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Breaking: FG May Increase Petrol Price To N180 Per Litr

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Strong indications have emerged that the federal government of Nigeria may consider increasing the price of Premium Motor Spirit (PMS), popularly called petrol to a minimum price of N180 per litre and above anytime soon.

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who hinted this in Abuja on Thursday, said the current price of N145 per litre can no longer be sustained. The Nation reports that during a presentation he made to a joint committee on Petroleum (Downstream) of the Senate and the House of Representatives, the Minister said the landing cost for petrol stood at N171 per litre.

According to him, the Federal Government, through the Nigerian National Petroleum Corporation (NNPC), has been bearing the cost of N26 per litre, representing the difference between N171 and the current official price of N145 per litre.

The minister also stressed that independent marketers would not be able to import the product at the current foreign exchange rate, adding the marketers were able to sell for N145 per litre when the exchange rate was N285 per Dollar. The Naira presently exchanges for N365 per Dollar.

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“We now have to go back and find the solution to this problem in order to ease supply gaps and ensure availability of the product at all times,”
the Minister said.

Kachikwu, however, proffered three alternative solutions to pump price increase: getting the Central Bank of Nigeria (CBN) to introduce a modulated foreign exchange rate specifically for importers of the product; giving the marketers significant tax adjustments to enable them to absorb the high cost; and a plural pricing system whereby the NNPC would continue to sell at N145 through its numerous outlets while the marketers are allowed to fix their own price.

The Minister identified causes of the last fuel scarcity to include diversion of products, logistic constraints, bottleneck associated with clearance, bad road network, insufficient product reserves, smuggling through land borders, supply gaps and enforcement challenges.

He stated that the marketers stopped importing fuel since October 2017, as a result of their inability to access foreign exchange from the CBN, leaving only the NNPC to import the product, which has left a wide gap between demand and supply.

Speaking on the way forward, the Minister canvassed the opening up of production lines, specifically the refineries, which he said, would address supply gaps that usually leads to incessant scarcity.
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“Rising prices in international market affecting domestic prices. What the country needs is to have the refineries working. It’s a shame that after 40 years, Nigeria cannot produce its domestic consumption.
“It would take 18 months to address problems of scarcity, price stability and other issues relating to the supply of petroleum products. The pipelines should be concessioned to allow private participation.

“There is huge infrastructure deficit in the system because the NNPC ought to be distributing products through their pipes but most of the pipes are damaged. The has necessitated the use of trucks to distribute the product across the country.
“Most importantly, fixing the refineries should be the lasting solution. To discuss and address the issues, we have to seek approval from the President,”
the Minister said.

Earlier quoted Reporters as saying that oil marketers on Wednesday agreed with the Federal Government to allow the pump price of petrol to remain at N145 per litre, a move that reverses their previous stance on the pricing of the commodity.

This is after the Chairman, Depot and Petroleum Products Marketers Association, Dapo Abiodun, had on Tuesday disclosed that the marketers could no longer import petrol at a controlled price of N145 per litre.

-PM

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Nigerians React As Festus Keyamo Shades Youths Over #EndSARS Protests

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Festus Keyamo
Festus Keyamo

Festus Keyamo

Nigerians have expressed their distaste for the tweet posted by Festus Keyamo over the #EndSARS protests that has led to lives and property being destroyed by hoodlums.

The Minister of State, Labour & Employment took to his Twitter page on Friday morning to post a tweet that reads thus:

“This morning, I woke up and remembered the African proverb: WHAT AN OLD MAN CAN SEE SITTING DOWN, A YOUNG MAN CAN’T SEE EVEN IF HE CLIMBS THE HIGHEST IROKO TREE. Good morning, Lagos. Good morning, Nigeria.”

Read AlsoMinister Of Labour, Festus Keyamo Backs #EndSARSProtest

A Twitter user identified as Adesina Oluwafemi berates the SAN for being a part of bad governance. “Mr. Keyamo. I am astonished at your statement. I am equally as old as you are if not older and I feel the pain of this our youth. I even have classmates that I can’t boast of. All these is because of bad governance which u are a part of“, he wrote.

See tweets below:

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Nigerians React As Army Says Videos Of Lekki Shooting Are Photoshopped, Fake

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Nigerians React As Army Says Videos Of Lekki Shooting Are Photoshopped, Fake
Nigerians React To Defence Spokesperson's Statement That Videos Of Lekki Shooting Were Photoshopped

John Eneche

Nigerians have reacted to the video of Nigeria’s defence spokesman, John Eneche, saying that the videos of the Lekki Tollgate shooting were photoshopped. In the video, he said it was analysed and the analyst concluded that they were all doctored.

His statement has generated reactions from Nigerians. Taking to Twitter, many Nigerian users on the micro-blogging platform have dismissed his statement as false because it is impossible to photoshop a live video on Instagram.

Read AlsoEnd SARS: Gen. John Enenche Reacts To Lekki Toll Gate Shootings

Information Nigeria recalls DJ Switch was hailed by Nigerians for her bravery as she waited at the scene of the incident to give everyone a live footage via her Instagram page.

A user identified as Tolani tweeted:

“Dear generation old Nigeria… you cannot photoshop Instagram live. Your ‘analyst’ has 419’d you sir.”

See tweets below:

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Hoodlums Looting At Bode Thomas Street In Lagos (VIDEO)

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Hoodlums Looting At Bode Thomas Street In Lagos (VIDEO)

In a video making rounds on Twitter, hoodlums were captured looting at Bode Thomas street in Lagos.

EndSARS: Police, Hoodlums Clash In Benin-City

The video revealed that some hoodlums are currently looting some properties on the street.

Following the unrest that has swiped through the streets of Lagos, hoodlums have taken over the street to cause mayhem in several parts of the state.

Watch the video below;

What started as a peaceful protest has led to the death of many lives and the propaganda of private and public properties.

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