Senate summons Okonjo-Iweala, Diezani, others over fuel scarcity

ABUJA— Senate committee on Petroleum (Downstream), yesterday, summoned the Minister of Finance, Dr. Ngozi Okonjo-Iweala and her Petroleum Resources counterpart, Mrs. Diezani Alison-Madueke, to appear before it and explain the cause of the recent scarcity of fuel in the country.

Group Managing Direc-tor, Nigeria National Petro-leum Corporation, NNPC, Mr. Austin, has also been summoned by the Commi-ttee following spate of fuel scarcity across the country.

Chairman of the Committee, Senator Magnus Abe, who issued the summon in Abuja, said the Senate is worried about the increasing queues at filling stations, despite the reintroduction of fuel subsidy by the Federal Government.

He said: “The Senate is concerned by what is happening in the country today regarding the availability of petroleum products for our local consumption. We have asked the key players to come before us to explain why there is no fuel in our filling stations.”

Those to also appear before the committee in relation to the scarcity includes: Managing Director of the Pipeline and Products Marketing Company, PPMC, Mr. Morrison Fiddi; Executive Secretary of the Petroleum Products Pricing Regulatory Agency, PPPRA, Mr. Reginald Stanley; Director of the Department of Petroleum Resources, DPR, Mr. Austin Olorunshola.

The committee also summoned the President of Independent Petroleum Marketers Association of Nigeria, IPMAN, and the Executive Secretary of Major Oil Marketers Association of Nigeria, MOMAN.

All those invited are scheduled to appear before the Senate tomorrow by noon.

http://www.vanguardngr.com/2012/02/senate-summons-okonjo-iweala-diezani-others-over-fuel-scarcity/

Demdem:

Can someone kindly tell me why there is fuel scarcity in most part of the country? we are paying more for fuel than before, while the govt is still partially subsidizing. i thought these so called cabals have been humbled. what the heck is going on?

AS far as Govenrment is paying subsidy, the marketters can afford to hold us to ransome. This is what Jonathan and his team wanted to stop, but Nigerians said no. Until the Petroluem industry is privatised, fuel scarcity must be there.

dont you just find the nigerian confusion intriguing?

They steal so they can by power so they can steal so they can buy power so they can still some more so they can by some more power so they can steal some more so they can by some more power sotheycanstealsomemoresotheycanbuysomemorepowersotheycanstealsome and on and on. That's all about Nigerian leaders and politicians.

There's scarcity because there's a backlog of importation for which there are disputes over. Many marketers imported products which they locked and paid for in December, expecting it to be laden and arrive Lagos at a later date. However some of this products arrived at the time subsidy was non-existent (i.e. First three weeks of January 2012). The Govt is refusing to pay subsidy on this products since the Bill of Laden shows January 2012. However, marketers insists the products were paid for prior to the removal of subsidy and insist they cannot be forced to sell it at N97 without subsidy payments guaranteed.

@Demdem u forget that our problem hia wit fuel has always been artificial scarcity created by dealers to make money. I know of a Total filling station with 12 pumps bt sells fuel from only 2 pumps. Sometimes they dont even if sell at all even when they have fuel. In the dead of the night u see them selling to black marketers.

In this 21st century? An OPEC member still suffers FUEL SCARCITY, A FAILED NATION. Woe unto you all.

noblezone:

AS far as Govenrment is paying subsidy, the marketters can afford to hold us to ransome. This is what Jonathan and his team wanted to stop, but Nigerians said no. Until the Petroluem industry is privatised, fuel scarcity must be there.

Thank you sir. How can you demand for something you cannot control. Only market forces can guarantee the availability of essential commodities whether petrol, electricity, fertilizer or hard currency. Ask Russia or North Korea. The Buhari regime tried to anti-corrupt the import license system on essential commodities when you needed a special note from Oga to eat imported rice. Need I say how it all ended. Sorry Nigerians, this subsidy path we have taken will bring only short term pain, medium term stress and we will eventually abandon it. Even the Vatican cannot stop sharp practices in an artificial market thoughtless of Mammonites, sorry I mean Nigerians.

