Prosperity Okechukwu Is my name as usual.

Okechukwu Nnodim
The Nigerian National Petroleum Corporation has reduced its importation of Premium Motor Spirit , popularly known as petrol , from about 95 per cent to 50 per cent, the Minister of State for Petroleum Resources, Dr . Ibe Kachikwu , has said .
According to Kachikwu , the reduction has paved the way for massive investments in the downstream oil sector , as marketers have resumed importation of PMS following the petrol price modulation mechanism introduced by the government in May last year .
The minister , who disclosed this in a podcast message posted on his Facebook page on Saturday, also explained how his ministry was able to end the fuel subsidy regime , ensure petroleum product availability , as well as improve governance efficiency in the oil and gas sector .
Kachikwu said , “ First we ’ ve moved from a fully subsidy based sector to a partially liberalised sector . I say partially because we haven ’ t quite achieved the template to have a fully liberalised sector . What that has done for us is that it has reduced consumption from 50 million litres to 37 million litres a day .
“ Some of that figures are fraud - based , others are potential diversion numbers , but what is happening now is that the effect of our response curbed the appetite for consumption and left us with a much more robust reserve .
“ In addition , the pricing governance , which was a modulating concept , enabled us to come closer to what the realities of pricing were and so this enabled marketers to jump back into the business and continue to massively import.
He added , “ So what you find over a period of between when we introduced this measure (in May 2016 ) till towards the end of last year , was that the NNPC reduced its importation profile from supplying about 90 to 95 per cent of the market to about 50 per cent, which was massive , providing jobs, activity , investment and stability . ”
Prior to Kachikwu ’ s statement , the NNPC had often said it was the major supplier of petroleum products , particularly PMS , supplying over 90 per cent of what is consumed across the country.
The minister further noted that the government had eliminated subsidy payments to oil marketers substantially , but stressed that the downstream oil sector had continued to encounter challenges .
Kachikwu said , “There isn’ t fuel scarcity , we are not short of products , but yet the downstream and midstream sectors continue to remain challenged . And what we are going to do is to analyse what we have done so far and begin to throw solutions to some of these challenges .
“ When we first moved in , we had refineries that were not producing, fuel subsidy issues of almost N15 bn monthly expenses, massive diversion of petroleum products across borders . We are consuming about 50 million litres of products at the time , but that substantially has reduced now .
“ We had issues of pricing efficiency and governance , for at that time the prices we were selling at were so ridiculously below what the sustainable prices are . And you find a situation where basically marketers disappeared from the industry . So we had massive shortages , queues and everything seemed to be breaking down . We ’ ve since come out from that . ”
The minister said Nigeria should start moving away from the use of products like petrol , kerosene and diesel to using liquefied petroleum gas .
He said , “ The reality is that all over the world everybody is moving to cleaner fossils . LPG provides that for us , gas does the same for us . So we need to begin to look at how we can install pipelines for LPG and take it to places of its consumption , where we can have vehicles that have the capability to potentially use gas in order to reduce PMS usage . ”
To achieve this , Kachikwu said the government would collaborate with stakeholders in the sector in order to effectively meet its long- term target in the sector .

http://punchng.com/nnpc-reduces-petrol-importation-by-45/

Feul queues as long as third mainland bridge is almost everywhere now. What a country.

Did not see any petrol queue this morning in Port Harcourt, people don't even have money to buy petrol as government has not paid civil servants.

The two wailers above should make up their minds already: are there long queues today or are filling stations free of queues because people are not able to buy petrol?

DelGardo:
The two wailers above should make up their minds already: are there long queues today or are filling stations free of queues because people are not able to buy petrol?

There is queues and there is no money. Somebody standing on a long line to buy fuel of 300naira, how you go describe that one?

DrGoodman:


There is queues and there is no money. Somebody standing on a long line to buy fuel of 300naira, how you go describe that one?

Ok, you are standing in the queue with no money? So what will you do when you get to the pump?

My friend stop causing confusion. Leave that queue now and go wail in one small corner.

I can't remember when I filled up the tank in my V6 monster .


The last time I was queuing to buy just 1,000 Naira fuel and shame been dey catch me until the Sequio in front of me bought just 500 Naira worth.

Recession is real

That's as a result of lower expendable income and the a poorer middle class ...In the past I used burnt through 20 litres a night just to power my 10 KVA Honda gen but today due to slow business and less disposable income that 20 litres last me more than 2 weeks because I only use it to charge devices and keep the refrigerator iced ..I even stopped paying TV subscription all together because I am hardly at home and no one lives with me for now because of the slow economy l

BlowBack:
I can't remember when I filled up the tank in my V6 monster .


The last time I was queuing to buy just 1,000 Naira fuel and shame been dey catch me until the Sequio in front of me bought just 500 Naira worth.

Recession is real

Possible way out:

1: Sell the V6
2: Buy a smaller functional car
3: Use the profit to start an agro business

Don't use recession (which has ended btw) as an excuse.

It's time to sell off the country and everything in it .... APC have finished this country

DelGardo:


Possible way out:

1: Sell the V6

Why should I sell the V6? It is a reliable work horse and helps me in my business trips.

