Ibe Kachikwu Confirms Fuel to Now Sell for N145 - Fayose Condemns Petrol Price Increment

Statutorily enshrined in the PPPRA Act No 8, 2003, is the responsibility to moderate pricing for the Industry. In performing this role, the PPPRA commenced a petroleum products price modulation framework on the 1st of January, 2016, with the aim of ensuring a ‘fit-for-all’ approach that seeks to serve the interest of the Nigerian Consumers, Marketers and the Economy.

In furtherance of its mandate to ensure the efficient supply and distribution of petroleum products, the Petroleum Products Pricing Regulatory Agency, (PPPRA), hereby
announces, effective immediately that the new price band for PMS shall be at a maximum of N145/litre. However, NNPC Retail stations on the outskirts of major cities are advised to sell at price lower than N145/litre.


This review became imperative in the face of extreme difficulties faced by Petroleum Product Importers in sourcing foreign exchange. To meet the consumption
demand of the Nation, Importers will henceforth be permitted to source for their foreign exchange requirements from the secondary sources.

PPPRA is conscious of the difficulties that Nigerians have been going through in the last few months and to ameliorate this situation, we shall continue to modulate pricing in accordance with prevailing market dynamics thereby ensuring fair value to all Citizens.


Signed:
Sotonye E. Iyoyo
Ag. Executive Secretary
May 11, 2016

Ekiti State Governor, Mr Ayodele Fayose has condemned the increment from N86.50 to N145 of Premium Motor Spirit (PMS) otherwise known as petrol, describing it as insensitive and demonstration of the level of hatred the President Mohammadu Buhari led All Progressives Congress (APC) government had for Nigerians.

The governor, who said the over 70 per cent increment was another vindication of his predictions on what to expect in 2016, added that it was now clear that the scarcity of petrol being experienced in the last three months was deliberately orchestrated by the federal government to pave way for the already conceived increment.

According to his Special Assistant on Public Communications and New Media, Lere Olayinka, Governor Fayose said “Nigerians are now left at the mercy of political liars who took over power by deception and are governing by deceit.

He said he was waiting for the reaction of those who took to the streets to protest when fuel subsidy was removed by the Dr Goodluck Jonathan administration in 2012, urging labour unions in the country to stand by their members always, not minding the political party in government. He said;

“When they were seeking for votes from Nigerians, they promised to reduce petrol pump price to from N87 to N45 per litre, they promised to create three million jobs per year, they said $1 will be equal to N1 and above all, they promised to pay unemployed youths N5, 000 stipend and provide one meal a day to pupils nationwide.

“Instead of fulfilling their promises, they have increased petrol pump price to N145 per litre, increased electricity tariffs, retrenched thousands of workers and imposed untold hardships on Nigerians.

“As they did in 2012, if labour leaders do not also stand up for the people at this time, posterity will not forgive them.”