Why are we so greedy in this country??the so called cabal wants to hold the country into ransom just because GEJ refuse to pay subsidy, [i][i][i]Who will take us to the promise land[/i][/i][/i]?

We are begging to buy petrol at 150 per litre in Port Harcourt with 95% of the pumps adjusted

There is scarcity because both the importers and the marketers are corrupt, and the president is incompetent. The January protests have forced them to lay low with all the blatant stealing that was happening before so there is less incentive to import.

If the government wasn't so useless, I would have supported the total removal of subsidy. But since any savings are just going to be wasted/stolen anyway, I'd rather we just enjoy as much cheap fuel as we can get. The black market stuff isn't likely to be much more expensive than the subsidized price anyway, so we're not losing much.

O for a government that actually works.

The scarcity is as a result of the fact that NNPC is the sole importer of PMS now. Before the subsidy problems they imported only 50% of the daily requirement, now they are expected to import double that. Many of the marketers are waiting for the outcome of the House Probe before they continue importing PMS.

Remember that DAM controls who gets the licences to import, so obviously the cabal are known to her and by extension GEJ. Subsidy can be done reasonably, we don't have to throw the baby out with the bathwater!

noblezone:

AS far as Govenrment is paying subsidy, the marketters can afford to hold us to ransome. This is what Jonathan and his team wanted to stop, but Nigerians said no. Until the Petroluem industry is privatised, fuel scarcity must be there.

Throughout 2011 there was never fuel scarcity. Why did the scarcity start now?

Reference:

Thank you sir. How can you demand for something you cannot control. Only market forces can guarantee the availability of essential commodities whether petrol, electricity, fertilizer or hard currency. Ask Russia or North Korea. The Buhari regime tried to anti-corrupt the import license system on essential commodities when you needed a special note from Oga to eat imported rice. Need I say how it all ended. Sorry Nigerians, this subsidy path we have taken will bring only short term pain, medium term stress  and we will eventually abandon it. Even the Vatican cannot stop sharp practices in an artificial market thoughtless of Mammonites, sorry I mean Nigerians. 

Which forces kept fuel available throughout N65 regime?

Evil Brain:

There is scarcity because both the importers and the marketers are corrupt, and the president is incompetent. The January protests have forced them to lay low with all the blatant stealing that was happening before so there is less incentive to import.

[b]If the government wasn't so useless, [/b]I would have supported the total removal of subsidy. But since [b]any savings are just going to be wasted/stolen anyway, [/b]I'd rather we just enjoy as much cheap fuel as we can get. The black market stuff isn't likely to be much more expensive than the subsidized price anyway, so we're not losing much.

O for a government that actually works.

Good point. Our government is simply useless, insensitive, selfish and devilish. Is only a fool that will expect a reasonable result from the best effort of a foolish man

the scarcity is just to embarass GEJ (Goodluck Ebele Jonathan)

Add me on BBM. Pin:26BE3874. Smart folks only!!!

One of the major reason is that Banks are not providing credt lines to Marketers because of uncertainty of the outcome of the Subsidy Probe. Some marketters may be sacrificed to show that FG is seriuos about corrupion and if such marketer is owing a bank, it will end a bad debt.

What answers do we even expect from these people that were summoned? Is it not the same group of people that up to today cannot give us the exact quantity of fuel they import daily. It's time we start expecting less from these guys.

Gentle men, we are buying very low quality PMS at a very high price.
Hv u guys checked d color of our imported PMS? The high quality petrol is orange in color and does not burn as fast as ds colorless low quality petrol imported for us to buy at even higher price. Ds is even responsible for d frequent brake downs of our cars lately. A 50 ltr petrol is supposed to make an average of 200km (all things being equal) with a good quality petrol, but pls check ur milage on ur fuel consumption. U'll find out that 50 litres can not do more than 120km even with a Nissan or Toyota (4 cylinder) engines nowadays. These maketers are ripping us silly on all fronts. Its painful, !

Opera Mini:

What answers do we even expect from these people that were summoned? Is it not the same group of people that up to today cannot give us the exact quantity of fuel they import daily. It's time we start expecting less from these guys.

Right talk. Until there is proper accountability, things can never go right.

