Nigerian Governors Forum, and Labour
Unions (NLC, TUC, NUPENG, and PENGASSAN), at the Aguda House, official
residence of the Vice President, Kachikwu noted that “the reason for the
current problem is the inability of importers of petroleum products to
source foreign exchange at the official rate due to the massive decline
of foreign exchange earnings of the federal government.
As a result,
private marketers have been unable to meet their approximate 50% portion
of total national supply of PMS.”
NNPC Mega Filling Station now selling at N138 per litre in Abuja
yesterday.
Source Vanguard.
Read more at: http://www.vanguardngr.com/2016/05/fg-increased-petrol-pump-price-n145-per-litre-kachikwu/
ABUJA – Minister of
State for Petroleum, Mr. Ibe Kachikwu, Wednesday, defended the jerking
up of pump price of Premium Motor Spirit, PMS, also known as fuel by the
federal government from N86:50 to N145, saying that it was the only way
out of the exorbitant prices of N150 to N250 Nigerians were subjected
to at many filling stations across the country.
He however stated that government had articulated many social protection
programmes in the 2016 budget to cushion the effect the hike may have
on Nigerians.
Rising from a meeting chaired by Vice President, Yemi Osinabjo which
also had other various stakeholders including the Leadership of the
Senate, House of Representatives, Nigerian Governors Forum, and Labour
Unions (NLC, TUC, NUPENG, and PENGASSAN), at the Aguda House, official
residence of the Vice President, Kachikwu noted that “the reason for the
current problem is the inability of importers of petroleum products to
source foreign exchange at the official rate due to the massive decline
of foreign exchange earnings of the federal government. As a result,
private marketers have been unable to meet their approximate 50% portion
of total national supply of PMS.”
NNPC Mega Filling Station now selling at N138 per litre in Abuja
yesterday.File: NNPC Mega Filling Station
The minister who briefed the State House Correspondents on the
resolution of the meeting said that to wet the country with fuel, any
Nigerian entity was now free to import the product, subject to existing
quality specifications and other guidelines issued by Regulatory
Agencies.
“We have just finished a meeting of various stakeholders presided over
by His Excellency, the Vice President of the Federal Republic of
Nigeria.
“The meeting had in attendance the Leadership of the Senate, House of
Representatives, Governors Forum, and Labour Unions (NLC, TUC, NUPENG,
and PENGASSAN).
The meeting reviewed:
“The current fuel scarcity and supply difficulties in the country.
“The exorbitant prices being paid by Nigerians for the product. These
prices range on the average from N150 to N250 per litre currently.
“The meeting also noted that the main reason for the current problem is
the inability of importers of petroleum products to source foreign
exchange at the official rate due to the massive decline of foreign
exchange earnings of the federal government. As a result, private
marketers have been unable to meet their approximate 50% portion of
total national supply of PMS.
“Following a detailed presentation by the Honorable Minister of State
for Petroleum Resources, it has now become obvious that the only option
and course of action now open to the government is to take the following
decisions:
“In order to increase and stabilise the supply of the product, any
Nigerian entity is now free to import the product, subject to existing
quality specifications and other guidelines issued by Regulatory
Agencies.
“All Oil Marketers will be allowed to import PMS on the basis of FOREX
procured from secondary sources and accordingly PPPRA template will
reflect this in the pricing of the product.
“Pursuant to this, PPPRA has informed me that it will be announcing a
new price band effective today, 11th May, 2016 and that the new price
for PMS will not be above N145 per litre.
“We expect that this new policy will lead to improved supply and
competition and eventually drive down pump prices, as we have
experienced with diesel. In addition, this will also lead to increased
product availability and encourage investments in refineries and other
parts of the downstream sector. It will also prevent diversion of
petroleum products and set a stable environment for the downstream
sector in Nigeria.
“We share the pains of Nigerians but, as we have constantly said, the
inherited difficulties of the past and the challenges of the current
times imply that we must take difficult decisions on these sorts of
critical national issues. Along with this decision, the federal
government has in the 2016 budget made an unprecedented social
protection provision to cushion the current challenges.
“We believe in the long term, that improved supply and competition will
drive down prices.
The DPR and PPPRA have been mandated to ensure strict regulatory
compliance including dealing decisively with anyone involved in hoarding
petroleum products.”
Read more at: http://www.vanguardngr.com/2016/05/fg-increased-petrol-pump-price-n145-per-litre-kachikwu/
ABUJA – Minister of
State for Petroleum, Mr. Ibe Kachikwu, Wednesday, defended the jerking
up of pump price of Premium Motor Spirit, PMS, also known as fuel by the
federal government from N86:50 to N145, saying that it was the only way
out of the exorbitant prices of N150 to N250 Nigerians were subjected
to at many filling stations across the country.
