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FG plans to increase fuel price to N180 per litre

FG plans to increase fuel price to N180 per litre

The Minister of State, Petroleum, Mr Ibe Kachikwu, made this known to newsmen after a closed door meeting involving government officials, labour leaders and stakeholders in the oil sector.

The meeting was held at the Old Banquet Hall of the Presidential Villa, Abuja.

He said the petrol stations, mostly in Abuja, were found to have diverted petrol supplied to them by the Petroleum Products Marketing Company, PPMC, the downstream subsidiary of the NNPC, for sale to the public.

Kachikwu stated, "The thing is even the Nigerians, who have suffered, will want to be sure that we find a lasting solution and find evidential basis upon which to punish people".

Meanwhile, there was a mild drama at the Thursday hearing as three persons claimed during the introductory session they were the National president of the Independent Marketers Petroleum Association of Nigeria (IPMAN).

According to him, the landing cost of PMS which was N133.28 per litre in 2016, is now N171 per litre and this has resulted into stoppage of importation of the product by independent marketers.

"But the greatest hard in Nigeria is that people make allegations but when you ask for evidence even one, everybody now goes back into the safety nets".

With the exception of the Nigeria National Petroleum Corporation, NNPC, mega station, which still has long queues, others are devoid of queues.

Busy North Korean restaurant in China turning away South Koreans
The Trump administration is "pleased that China is sharply reducing its trade with North Korea", the White House said Friday in an official statement.

The minister vowed that the Federal Government would ultimately address the problem. "Thus, if the marketers import it at the rate at which they are selling it now, automatically they can not sell it at N145 per litre". So you can imagine a situation where NNPC was importing in part and marketers were importing in part and then suddenly NNPC begins to import 100%.

Oil marketers has agreed with the federal government to allow the pump price of petrol to remain at N145 per litre, and call for tax holidays.

He added, "The situation from our point of view is that from January to December, the price of crude remained relatively stable; but following the hurricane in September to October, crude prices went up and marketers lost the ability to import and sell at N145 per litre". "Since the price of crude is directly proportional to refined product, we could not import petrol and sell at N145 anymore".

Another IPMAN leader, Aminu Abdulkadir, said he was optimistic that there would be full disclosure on plans and ways of augmenting marketers shortfall, to enable them resume importation of products, since NNPC alone did not have all the capacity to handle the situation. In the past, marketers bring in about 60% while NNPC brings about 35 to 40 percent.

The minister disclosed further that as a result of the N26 difference per litre between the current landing cost of the product ( N171) and pump price of N145, NNPC which had been singularly importing the product at the volume of 25 million litres per day since October previous year, has been incurring a daily loss of about N800-N900 million, cumulatively reaching N85.5billion today, in just three months.

In his remarks, Dapo Abiodun, Chairman of DAPMAN, said the meeting was called to find out exactly what happened; where we had the problems in December with the supply of petrol and how Nigerians were made to go through the pains and suffering.

Also in his presentation, the Group Managing Director of the NNPC, Maikanti Baru, enumerated reasons for the scarcity of fuel.


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