2: Buy a smaller functional car

won't fit into my current grueling schedules and long travel hauls besides I am a big guy and cramming into a tiny jap car will never happen

3: Use the profit to start an agro business

We are all not cut out to scratch the ground for a living. I am professionally employed. Fuel cost has seriously affected my budget but won't be a determining factor to close down shop, sell my car and start a chicken farm.

Don't use recession (which has ended btw) as an excuse.

Obviously still being fed by daddy and mommy

ZombieTAMER:
It's time to sell off the country and everything in it .... APC have finished this country

Unfortunately PDP sold everything (from Nigeria airways, Ajaokuta Steel, Delta Steel, Aluminium Smelter Coy, NAFCON, NITEL, NNSL, NICON to NEPA) and stole the money.

You guys are in for a loooooong wailing time

DrGoodman:
Feul queues as long as third mainland bridge is almost everywhere now. What a country.

show prove...

DelGardo:


Ok, you are standing in the queue with no money? So what will you do when you get to the pump?

My friend stop causing confusion. Leave that queue now and go wail in one small corner.

maybe the moronn is not even nigerian sef or even in nigeria....i dont see any ques in lagos.....petrol station personels are standing bored in some area in lagos....its cheaper their too...

BlowBack:


Why should I sell the V6? It is a reliable work horse and helps me in my business trips.

won't fit into my current grueling schedules and long travel hauls besides I am a big guy and cramming into a tiny jap car will never happen

We are all not cut out to scratch the ground for a living. I am professionally employed. Fuel cost has seriously affected my budget but won't be a determining factor to close down shop, sell my car and start a chicken farm.

Obviously still being fed by daddy and mommy

OK.
I see you are employed, which is a good start. I also see you have entitlement issues, which doesn't help much.

Hard not to notice your arrogance and tendency to look down on hard work as well as people you don't know. It is your prerogative bro.

Enjoy your big car and empty pocket. My mummy is calling me to come and eat.

Mynd44 Lalasticlala this is a victory news

DelGardo:


OK.
I see you are employed, which is a good start. I also see you have entitlement issues, which doesn't help much.

Hard not to notice your arrogance and tendency to look down on hard work as well as people you don't know. It is your prerogative bro.

Enjoy your big car and empty pocket. My mummy is calling me to come and eat.

And make sure to clear the chicken sh1t out after you finish your meal

ode

DrGoodman:
Feul queues as long as third mainland bridge is almost everywhere now. What a country.

Where​ is your location? where are you taking about?

DelGardo:


Unfortunately PDP sold everything (from Nigeria airways, Ajaokuta Steel, Delta Steel, Aluminium Smelter Coy, NAFCON, NITEL, NNSL, NICON to NEPA) and stole the money.

You guys are in for a loooooong wailing time

What this guy is saying is that because PDP (I call them party of thieves ) failed and were booted out by Nigerians .. APC have to fail too...
Nobody should complain or criticize APC
They shouldn't be held accountable for unfulfilled promises made during campaigns
This guy needs help

ZombieTAMER:

What this guy is saying is that because PDP (I call them party of thieves ) failed and were booted out by Nigerians .. APC have to fail too...
Nobody should complain or criticize APC
They shouldn't be held accountable for unfulfilled promises made during campaigns
This guy needs help

No, what the guy is saying is that there is nothing left to sell (you asked them to sell Nigeria) and that Buhari is working hard to restore the little left of what PDP cannibalised.

Not sure this is same thing as anti-criticism.
But then again one can't reason with wailers, can they?

Mynd44 Lalasticlala

This is a national news mynd44 Lalasticlala

DelGardo:


Buhari is working hard to restore the little left of what PDP cannibalised.

Buhari working hard?
A president that now works from home
A vegetable president that even his family have to access to as he has been hijacked by the northern cabal
A president that put Nigeria into recession
Anybody who can't see that the country is doomed under Buhari needs help

ZombieTAMER:


Buhari working hard?
A president that now works from home
A vegetable president that even his family have to access to as he has been hijacked by the northern cabal
A president that put Nigeria into recession
Anybody who can't see that the country is doomed under Buhari needs help

Whatever floats your boat.
Your Hero lost (we made sure of that), he ain't coming back and there is no more free money for your bunch (the vegetable you love to hate has made sure of that).

AYAMU TAYAD OF DIS CORNTREA I WAN GO U.S

ZombieTAMER:


Buhari working hard?
A president that now works from home
A vegetable president that even his family have to access to as he has been hijacked by the northern cabal
A president that put Nigeria into recession
Anybody who can't see that the country is doomed under Buhari needs help

Wail on!

Certain you can't wail till 2023

wailers form for sale o!
recession don't know who is APC or PDP.

DrGoodman:
Feul queues as long as third mainland bridge is almost everywhere now. What a country.

Are you in another country?

From what I can deduce from this post, fuel importation only changed hands from NNPC to marketers and local consumption dropped due to economic difficulties; there isnt actually any improvement in our refining capacity, which is the only way that the petroleum sector will be self sustained.

Not that am doubting the news but the problem is that I still bought #145 this morning

Folks hardly fill up their cars these days unlike before. The capacity is still there but the demand is restrained due to financial reasons