He however stated that government had articulated many social protection
programmes in the 2016 budget to cushion the effect the hike may have
on Nigerians.
Rising from a meeting chaired by Vice President, Yemi Osinabjo which
also had other various stakeholders including the Leadership of the
Senate, House of Representatives, Nigerian Governors Forum, and Labour
Unions (NLC, TUC, NUPENG, and PENGASSAN), at the Aguda House, official
residence of the Vice President, Kachikwu noted that “the reason for the
current problem is the inability of importers of petroleum products to
source foreign exchange at the official rate due to the massive decline
of foreign exchange earnings of the federal government. As a result,
private marketers have been unable to meet their approximate 50% portion
of total national supply of PMS.”
NNPC Mega Filling Station now selling at N138 per litre in Abuja
yesterday.File: NNPC Mega Filling Station
The minister who briefed the State House Correspondents on the
resolution of the meeting said that to wet the country with fuel, any
Nigerian entity was now free to import the product, subject to existing
quality specifications and other guidelines issued by Regulatory
Agencies.
“We have just finished a meeting of various stakeholders presided over
by His Excellency, the Vice President of the Federal Republic of
Nigeria.
“The meeting had in attendance the Leadership of the Senate, House of
Representatives, Governors Forum, and Labour Unions (NLC, TUC, NUPENG,
and PENGASSAN).
The meeting reviewed:
“The current fuel scarcity and supply difficulties in the country.
“The exorbitant prices being paid by Nigerians for the product. These
prices range on the average from N150 to N250 per litre currently.
“The meeting also noted that the main reason for the current problem is
the inability of importers of petroleum products to source foreign
exchange at the official rate due to the massive decline of foreign
exchange earnings of the federal government. As a result, private
marketers have been unable to meet their approximate 50% portion of
total national supply of PMS.
“Following a detailed presentation by the Honorable Minister of State
for Petroleum Resources, it has now become obvious that the only option
and course of action now open to the government is to take the following
decisions:
“In order to increase and stabilise the supply of the product, any
Nigerian entity is now free to import the product, subject to existing
quality specifications and other guidelines issued by Regulatory
Agencies.
“All Oil Marketers will be allowed to import PMS on the basis of FOREX
procured from secondary sources and accordingly PPPRA template will
reflect this in the pricing of the product.
“Pursuant to this, PPPRA has informed me that it will be announcing a
new price band effective today, 11th May, 2016 and that the new price
for PMS will not be above N145 per litre.
“We expect that this new policy will lead to improved supply and
competition and eventually drive down pump prices, as we have
experienced with diesel. In addition, this will also lead to increased
product availability and encourage investments in refineries and other
parts of the downstream sector. It will also prevent diversion of
petroleum products and set a stable environment for the downstream
sector in Nigeria.
“We share the pains of Nigerians but, as we have constantly said, the
inherited difficulties of the past and the challenges of the current
times imply that we must take difficult decisions on these sorts of
critical national issues. Along with this decision, the federal
government has in the 2016 budget made an unprecedented social
protection provision to cushion the current challenges.
“We believe in the long term, that improved supply and competition will
drive down prices.
The DPR and PPPRA have been mandated to ensure strict regulatory
compliance including dealing decisively with anyone involved in hoarding
petroleum products.”
Read more at: http://www.vanguardngr.com/2016/05/fg-increased-petrol-pump-price-n145-per-litre-kachikwu/
ABUJA – Minister of
State for Petroleum, Mr. Ibe Kachikwu, Wednesday, defended the jerking
up of pump price of Premium Motor Spirit, PMS, also known as fuel by the
federal government from N86:50 to N145, saying that it was the only way
out of the exorbitant prices of N150 to N250 Nigerians were subjected
to at many filling stations across the country.
He however stated that government had articulated many social protection
programmes in the 2016 budget to cushion the effect the hike may have
on Nigerians.
Rising from a meeting chaired by Vice President, Yemi Osinabjo which
also had other various stakeholders including the Leadership of the
Senate, House of Representatives, Nigerian Governors Forum, and Labour
Unions (NLC, TUC, NUPENG, and PENGASSAN), at the Aguda House, official
residence of the Vice President, Kachikwu noted that “the reason for the
current problem is the inability of importers of petroleum products to
source foreign exchange at the official rate due to the massive decline
of foreign exchange earnings of the federal government. As a result,
private marketers have been unable to meet their approximate 50% portion
of total national supply of PMS.”
