fareed69:



In your dream?

What happens to your dream ?

Millz404:
As difficult as it is, deregulation is the best option right now instead of promises to end scarcity we all know can't be achieved.

Competition in the long run will force the price down, if all that subsidy money is channeled to getting the 3 refineries we have working to full capacity, licensing private refineries and hopefully the "coming soon" dangote's refinery. This will reduced the pressure on the already dwindled foreign reserve or wherever it is they are getting it from as more of the product will be refined locally.

If measures are not put in place to achieve the above then "competition" might end up having little impact on price reduction as scarcity of foreign exchange will push the price of the dollar up and by extension raise the cost of production. Irrespective of the level of competition, nobody is going to sell below "cost price"

Diversification should also be pursued headlong..... Not promising Eldorado and achieving far below reasonable expectation.

im hopeful though....but was this not the same thing the promised with POWER.....up till now no light

FrankValency:
lai lai......anytime this man speaks.
even APC members wonder, who send am to lie and disgrace us again

he spoke the truth!

When GEJ did this same removal buhari and tinubu n deir pple staged a concert to crusify him but now dey hv gone same direction.its a welcome idea but y condem GEJ for doin same tin meaning dat wat GEJ saw since 2012 buhari n all APC ar just seeing it

madridguy:
We all need to bear the pain for now to save our economy from total collapse.

It doesn't need to get worse before it get better

I hate this man he is deceiver to the people he jst only speak in favour of his pocket

To bear when you understand is a small thing, but not this way. My question is- how come every calculation around the petroleum ministry is in rocket science- that even some terrible dullards understand and i don't. For example, Ibe Kachukwu said that so far the government has been paying N12 as subsidy. How on earth does adding that to N86.50 add up to N145?
How you deregulate and still determine pump price?
How do i then structure my bearing mode with electricity- 45% increase(if available);VAT-100% increase;Dollar$-still increasing; tomato-stay clear;garri-hmmm; remember toll-gates are coming back. This is nothing short of genocide.

We dey quick forget

dubemnaija:
But fuel was more than sufficient during GEJs regime

We de quick forget

grandstar:
he spoke the truth!

ok

Mr Minister what you did was not deregulation...stop deceiving us.

Must this man talk sef?

Yes I must o......my job is on the road type of job.....except you want my clients to suffer.....

femi4:
must you drive all the time? At least you have alternative

When scamers n liars talk they will make u believe no alternative. Nigerians beware

will this man shut up his mouth...who ask am?

I just wonder the kind if education we the youths of this nation got from the various higher institutions in the land because what this government is telling us is total rubbish. What is the cushion effect of this sudden fuel pump price hike. No electricity, high cost of commodities in the market, no good roads and transport system just to mention a few. This people are Visionless and directionless.

I think Nigerians have not asked some fundamental questions...the truth is that most people do not even even understand the rationale behind the increase in fuel price...and are currently ignorant of the FACTS!
...for the records, the VP has come out to say that the increase in petroleum product price IS NOT due to the removal of subsidy...most people seem oblivious of this fact...and trust me...this administration may not want to make this obvious as it may be best for them if people BELIEVE the hike in price is due to the subsidy removal....

...the current hike in price is due to the fall in the value of the Naira especially at the parallel market and due to the difficulty of oil importers and marketers to source for foreign exchange...the hike in price is to serve as to serve as a motivator for them to remain in business, reduce the pressure on the NNPC to bridge the petroleum products demand gap, making petroleum products more available...hence reducing the queues at the filling stations...so that they can concentrate on crude exports which could help at least address the issue of depleting oil revenue....

This is not rocket science...it is as clear as it should be...if I bought some items of say $10 at 199 Naira to $1...that meant paying 1990 Naira...if the exchange rate at which the seller bought the product becomes say 300 Naira to $1 then its reasonable to say the $10 item would now be equivalent to 3000 Naira as no seller may want to sell at 1990 Naira and still make profit/ remain in business...what we currently pay for is the increase in the exchange rate and NOT the removal of subsidy...in order to encourage oil importers/ marketers to remain in business...and in line with the exchange rate realities....

DExplorer1:
LIVE UPDATE: "We have 3 international companies on ground willing to exchange oil in naira basis"


How we arrived at N145 in price?

"It's obvious the exchange rate influenced our decision and prices could go down but at N145 Max"


How do we ensure the beneficiaries of the palliatives are right selected?

"the right federal agencies in charge are to oversee the process"


How did you come about fixing prices and not the PPPRA?
"The PPPRA structure is to create a price plan policy not fixing price"

What volume do we produce at the moment?
"Currently 9 million litres"

At what price is NNPC selling for?
"Currently it is at N135"

About what the Vice-President said addressing exchange rate and not deregulation?
"Deregulation will follow its own due course, we are just shying away from the present state of things"

LIVE UPDATE:
Is this the best option to adopt?
"If there were other options we would have exploited it, there were no better other options.

Every single member of Opic has increased pump prices and eliminated subsidy, it's global problem and Nigerians can't sit back when we're now face with difficulties"

Why FG increased petrol pump price to N145 per litre – Kachikwu
ON MAY 11, 20166:40 PMIN NEWSCOMMENTS *says any Nigerian entity is now free to import the product based on govt regulations By Levinus Nwabughiogu 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.” 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.”

http://www.vanguardngr.com/2016/05/fg-increased-petrol-pump-price-n145-per-litre-kachikwu/


We should all read between the lines and ask some fundamental questions: if petroleum products sell at this rate...then at what rate would it be sold...if and when subsidy is eventually removed?

@Sumptylism, i guess you understand the logic of how the government came about increment. I hope Nigerians would be sincere with themselves for once and accept the situation on ground.

BeeBeeOoh:
…Says policy in best interest of economy

ByEmma Ujah,



: http://www.vanguardngr.com/2016/05/petrol-no-alternative-deregulation-fg/

Hypocrite

awa:
APC is a shame but same thing you wouldn't allow PDP to do. I have lost confidence in their governance.
Corruption is indeed fanatastically part of Nigeria....

Exactly. They are hypocrite