For those who felt the forces of market would have worked in Nigeria, I beg to disagree. The Nigerian enterprenuer is highly risk averse thus, if the sector is deregulated, expect the level of scarcity to go much higher as investors would not be willing to take the risk and at the end of the day, it would only move towards monopoly or oligopoly when only a few firms would still be in the business of importing and the long run effect would be worse. The Nigerian economy is not matured enough to be run as a near capitalist economy because of the inconsistencies in government policies and inadequate security.

Yinkay:

One of the major reason is that Banks are not providing credt lines to Marketers because of uncertainty of the outcome of the Subsidy Probe. Some marketters may be sacrificed to show that FG is seriuos about corrupion and if such marketer is owing a bank, it will end a bad debt.

I see

noblezone:

AS far as Govenrment is paying subsidy, the marketters can afford to hold us to ransome. This is what Jonathan and his team wanted to stop, but Nigerians said no. Until the Petroluem industry is privatised, fuel scarcity must be there.

I don't believe the above makes much sense considering 2010/2011, we were made to believe that the era of fuel scarcity was forever gone.

ok, the truth, the two guys that posted the backlog issue and banking perspective are the major reasons.
banks dont fund pet import any longer thanks to Sanusi's disgruntled risk managed cbn.
without loans, the marketers are few expect the major marketers that have the financial muscle to make things happen on their own.

where are the m0rons clamouring for market forces? who can compete with the cabal at such a risky venture?
we dont tell ourselves the truth, the whole subsidy brouhaha was a white lie.
i expect you guys to be asking why the subsidy removal is not working? they sold crap to you guys, beaf and co bought that n0nsense.

joboy is busy playimg with paw paw while the nation is run by incompetent bingos.
you guys have not seen anything, read below and understand the truth about the petroleum industry to realise that this imperialist economists in the name of economic team are no where near the answer.
several points in the post below has been unfolded more to come, enjoy your pdp regret

@ noblezone

after smoking that subsidy crack beef is feeding you, you will come back like a prodigal son to embrace reaality.

lets talk about this present day subsidy regime, the Cbn gov has already confessed he has evidence of round tripping , he said he paid subsidy on 15 fake vessels approved by customs.
what did madueke do? nothing

the reasons investors did not build refineries over the years was lack of cheap crude but the biggest reason is corruption
how?

licences were given to companies without the financial muscle to build refineries also part b of the license clearly states that these armed robbers have oil lifting license embedded in their refining license,
tell me who will choose refining over lifting where he makes instant profit and inflated subsidy?
what did madueke do? nothing as usual

do you know that NNPC does not have storage facilities for all those millions of products they are quoting and importing. how exactly does Nnpc wish to store 30million litres of pms? do you know that these fg goons went ahead to licence importers without storage facilities leading to the govt paying extra
for storage on a product they are paying over 70 naira as subsidy can u beat this
stup1dity and incompetence?

what did iweala and madueke do? nothing,

do you know that these leppers in Nnpc have no grading structure for imported pms low grade,mid grade and high grade all are pms same subsidy, same price even ethanol blends have subsidy paid on them,
can you beat that?
even abroad where the products come from have different prices. some are far cheaper than others which ordinarily should attract low subsidy

what did madueke do? nothing.

do you know that these bingos at Nnpc dont maintain their pipeline networkswhich ordinarily should link one depot to the other, they have to pay extra for tankerstransporting these products all are
subsidies.even though their foreign jv partners are maintaining over 1000 pipeline networks in
Nigeria.
what did madueke do? nothing.

do you know that under madueke's watch demurrage is paid as subsidy to these importers .how cant they be reponsible for their import schedule? is it not commonsensical for madueke to prioritize the discharge of those vessels quickly in tank farms as not to attract demurrage for a product you are subsidizing?

and they want us to tighten for a better future? which future ? can iweala,Sls and madueke plan for a sustainable future if given the task? dead failures.


for every extra kobo you pay on pms you paid for madueke's incompetence.now they can see high expenditure but cant see how their incompetence is inflating the subsidy regime. Do u seriously think iweala will see it
coming if truly the economy will crash?


