Presidency To Scrap Subsidy, Reduce Petrol To N85 Per Litre From January 1. The Objective Is That, Will Cannot Afford To continue To Subsidize. We Cannot Even Understand Where Those Subsidies Where Going To. "There Is A Lot Of Fraud Elements In It So We Need To Cut That Off."
There are viable indications that the President Muhammadu Buhari-led Federal Government would on January 1, 2016 reduce the pump price of the Premium Motor Spirit (PMS) to N85 per litre.
The Minister of State for Petroleum, Dr. Emmanuel Ibe Kachikwu, is reported to have broke the news to journalists in the Port-Harcourt Refinery Company (PHRC) where he actually spent his Christmas inspecting the plant .
Asked when the Federal Government would released the new price
temperate of the Petroleum Pricing product Regulation Agency (PPPRA) he
said that has already approved the new price for the agency on Thursday.
Pressed to reveal when the new price will become effective, Kachikwu, who is also the Group Managing Director of the NNPC said, " like I said, said we have done a modulation calculation and its showing us below N87 . I imagine that if PPPRA publishes it today, it will become effective immediately. But the 1st of January that is when we are looking at."
In his words, the new price is below N87 per litre and it would now convince Nigerians that the pricing modulation that the Federal Government promised embarked on a a few days ago was not a trick.
According to Kachikwu, " it is out I signed off on it on Thursday. I imagine that in the next couple of days the Marketers would get advice on that. The nice thing about PPPRA , where I signed up on it yesterday is that the price will be far below N87 .
" So, for the first time people will understand that the pricing modulation I was talking about was not a gimmick. It is for real. We have gone to find out how we will be able to flutuate this market to reflect what the reality of crude market is. The objective is that one, we cannot afford to continue to subsidize.
" We can't even understand where those subsidies where going to. There is a lot of fraud elements in it so we need to cut that off."
By Odebala Nelson
Pressed to reveal when the new price will become effective, Kachikwu, who is also the Group Managing Director of the NNPC said, " like I said, said we have done a modulation calculation and its showing us below N87 . I imagine that if PPPRA publishes it today, it will become effective immediately. But the 1st of January that is when we are looking at."
In his words, the new price is below N87 per litre and it would now convince Nigerians that the pricing modulation that the Federal Government promised embarked on a a few days ago was not a trick.
According to Kachikwu, " it is out I signed off on it on Thursday. I imagine that in the next couple of days the Marketers would get advice on that. The nice thing about PPPRA , where I signed up on it yesterday is that the price will be far below N87 .
" So, for the first time people will understand that the pricing modulation I was talking about was not a gimmick. It is for real. We have gone to find out how we will be able to flutuate this market to reflect what the reality of crude market is. The objective is that one, we cannot afford to continue to subsidize.
" We can't even understand where those subsidies where going to. There is a lot of fraud elements in it so we need to cut that off."
By Odebala Nelson
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