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Ibe Kachikwu

FG removes fuel subsidy, petrol to sell for N145 per litre

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The Minister of State for Petroleum Resources, Ibe Kachikwu, on Wednesday, said any Nigerian entity is now free to import petroleum products into the country, subject to existing quality specifications and other guidelines issued by regulatory agencies.

Kachikwu pronouncement effectively ended the fuel subsidy regime.

The minister said that all Oil marketers will be allowed to import the product on the basis of foreign exchange procured from secondary sources and that PPPRA template will reflect this in the pricing of the product.

Further, Kachikwu said that new price band effective from 11th May, 2016, would put the retail price of petrol at N145 and below.

“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,” he said.

The minister explained that the decision to remove the subsidy was reached after a meeting attended by the leadership of the Senate, House of Representatives, Governors Forum, and Labour Unions such as the Nigerian Labour Congress (NLC), Trade Union Congress (TUC), Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and Petroleum and Natural Gas Senior Staff Association of Nigeria(PENGASSAN).

He noted that the persistent scarcity being expressed in the country 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,” Kachikwu stated.

 

About Charles Igbinidu

Charles Igbinidu is a Public Relations practitioner in Lagos, Nigeria

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36 comments

  1. Tell him to stop making mouth

  2. Story don get K-leg. Okuku agbasago Okpesi. Gej still dey lead o! Others dey follow.

  3. Change don dey Change oo, change no b for mouth o a.p.shit

  4. I don’t understand this simple arithmetic…crude is cheap in d world market…why must the reverse be d case here???. I hope this post is a lie..

  5. Is that the change they voted for? APC propaganda.

  6. Nigerians to pay more for Buhari/APC ineptitude and incompetence? Where is APC media rat, Chief Liar Mohammend?
    The scarcity of petrol being experienced in the last three months was deliberately orchestrated by the federal government to pave way for the already conceived increment. According to his Special Assistant on Public Communications and New Media, Lere Olayinka, Governor Fayose said “Nigerians are now left at the mercy of political liars who took over power by deception and are governing by deceit.
    When they were seeking for votes from Nigerians, they promised to reduce petrol pump price to from N87 to N45 per litre, they promised to create three million jobs per year, they said $1 will be equal to N1 and above all, they promised to pay unemployed youths N5, 000 stipend and provide one meal a day to pupils nationwide

  7. Sai baba don turn to #Shege baba#

  8. Where are the Civil rights. occupy Nigeria movement Actors Musicians, who blocked Ojota against GEJ’s government, when he wanted to remove Fuel subsidy and sell petrol for only 86 Naira? now there is a demonic conspiracy of silence in Nigeria, because of fear of Emperor Buhari. if he is your god, he is not mine. .

  9. Increased price,no wahala.Now who ensures that 1 litre is 1litre.Dpr is not working efficiently and now,corruption would be the order of the day to survive.

  10. Very wrong attempt, they must reduce the price instead of increasing. Since even now masses are suffering.

  11. Hahahahahaha, remind them more of there promises incase they forget so soon, @ silvester.

  12. If fuel can now be imported, there’s no point waging war with Niger Delta militant. Let them be on their own and all crude excavation suspended in that region.

  13. Change for better or worse.how does that improve our lot?hmm.in God we hope.

  14. I thought we were told our refineries are working in full capacity??? lie lie APC. The next time you hear change, please run 440..

  15. So the three months scarcity was on purpose it was pre-arranged only for them to announce the increment now,well the dail is cast.We were promised changed,is this the change?GEJ must be smileing & laughing @ nigerians by now

  16. Sai Baba Sai Buhari. Carry go. The correct man. All correct sir.

  17. this is really a bad government

  18. N145.00 per a liter is too much it is still hardship for we the comon man for avirage Nigerians.

  19. Foolish country,May God strike APC and thire cohorts into hell,you that voted them were u charmed,who is fooling who,ndi ara,stupid people,go and promise,2019 is already at d corner,buhari will come again that he will marry for all bacherlors and help them pregnate thire wives and u vote him,chai,may God help us and deliver us from this satanic agents in APC, if PDP is corrupt like u thieves in APC,they wount stay in power up to 16years,Angry Peoples Congress.

  20. We should continue to expect the worst from this government.

  21. APC are Lairs a party whose foundation is built on lies. Where are the foolish Yoruba thugs, where is Pastor Tunde Bakare. A generation of Lairs enemies of the progress of the zoo country call Nigeria. Nigeria is dead we are preparing for it’s funeral service.

  22. Nigeria: a purposeful nation with a confused leaders.

    On January 1, 2012. Former president GEJ’s govt announced to Nigerians the removal of oil subsidy which would pave way for a full deregulation of the oil sector and end corruption in the system. The govt also announced plans on how to channel the subsidy money to caution the effects of the subsidy removal.

    I could remember vividly how I advocated and appealed to all Nigerians through this medium to appreciate the efforts of the then President. That particular month of January was a month some mature minds cannot easily forget in the days of former President GEJ’s administration.

    Hell was let loose on Nigeria. First it was the Nigerian Labour Congress and Trade Union (NLC and TUC) under Abduwahid Omar and Chika Onuegbo, Nigeria was grounded, all activities brought to stand still! Former gov Fashola and his then ACN brothers and sisters occupied the Ojota Gani Fayemi park, cooking, eating and parting in protest of the govt’s decision.

    All civil society groups could not see reasons with President Goodluck, they rubbished the man’s good intentions for Nigeria in name of politics. Some argued that the then president lacked communication skills which distanced him from the people. And many other flimsy reasons I cannot give here. Today, we are back to what we could have done
    about 5 years ago, and by now Nigeria and Nigerians must have properly adjusted on the fuel issue. What is paining me most is that the same people who rolled out billions of naira to pay protestants, hire buses, and sponsored all kinds media and Street protest and adverts are also the people telling us now to endure that Buhari’s govt meant well for us.

    It is a shame Nigeria has fallen into the hands of these politicians. Shame on all those who criticised GEJ’S govt in his plans to remove subsidy but now supports Buhari to do the same! Shame on Nigerian politicians who could not draw boundaries between personal and national interest.

  23. God will punish Buhari , I said it b4 now that Buhari is an animal, he is clueless and a tyrant. Yorubas that voted for him are now seeing the troubles they caused the whole nation.

  24. As you remove the subsidy, you also increase salary of workers.

  25. Charles Ingreen you have spoken well. God bless you.

  26. Iam expecting the zombi fulani /hausas that were talking rubbish.

  27. This is time for revolution, rise up let’s hit the streets now

  28. BUHARI LIES AND LIARS HAVE EXPIRED WITH APC
    WHERE IS THE N40 PER LITER PETROL THEY PROMISED.

  29. APc is dancin same dance PDP danced…..were is d big mouth OBJ…..you no longer ve pen and paper to write open letter to d president…….its obviuos dat west and north dnt like south and east

  30. I don’t have problem with the subsidy removal, my only problem is the price of fuel. The price of everything will rise in d market which an ordinary citizen cannot afford. I’m using this opportunity to plead to d Federal government to reduce d price of fuel.

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