Let us analyze the genere and politics of these issues There are more misnomers than facts surrounding this subsidy brouhaha.

First,

the Govt said the economy will collapse, ridiculous indeed

secondly,

the Govt said oil importers are a 'cabal', nearly fell off my seat. Comrades, there are no cabals, in 2009 the
scarcity of petroleum products became intense and the Govt admitted that Nnpc through its subsidiary PPMC has failed Nigerians by their inability to meet up with
the supply of pet. Products and that phenomenon gave rise to licensing of some people to 'assist' the Nnpc in doing their job for which they are paid for. Please don't forget that hitherto, Nnpc has been doing the importation and refining themselves before corruption eroded their common sense.
These importers went abroad and came back with a price Nnpc is already aware of comprising of logistics, storage and administrative costs, these were quantified before they arrived at a price.The FG now fixed a price tag of 65naira on Pms and agreed to be reimbursing the importers the balance not oblivious of the fact that the landing cost is higher than the stipulated price
To my greatest chagrin, the Jonathan’s administration woke up and termed them
'cabals' who are fleecing the nation.


We are not docile, If Nnpc lived up to their responsibility, we won’t have need for the importers in the first place.There is no doubt that the subsidy regime is met with corrupt practices, is it not the responsibility of the govt to clamp down on those malfeasance?

the Governor of central bank confessed during the town hall meeting that he paid subsidy to 15 fake vessels who connived with customs to falsify their papers. is this not fierce corruption? And we have a shameless commander in chief? by the way, how many naval officers patrol our waters on tax payers account? efcc,icpc etc The only solution that came to the minds of this disgruntled PDP administration is to remove subsidy into-to not minding its inflationary consequences.

This is the si1liest approach any human being with brain if they have one can summon.

Thirdly,

Jonathan insulted the intelligence of Nigerians telling us that we don't benefit from this subsidy except for the importers and he had the unbridled temerity to be advertising it on NTA saying the rich are getting richer. This people are demons.

I feel sorry for people that think that competition will crash the deregulated price erroneously juxtaposing it with GSM.

Do you know that the price of crude being the raw material for refined pet. Products are sold at the same price world over? If you agree to this, then, even if you deregulate and license 5million importers the product will still be expensive because crude itself is expensive.You will still need to subsidize it to 65naira, exactly why deregulation of diesel in part did not work.The only reason you have not bought diesel @ 200naira is because there are so many illegal refineries who bunker crude, settle JTF and refine diesel at a lower price.This people still pose a great threat to the importers who buy at a higher price that is why you get diesel @ 140naira elsewhere but in the delta i buy as low as 70naira. At this verge, you will not over rule the fact that these unscrupulous elements contribute to the availability of diesel.

I still feel sorry for those who think the Govt should build more refineries, that will not solve the problem either because there is no cheap crude to supply these refineries. Do you know that even the petroleum products from our present refineries at a disappointing capacity attract subsidy? that is what Sanusi is not telling Nigerians. This Sanusi's buisness model of increasing local price to attract investors is misleading.

He should ask himself why so many buisnesses left the USA for Asia and Africa between 1998 till 2008.The reason was because cost of doing buisness in America was high so there was need to tap into Africa's cheap land and asia's cheap labour. If you increase the pump price the spiral inflation will discourage investors, you pay high for land,labour, enegy etc.

A brief insight in Nigeria's oil and gas model gives us a better outlook The oil production of Nigeria stands at 2.37 million barrels of crude daily. Nigeria get this crude in a JV (joint venture) with IOC's (international oil companies) and the Nigeria's cut stand btw 55% to 60% of thelot, if we go by 60% then, that gives a total of 1.4m barrels daily.If we average the crude price from 2009 till date, the price falls close to 100usd/bbl.In that case, Nigeria makes 140,000,000usd daily from this JV. Nigeria has a policy called DSO (domestic supply obligation) which mandates 250,000bbl/d of this crude to be refined and consumed locally,In monetary terms, the Nigerian govt is giving us 25,000,000usd worth of crude to refine.

