CharleyBright:
Will this govt want to reduce price of fuel.
It will reduce the monies they wiill steal .
Who is the Petroleum Minister by the way?

Mamadmama01:
Wow this great. Transport fare should reduce asap

petitejolie:
ex bayelsan governor sylva

dre11:


https://punchng.com/expected-petrol-pump-price-drops-to-n114-53-per-litre/

petitejolie:
ex bayelsan governor sylva

Maxymilliano:
Law of demand and supply hardly works in Nigeria

you said my mind bro

serverconnect:
No in this APC regime.

serverconnect:
No in this APC regime.

ybalogs:
Just thinking of how much these so called developed Nations must have lost since this virus broke out. Imagine the leagues being played without spectators. Schools and cinemas being shut down and a lot of norms getting stopped. End time dawns indeed.

ikorodureporta:
Naija biz men na only for their pockets.. How about deregulated products like Kerosene & diesel, is there any drop in price??

dadebayo1:
If only our Government will do the needful?

adioolayi:
Time to remove subsidy once and for all! Let them enjoy the profit now..and remove the subsidy.

willywasco:
11 May 2016 | PRESS STATEMENT ON CURRENT FUEL SITUATION IN NIGERIA

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:

1. The current fuel scarcity and supply difficulties in the country.

2. The exorbitant prices being paid by Nigerians for the product. These prices range on the average from N150 to N250 per litre currently.

3. 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:

1. 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.

2. 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.

Thank you.
SIGNED

HONOURABLE MINISTER OF STATE FOR PETROLEUM RESOURCES



www.nairaland.com/attachments/3703844_20160511182337_jpegf9a7a514c2feda5ca938d656ce8f6ad2


https://m.facebook.com/story.php?story_fbid=473905869466814&substory_index=0&id=448436902013711&refid=17&_ft_=top_level_post_id.473905869466814%3Atl_objid.473905869466814%3Athid.448436902013711%3A306061129499414%3A69%3A0%3A1464764399%3A-4871739331966776313&__tn__=%2As

yemmynoni:
Hmmmmm

Ka sha ma Dupe
I think Kachikwu and PMB are very smart. They make petrol scarce for one year then remove subsidy so, we are too tired to complain.

CharleyBright:


How do you know?
Is he your man friend?

Of course i know Buhari is the Petroleum Minister.
I only asked a Sarcastic and Rhetorical question.

Lostz:
buhari is the minister of petroleum. Sylva is just a junior minister

cRobo:
A blessing?

Not so sure

A global economic meltdown is approaching guys because of this coronavirus

Prepare yourself, save and own a business now

Job losses is inevitable

Well

I won't say a word

serverconnect:
No in this APC regime.

Woleett:
So this awa oyel is gradually losing value and relevance each year. Nigeria obviously needs to dumb that shit and start looking into agriculture as ASAP