NNPC Mega Filling Station now selling at N138 per litre in Abuja
yesterday.File: NNPC Mega Filling Station
The minister who briefed the State House Correspondents on the
resolution of the meeting said that to wet the country with fuel, any
Nigerian entity was now free to import the product, subject to existing
quality specifications and other guidelines issued by Regulatory
Agencies.
“We have just finished a meeting of various stakeholders presided over
by His Excellency, the Vice President of the Federal Republic of
Nigeria.
“The meeting had in attendance the Leadership of the Senate, House of
Representatives, Governors Forum, and Labour Unions (NLC, TUC, NUPENG,
and PENGASSAN).
The meeting reviewed:
“The current fuel scarcity and supply difficulties in the country.
“The exorbitant prices being paid by Nigerians for the product. These
prices range on the average from N150 to N250 per litre currently.
“The meeting also noted that the main reason for the current problem is
the inability of importers of petroleum products to source foreign
exchange at the official rate due to the massive decline of foreign
exchange earnings of the federal government. As a result, private
marketers have been unable to meet their approximate 50% portion of
total national supply of PMS.
“Following a detailed presentation by the Honorable Minister of State
for Petroleum Resources, it has now become obvious that the only option
and course of action now open to the government is to take the following
decisions:
“In order to increase and stabilise the supply of the product, any
Nigerian entity is now free to import the product, subject to existing
quality specifications and other guidelines issued by Regulatory
Agencies.
“All Oil Marketers will be allowed to import PMS on the basis of FOREX
procured from secondary sources and accordingly PPPRA template will
reflect this in the pricing of the product.
“Pursuant to this, PPPRA has informed me that it will be announcing a
new price band effective today, 11th May, 2016 and that the new price
for PMS will not be above N145 per litre.
“We expect that this new policy will lead to improved supply and
competition and eventually drive down pump prices, as we have
experienced with diesel. In addition, this will also lead to increased
product availability and encourage investments in refineries and other
parts of the downstream sector. It will also prevent diversion of
petroleum products and set a stable environment for the downstream
sector in Nigeria.
“We share the pains of Nigerians but, as we have constantly said, the
inherited difficulties of the past and the challenges of the current
times imply that we must take difficult decisions on these sorts of
critical national issues. Along with this decision, the federal
government has in the 2016 budget made an unprecedented social
protection provision to cushion the current challenges.
“We believe in the long term, that improved supply and competition will
drive down prices.
The DPR and PPPRA have been mandated to ensure strict regulatory
compliance including dealing decisively with anyone involved in hoarding
petroleum products.”
Read more at: http://www.vanguardngr.com/2016/05/fg-increased-petrol-pump-price-n145-per-litre-kachikwu/
ABUJA – Minister of
State for Petroleum, Mr. Ibe Kachikwu, Wednesday, defended the jerking
up of pump price of Premium Motor Spirit, PMS, also known as fuel by the
federal government from N86:50 to N145, saying that it was the only way
out of the exorbitant prices of N150 to N250 Nigerians were subjected
to at many filling stations across the country.
He however stated that government had articulated many social protection
programmes in the 2016 budget to cushion the effect the hike may have
on Nigerians.
Rising from a meeting chaired by Vice President, Yemi Osinabjo which
also had other various stakeholders including the Leadership of the
Senate, House of Representatives, Nigerian Governors Forum, and Labour
Unions (NLC, TUC, NUPENG, and PENGASSAN), at the Aguda House, official
residence of the Vice President, Kachikwu noted that “the reason for the
current problem is the inability of importers of petroleum products to
source foreign exchange at the official rate due to the massive decline
of foreign exchange earnings of the federal government. As a result,
private marketers have been unable to meet their approximate 50% portion
of total national supply of PMS.”
NNPC Mega Filling Station now selling at N138 per litre in Abuja
yesterday.File: NNPC Mega Filling Station
The minister who briefed the State House Correspondents on the
resolution of the meeting said that to wet the country with fuel, any
Nigerian entity was now free to import the product, subject to existing
quality specifications and other guidelines issued by Regulatory
Agencies.
“We have just finished a meeting of various stakeholders presided over
by His Excellency, the Vice President of the Federal Republic of
Nigeria.
“The meeting had in attendance the Leadership of the Senate, House of
Representatives, Governors Forum, and Labour Unions (NLC, TUC, NUPENG,
and PENGASSAN).
The meeting reviewed:
“The current fuel scarcity and supply difficulties in the country.
“The exorbitant prices being paid by Nigerians for the product. These
prices range on the average from N150 to N250 per litre currently.
