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It’s official: Petrol price rises to N145 per litre

It’s official: Petrol price rises to N145 per litre
May 11
17:42 2016
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The federal government has announced that the pump price of petrol will henceforth trade at N145 as a result of the current fuel scarcity and supply difficulties in the country.

This is coming less than 24 hours after Ibe Kachikwu, minister of state for petroleum resources, announced that a new subsidy policy will soon be unveiled.

“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,” Kachikwu said in a statement issued at the end of a meeting presided over by Vice-President Yemi Osinbajo in Abuja on Wednesday.

“Along with this decision, the federal government has in the 2016 budget made an unprecedented social protection provision to cushion the current challenges.

“The Petroleum Products Pricing Regulatory Agency (PPPRA) 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 believe in the long term, that improved supply and competition will drive down prices.”

Kachikwu told the media that the decision was reached at a meeting with the leadership of the senate, house of representatives, governors forum and the labour unions.

 

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4 Comments

  1. Tsak-ha
    Tsak-ha May 11, 18:50

    In the process of mending the leg,you gave it a compound fracture. Haha!!! The message is clear. WHEN CHANGE IS THE MANTRA, “NO MERCY FOR THE POOR” BECOMES THE WEAPON. WE WAIT. ALLAH WADDAI!!!

    Reply to this comment
    • Nih
      Nih May 11, 20:59

      Shikenan an gama.There is no pity with these bunch,God help us.There is no government that increased oil price that have not lied like you just did.We are still in the wood. This is like adding salt on injury. Is this how other OPEC members threat their citizens?

      Reply to this comment
  2. Terrible
    Terrible May 12, 00:07

    The poor Nigerians have never had it this hard. Not with the USD climbing above 300 naira, prices of food items such as tomatoes going above the roof and now petrol, officially 145 Maria! From all indications, this is just the beginning of more economic pains to be unleashed on hapless Nigerians. The full weight of CHANGE is dropping gradually.

    Reply to this comment
  3. Nashville Efe Sam
    Nashville Efe Sam May 13, 00:48

    The major issue with the subsidy is going to be brutal. You want marketers to source for thier own dollars and you think the price will remain at 145. Again during Jonathan’s time. Subsidy removal would have translated to us paying about 150 Naira when crude was around 100 dollars. So how come we are to pay 145 Naira when crude oil is below 50 usd

    Reply to this comment

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