Skip to main content

'Petrol price will drop in 6 months' - Minister says

'Petrol price will drop in 6 months' - Minister says

He said if government did not make the decision, fuel queues across the nation would continue as there was no foreign exchange for importation.

 The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has assured Nigerians that the removal of fuel subsidy would crash the price of petrol from the new price of N145 per litre to an unimaginable price over the next six months.

 Speaking on Thursday, May 12, on Channels TV's programme, Sunrise Daily, Kachikwu said that the subsidy removal became necessary in order to end the fuel scarcity in the country.

 According to him, the market dynamics would drive down the price of petrol in the long run “because there are a lot of Nigerians who are very active, very bullish, very talented in doing this; they just have been prevented by government intrusions.

“As it gets better and it gets to a point where we find that the market has stabilised in terms of supply, we will begin to pull back a bit in terms of determinants for pricing.

“You will be amazed at what will happen to your N145 price because it will go downwards,”he said.

On part of why the drastic decision had to be made, the minister said that the government could not provide foreign exchange for the importation of fuel as a result of decline in government earnings from oil. “You don’t give what you don’t have.

We want Nigerians to understand that we feel the pain, and we have tried to avoid it since I came in October. We have done everything we can.

 “We first went on to the issue of the subsidies that we inherited which, by the way, were based on 50 to 55 million litres consumption, and we said the number looked bloated.

So, we did an experiment and came to a conclusion that this country doesn’t consume more than 45 million litres a day.

 “Then we came to a second point and said, ‘We are not even going to have subsidy again. We are going to exit it because there was just too much fraud involved in it," he said.

He said if government did not make the decision, fuel queues across the nation would continue as there was no foreign exchange for importation. He added: “So, left with that option, what were we supposed to do? We have struggled.

Queues continue to go and they are back. And it will continue to happen unless we address the issues. “If you free up Nigerians to find sources of funds, they will find those secondary funds.

They will import the product; the burden on the NNPC will reduce and the country will have peace and subsidy will go away permanently.

 “I am appealing to Nigerians to please for the first time realise that we are doing our very best. I have together with everybody who is in this government worked night and day looking for solutions.

“We mean well and Nigerians should please trust us. Give us a chance, you will be surprised what will become of your PMS price over the next six to eight months.”

READ: 'How a militant threatened me on the phone,' Kachikwu recounts

The Federal Government had on Wednesday, May 11, announced the removal of fuel subsidy, with a new petrol price of N135 to N145 per litre, up from N86 and N86.50.

 Do you ever witness anything interesting or exciting? Just take out your phone and send us the exclusive pictures or video and we will pay you cash.

More information here or justsend your comment . Please include what, who, when, where, why.


Popular posts from this blog

5 must-dos for SEO novices

5 must-dos for SEO novices 

In case you're new to SEO, or on the off chance that it isn't your essential concentration, you may disregard strategies that will truly move the needle. Donor Jordan Kasteler traces 5 things you ought to do and shares instruments to enable you to achieve these errands. 
You may dissent, yet I see Search Engine Optimization as both a workmanship and a science. You should be imaginative in your ways to deal with please web crawlers and outmaneuver contenders while additionally applying strong research and examination based techniques. 
To do this, you have to utilize an assortment of procedures and apparatuses. Lamentably, be that as it may, a great many people tend to stick to what they know. That can be unsafe in the quickly developing SEO space, as the web crawlers constantly alter what they're searching for and how they show comes about. 
Following are a portion of the critical — yet in some cases overlooked — levers you can draw to upgrade y…

Article Directory Mega List

This is a list of working article directories that have produced results for me. It took me almost a year to research and join all of these directories! 
You will also find that there are a lot of niche specific directories which can be a good source of traffic. You can use the submitter that comes with this report to submit to all of these directories and you will get massive backlinks and propel your articles to the top of the search engines! It will take some time, however, to join them all and set them up in the submitter. A lot of them are already in the submitter's database, but you will need to add many of them. 

However, the time it takes to do this will pay off in the end. 
Directory List  Ezine Articles - 
Go Articles - 
Articles Base - 
Article Snatch - 
Buzzle - 
Pub Articles - 
Amazines - 
Dashboard - http://artic…

Buying Triggers: 100 Mind-Altering Selling Tools!

This publication is designed to provide accurate and authoritative information with regard to the subject matter covered. It is sold with the understanding that the author, and the publisher is not engaged in rendering legal, accounting, or other professional advice. If legal advice or other professional assistance is required, the services of a competent professional should be sought. Larry Dotson and L.D. Publishing does not accept any responsibility for any liabilities resulting from the actions of any parties involved.
Note: This is not a free ebook. It is for your own use. Don't give it away to others.
1 Tell your target audience you were in their current position. Next, tell them how your product pulled you out of that position. For example, you could say in your ad copy, "Don't worry, I used to be just like you. I was way over my head in debt. But I decided to create a financial formula so no one else would ever go through all the pain and humiliation of bankruptcy…