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Nairaland Forum / Nairaland / General / Politics / New Fuel Price Will Create 200,000 Jobs – Lai Mohammed (735 Views)
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New Fuel Price Will Create 200,000 Jobs – Lai Mohammed by Yem0350: 7:18pm On May 14, 2016 |
The Federal Government has said the
introduction of a new price regime for Premium Motor
Spirit (petrol) has become inevitable in order to halt
the crippling fuel scarcity in the country and ensure
availability of the product.
The Minister of Information and Culture, Alhaji Lai
Mohammed, who stated this at the inauguration of the
Advertisers Association of Nigeria (ADVAN) Marketers
Conference in Lagos on Friday, said only the
liberalization of petrol supply will ensure the availability
of the products.
“Distinguished ladies and gentlemen, I can tell you that
that decision is inevitable, if we are to end the crippling
fuel scarcity that has enveloped the country, ensure the
availability of the products and end the suffering that
our people have been subjected to,” he said.
He said the crash in the price of crude oil, which has
impacted negatively on foreign exchange earnings, has
further compounded the crisis in fuel supply.
“With the drastic fall in the price of crude oil, which is
the nation’s main foreign exchange earner, there has
also been a drastic reduction in the amount of foreign
exchange available. The unavailability offorex and the
inability to open letters of credit haveforced marketers
to stop product importation and imposed over 90%
supply on the NNPC since October 2015, in contrast to
the past where NNPC supplies 48% of the national
requirement,” the Minister said.
He further elaborated that in the absence of available
forex lines or crude volumes to continue massive
importation of PMS, it is clear that unless immediate
action is taken to liberalize the petroleum supply and
distribution, the queues will persist, diversion will
worsen and the current prices will spiral out of control.
Alhaji Mohammed, however, said the liberalization of
petrol supply and distribution will allowmarketers and
any Nigerian entity willing to supply PMS to source for
their forex and import PMS to ensure availability of
products in all locations of the country.
He noted that the resultant fuel scarcity has created an
abnormal increase in price, resulting in Nigerians
paying between N150 and N300 per litre as prevalent
hoarding, smuggling and diversion of products have
reduced volumes made available tocitizens.
The Minister explained that the new fuel price regime
should not be misconstrued as the removal of subsidy
since there is no provision for subsidy in the 2016
Appropriation, saying the erstwhile PMS price of
N86.50 gives an estimate subsidy claim of N13.7per
litre which translates to N16.4 billionmonthly.
“There is neither funding nor appropriation to cover
this,” he explained.
Alhaji Mohammed used the occasion to draw the
attention of Nigerians to the renewed insurgency and
pipeline vandalism in the Niger Delta, which have
drastically reduced national crude oil production to
1.65 million barrels per day, against 2.2 million barrels
per day planned in the 2016 budget thereby reducing
income to Federation account and also affecting crude
volumes for PMS conversion.
Listing the benefits of the new price regime, he said it
would end the recurrent fuel scarcity by ensuring
product availability across the country, reduce
hoarding, smuggling and diversion of products
substantially, improves fuel supply situation through
private sector participation, creates labour market
stability, as this will potentially create additional
200,000 jobs through new investments in refineries
and retails and prevents potential loss of 400,000 jobs
in existing investments”.
Alhaji Mohammed gave the assurance that underthe
new price regime, the Petroleum Products Pricing
Regulatory Agency (PPPRA) and the Department of
Petroleum Resources (DPR) will be further empowered
to ensure a level playing fieldand strict compliance with
market rules by all stakeholders and consumer
protection.
vanguardngr |
Re: New Fuel Price Will Create 200,000 Jobs – Lai Mohammed by chiefolododo(m): 7:20pm On May 14, 2016 |
Since na LIE Mohammed talk am , I no believe |
Re: New Fuel Price Will Create 200,000 Jobs – Lai Mohammed by Rose2014: 7:22pm On May 14, 2016 |
There we go again 1 Like |
Re: New Fuel Price Will Create 200,000 Jobs – Lai Mohammed by Timolanki(m): 7:28pm On May 14, 2016 |
I don't wish this man bad but with rate he is lying i won't b surprised to hear that he died lying... |
Re: New Fuel Price Will Create 200,000 Jobs – Lai Mohammed by derrick333(m): 7:28pm On May 14, 2016 |
Lia mou,is d most annoying man in this administration,minister of information without communication |
Re: New Fuel Price Will Create 200,000 Jobs – Lai Mohammed by philGeo(m): 7:32pm On May 14, 2016 |
Please who remember Glo advertisement, HE IS COMING? That show utaka, Zoma rock and fishes men, early 2004? Lai is always coming with different style. |
Re: New Fuel Price Will Create 200,000 Jobs – Lai Mohammed by tayebest(m): 7:35pm On May 14, 2016 |
derrick333: The man is fantastically outspoken! |
Re: New Fuel Price Will Create 200,000 Jobs – Lai Mohammed by HALIX16: 7:41pm On May 14, 2016 |
Create 200,000 jobs and cause the loss of another 2,000,000? Sometimes I wonder if these guys are really educated. 1 Like |
Re: New Fuel Price Will Create 200,000 Jobs – Lai Mohammed by derrick333(m): 8:15pm On May 14, 2016 |
tayebest:I tire o |
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