The All Progressives Congress APC has lent its voice to the federal government’s removal of fuel subsidy, saying, the pump price of fuel would crash within the next three months.

APC said, like the Global System of Mobile telecommunication, GSM, the price of fuel is bound to reduce soon as a result of increased competition. National Chairman of the party, John Odigie-Oyegun stated this on Friday in Abuja during a brief chat with journalists.

“From our point of view as a party, it has become necessary to fully and in order to recover from the economic situation which we have been plunged to totally free the economy and let the normal laws of demand and supply operate.

Of course, with government standing by to protect the long suffering Nigerian who is at the margin. If is unfortunate, it is painful what has happened, it will increase cost in all directions. But in the medium term, in three months at best, I foresee that the prices will come crashing down when there is availability.

NNPC will continue to be in the field anyway either through the refineries whenever our pipelines are allowed to function or through importation and so will continue to be a player in the fuel supply market. Prices are bound to come down. A typical example is what happened when mobile phones were introduced.

I remember that I bought a SIM card for over N30,000, but today, it is virtually free. If we free the fuel market, that same thing will happen which was as a result of competition is likely to happen. “Over time, the subsidy regime has become so intensely manipulated, so abused that it really was no longer operating in the interest of the Nigerian public.

I think that it has become very clear that the kind of queues that has become endemic over several regimes in this nation is a clear indication that something has gone seriously wrong with the subsidy regime. Those who were privileged were exploiting it to amass more wealth. Meanwhile, the people for whom it was basically meant had to bear the cost in higher transport fare.

Each time these queues develop, of course the ordinary Nigerian bears the cost while the importers and manipulators of the system are the ones that makes all the money”, Oyegun said. The federal government had on Wednesday hiked fuel price to N145 from the earlier price of N86.

He added that the current budget did not provide for subsidy and so, “if the region of subsidy is to be reintroduced, it can only divert resources from the crying needs of other sectors, including the programme to help the Nigerians living at the margin”. “So, the appeal which is a very sincere appeal to the Nigerian people; yes there is a lot of hardship, yes increased pump price will also increase that hardship.

But the economy is being freed in a way that the ordinary Nigerian will become the major beneficiary and we are talking of a matter of months from removing this one last bottleneck that has held the Nigerian economy down.

So, it is an appeal and we should watch what happen in the next few months as far as the fuel issue is concerned because I am sure it will come crashing down. In any case, it will free resources eventually that will be used to create good jobs which has been promised and improve the lot of the Nigerians at the margin.

That is the message the party wants to convey. The economy is in bad shape as a result of which our people are going through hard times”, he added.




http://jahelastic..nl/2016/05/new-pms-price-would-crash-in-3-months.html?m=0

A.P.C should sharrrap, them too talk.
There's no guarantee the price would nosedive in 3months. Refineries aint working yet, neither is forex readily available in d black market.
It'd take a much longer time before we begin to feel d benefits. Sick and tired of all these party image makers and sycohants.

We're still yet to cope with d current situation but Lai Mohammed in his infinite wisdom has already calculated d number of jobs that could be generated. 200,000 like say na beans.

How he arrived at this figure, only God knows.
Sometimes its just better to shut up instead of sounding too overzealous and stupid.

How far d masquerade jobs sef? Has he released d application portal? With d speed at which I use in un-hooking and re-hooking gals' bra, I think I'll qualify for that job.




My face anytime I hear Lai Mohammed creating jobs with his mouth

OMG but i read it yst that in 6month now today again u ppl say 3month anyone who blv anything from this ppl @ ur own risk

Jahelastic:


APC said, like the Global System of Mobile telecommunication, GSM, the price of fuel is bound to reduce soon as a result of increased competition. National Chairman of the party, John Odigie-Oyegun stated this on Friday in Abuja during a brief chat with journalists.

I remember that I bought a SIM card for over N30,000, but today, it is virtually free. If we free the fuel market, that same thing will happen which was as a result of competition is likely to happen..

They keep comparing Gsm evolution in Nigeria to that of pms so as to deceive its citizens, its like saying marketers will dish out free fuel just to get customers, the evil and vicious marketers that we known wont dare it. Gsm was not a necessity, in as much as there was delay in communication and business activities, people were doing fine without it, its baffles me also when they say Gsm is cheap in nigeria. Since 2009, Automotive Gas Oil (AGO), otherwise known as diesel has been deregulated yet the price is still where it is. These heartless and wicked marketers will hoard products making it a scarce commodity so as to increase demand and price. Government wont have control over them, even when they have control, they cant monitor them. The fuel scarcity last month proved to Nigerians that the sellers of the products don't care about the buyers, they have adjusted their pumps so as to make profit from sales.


What i still find hard to understand is the new price setting. before deregulation, we were told that subsidy of 12.62 to 12.68 is been paid for a litre, so if the amount goes off, its not up to 100. how come 145?


Like someone posted, when i hear people pronounce psychology, i taught it will be "sychology" if written. i never knew the "P" was silent, when i heard Apc saying fuel will be sold for 45, i never knew the "1" will be silent.

What a lame analysis from a rustic & ineptic set of people! Smh... #WeAreReallyInTrouble

ugolance:
What a lame analysis from a rustic & ineptic set of people! Smh... #WeAreReallyInTrouble

Big trouble.