The Federal Government today announced the scrapping of oil subsidy and a reduction of the pump price of the Premium Motor Spirit (PMS) to N85 per litre from January 1, 2016. Minister of State for Petroleum, Dr. Emmanuel Ibe Kachikwu, broke the news to journalists in the Port Harcourt Refinery Company (PHRC), where he spent Christmas inspecting the plant.
Asked when would the Federal Government release the new price temperate of the Petroleum Product Pricing Regulation Agency (PPPRA), he said that he approved the new price for the agency on Thursday.
Quote
Pressed to reveal when the new price will become effective, Kachikwu, who is also the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), said: “Like I said, we have done a modulation calculation and it is 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.”
He noted that the new price is below the current N87 per litre, saying that it would now convince Nigerians that the pricing modulation that the Federal Government promised to embark on a few days ago was not a trick. He further noted that following government’s analysis and research, it has been realised that the country can fluctuate the fuel market in accordance with the crude oil market fundamentals.
Justifying government’s reasons for scrapping the Petroleum Support Fund otherwise known as oil subsidy, Kachikwu explained that government can no longer afford to subsidise the product following the fraud that has attended its operation. He added that it has become clear that government earnings are dipping on daily basis.
I specialize in investigative reportage across several subject matter and sectors but mainly focus on metro events and investigation. Do leave your thoughts and opinion on my reports to let me know what you think about them. Thank you
Posted: at 25-12-2015 11:58 PM (8 years ago) | Addicted Hero
bright1love at 26-12-2015 04:44 AM (8 years ago) (m)
WEY THE YORUBA FOOLS AND COWARD GO OCUPY NIGERIA NOW MAKE I SEE SLAVES IF IT WAS JONA ALL OF YOU COWARD WILL BRING THERE BED OUT TO OCUPY THE ZOO FOOLS
Posted: at 26-12-2015 04:44 AM (8 years ago) | Upcoming
That was great, atleast there is no fuel subsidy again. i belive 87 per litre is still becz that is what we hav been buying it b4. i knw it will stil cm dwn
Posted: at 26-12-2015 05:37 AM (8 years ago) | Hero
Good move by the government. N200 million naira wasted daily on fuel subsidy can be save and use for reasonable. Subsidy is a scam. Lets see how many marketers will remain in the business if they were honest and sincere before. That is one of the loophole they have drain Nigeria treasury
Posted: at 26-12-2015 06:12 AM (8 years ago) | Gistmaniac
From 87 to 85 and some of u are praising him? For wat? Was dat wat he promised? Its 40 he promised and nothing else.
We're praising him not just coz of the fractional reduction in pump price, but also for the removal of the subsidy which is enriching a few greedy Nigerians.
Posted: at 26-12-2015 08:35 AM (8 years ago) | Gistmaniac
Quote from: Charles Jackson on 26-12-2015 08:35 AM
We're praising him not just coz of the fractional reduction in pump price, but also for the removal of the subsidy which is enriching a few greedy Nigerians.
. Then we are waiting and watching.
Posted: at 26-12-2015 08:46 AM (8 years ago) | Addicted Hero
Removing subsidy and placing pump price on 85 thats great but in the end lets see it come to pass. 2016 there is something for everyone lets look beyond what we see. God will surely do it. Amen!
Posted: at 26-12-2015 09:55 AM (8 years ago) | Addicted Hero
satsaver
gogoman
nonix22001
discollins
bright1love
morgrawl231
Novic
dleg
dareshola
zezprincess
Anny01
winace
botlex
kp45
temidgreat
emma4love3
SOGaiya
TRENDING GISTS 
Two Siblings, Motorcyclist Allegedly Crushes To Death By Speeding Student Driver In Ondo
PICS; Police Arrest 8 Suspected Kidnappers, Rescue Four Kidnapped Victims In Delta
"I Can't Breath" -Disturbing Video Shows Handcuffed Black Man's Last Words As Police Knelt On Him Before He Died