“The meeting also noted that the main reason for the current problem is
the inability of importers of petroleum products to source foreign
exchange at the official rate due to the massive decline of foreign
exchange earnings of the federal government. As a result, private
marketers have been unable to meet their approximate 50% portion of
total national supply of PMS.
“Following a detailed presentation by the Honorable Minister of State
for Petroleum Resources, it has now become obvious that the only option
and course of action now open to the government is to take the following
decisions:
“In order to increase and stabilise the supply of the product, any
Nigerian entity is now free to import the product, subject to existing
quality specifications and other guidelines issued by Regulatory
Agencies.
“All Oil Marketers will be allowed to import PMS on the basis of FOREX
procured from secondary sources and accordingly PPPRA template will
reflect this in the pricing of the product.
“Pursuant to this, PPPRA has informed me that it will be announcing a
new price band effective today, 11th May, 2016 and that the new price
for PMS will not be above N145 per litre.
“We expect that this new policy will lead to improved supply and
competition and eventually drive down pump prices, as we have
experienced with diesel. In addition, this will also lead to increased
product availability and encourage investments in refineries and other
parts of the downstream sector. It will also prevent diversion of
petroleum products and set a stable environment for the downstream
sector in Nigeria.
“We share the pains of Nigerians but,
Read more at: http://www.vanguardngr.com/2016/05/fg-increased-petrol-pump-price-n145-per-litre-kachikwu/
ABUJA – Minister of
State for Petroleum, Mr. Ibe Kachikwu, Wednesday, defended the jerking
up of pump price of Premium Motor Spirit, PMS, also known as fuel by the
federal government from N86:50 to N145, saying that it was the only way
out of the exorbitant prices of N150 to N250 Nigerians were subjected
to at many filling stations across the country.
He however stated that government had articulated many social protection
programmes in the 2016 budget to cushion the effect the hike may have
on Nigerians.
Rising from a meeting chaired by Vice President, Yemi Osinabjo which
also had other various stakeholders including the Leadership of the
Senate, House of Representatives, Nigerian Governors Forum, and Labour
Unions (NLC, TUC, NUPENG, and PENGASSAN), at the Aguda House, official
residence of the Vice President, Kachikwu noted that “the reason for the
current problem is the inability of importers of petroleum products to
source foreign exchange at the official rate due to the massive decline
of foreign exchange earnings of the federal government. As a result,
private marketers have been unable to meet their approximate 50% portion
of total national supply of PMS.”
NNPC Mega Filling Station now selling at N138 per litre in Abuja
yesterday.File: NNPC Mega Filling Station
The minister who briefed the State House Correspondents on the
resolution of the meeting said that to wet the country with fuel, any
Nigerian entity was now free to import the product, subject to existing
quality specifications and other guidelines issued by Regulatory
Agencies.
“We have just finished a meeting of various stakeholders presided over
by His Excellency, the Vice President of the Federal Republic of
Nigeria.
“The meeting had in attendance the Leadership of the Senate, House of
Representatives, Governors Forum, and Labour Unions (NLC, TUC, NUPENG,
and PENGASSAN).
The meeting reviewed:
“The current fuel scarcity and supply difficulties in the country.
“The exorbitant prices being paid by Nigerians for the product. These
prices range on the average from N150 to N250 per litre currently.
“The meeting also noted that the main reason for the current problem is
the inability of importers of petroleum products to source foreign
exchange at the official rate due to the massive decline of foreign
exchange earnings of the federal government. As a result, private
marketers have been unable to meet their approximate 50% portion of
total national supply of PMS.
“Following a detailed presentation by the Honorable Minister of State
for Petroleum Resources, it has now become obvious that the only option
and course of action now open to the government is to take the following
decisions:
“In order to increase and stabilise the supply of the product, any
Nigerian entity is now free to import the product, subject to existing
quality specifications and other guidelines issued by Regulatory
Agencies.
“All Oil Marketers will be allowed to import PMS on the basis of FOREX
procured from secondary sources and accordingly PPPRA template will
reflect this in the pricing of the product.
“Pursuant to this, PPPRA has informed me that it will be announcing a
new price band effective today, 11th May, 2016 and that the new price
for PMS will not be above N145 per litre.
“We expect that this new policy will lead to improved supply and
competition and eventually drive down pump prices, as we have
experienced with diesel. In addition, this will also lead to increased
product availability and encourage investments in refineries and other
parts of the downstream sector. It will also prevent diversion of
petroleum products and set a stable environment for the downstream
sector in Nigeria.
“We share the pains of Nigerians but,
Read more at: http://www.vanguardngr.com/2016/05/fg-increased-petrol-pump-price-n145-per-litre-kachikwu/
