Below are what they said while increasing the pump price to N145:

“Pursuant to this, PPPRA has informed me that it will be announcing a new price band effective today, May 11 and that the new price for PMS will not be above 145 Naira per litre,” the Minister told the meeting.

The government expressed optimism that the new price band would lead to improved supply and competition expected to eventually drive down pump prices, as 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,” the statement further read.

The Minister said that along with this decision, the Federal Government had in the 2016 budget made an unprecedented ‘social protection provision’ to cushion the current challenges.

He explained that the exorbitant prices being paid by Nigerians for petrol, ranging from 150 Naira to 250 Naira per litre had triggered the decision.

“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,” he stressed.

http://www.channelstv.com/2016/05/11/fg-puts-new-price-band-of-petrol-at-145-naira/amp/

Thunder fall on this useless government.

Where is the refinery? Where are the investors?

Failures.

very serious thunder indeed... can you imagine its been 2 years and all we have gone is media turbulence, scandals and accusations... God dey though

EarthXmetahuman:
Thunder fall on this useless government.


Where is the refinery? Where are the investors?


Failures.

very serious thunder indeed... can

Planning to increase the fuel again to N175 or N180 with the same promises.

But Ngeneukwuewu is already canvassing for the failed government. Oh I meant ngeneukwuenu

What do you expect from a govt led by a decorated failure , the dullard that put the letter F in the word failure .

Failed WAEC

Failed Staff school

Failed Shagari

Failed As Military Head of State

Failed as Civilian President

Soon to Fail in 2019 election .