Our three refineries at optimum capacity utilizes about 450,000bbl/d which gives 45,000,000usd in monetary terms in other words, the price of raw material in this case, crude, accrued to our refineries comes at 45m usd per day, if you add refining cost and profit of 6usd per bbl,The total cost becomes 270,000,000usd per day.There is no way you can refine that crude at that price and sell it 65naira/ l and make profit. Meanwhile, once we mark out that 45m usd worth of crude for our refineries (assuming they are working at optimum capacity), the govt has already lost 45m usd from their 140m usd daily earnings (which will affect budget implementation) and after refining will still spend more money to subsidize it to 65naira/ l (you now understand why NNPC subsidizes the products from our refineries) With this analogy, you will agree with me that if all our refineries are working optimally, the govt will spend 3times our present day subsidy to bring the pump price down to 65naira/l .
So, for those of you clamoring for refineries should be careful what you wish for because there is no cheap crude for you to refine.

I have argued abinitio that the sales of other derivatives of crude will bring down the cost of most sort PMS,DPK etc but after doing some feasibility studies, I realized i was dead wrong. I further argued that to make cheaper crude available for our refineries, the Govt should reduce the price at which it is supplied unfortunately, the senate mandated the then GMD of Nnpc that the DSO must be sold at international crude price. This i believe was proposed for the

following reasons:


1 the refineries are working below capacity so what the heck does Nnpc use the crude for?


2, there is a benchmark on crude price for budget implementation.With these reasons, any existing or yet to exist refinery in Nigeria will get crude at a international price and must need subsidy to sell at 65naira/ l, at this cross road, the then GMD of Nnpc decided that all crude should be exported and subsidy be paid on imported products.

At this verge, i must reiterate here that competition amongst importers will only crash the negligible profit margin but not cost price .Even if every Nigerian becomes an importer of pet. Prods, we can never change the fact that crude in the int l market is already expensive before thinking of refined prod. So we must need subsidy to make profit.

Before this issue of subsidizing petroleum products can be addressed,You must have the following at the back of your minds:

1, Nigeria pegs a benchmark on crude prices to enable it implement budget. This stands at 75usd/bbl. And this crude is sort from the JV

.2, if crude price exceed the benchmark above, Nigeria makes excess crude revenue (ECR)
3, conversely, if we make excess crude revenue, the price of subsidy on refined products shoot up.With the above analogy, One can argue that the ECR be used to subsidize imported petroleum products since both are a function of each other unfortunately in Nigeria, it comes with its
own challenges.
By law, the constitution clearly states that all revenue accrued to the FG be shared amongst the three tiers of Govt.This alone makes it illegal for the FG to keep the ECR to itself for whatever reason.This is where the wahala started, during GEJ's campaign, he astronomically increased workers salary without consulting the state Governors,most Governors have refused to pay on the grounds that they cannot afford it. On that grounds Taraba, jigawa and some other states have a genuine case.With the above development, the states started scrambling for funds and remembered the ECR and insisted it must be shared to enable them pay the new wage and develop infrastructures.
(you now understand why all state governors are for subsidy removal
including the literally "one of us" comrade Adams oshiomole, because they know it will be shared just like the ECR)


The way forward:


In the short run:


FG, must
consider these options
1, identify and tackle the corruption and incompetence prevalent in the subsidy regime above. That will push down the cost of the subsidy in the first place.Like i said in April, no matter how sincere GEJ think his administration is, he cannot make any reasonable progress in the face of corruption,

2, the power projects must come upstream before removing subsidy, this will reduce the demand on pet. Products to a very great extent.

3, Nigeria must accommodate Gas export, port duties and other forms of revenue in their budget implementation policies.

4, Govt must never invest an extra kobo in our moribund refineries, by doing otherwise, the cost price of the refineries will rise to an extent that it will no longer be attractive to investors or will prolong their repayment plan Thereby making it very capital intensive.

5, Instead of deceiving Nigerians with their cabal bullshit and deluding them that they don't benefit from this subsidy, the FG should channel that propaganda withintense lobbying to the senate,NLC and civil society organizations to stop the state governors from demanding for the ECR, this can be achieved by the FG asking the state to pay whatever increment they can afford for the workers that way the ECR will be used for subsidizing pet. Products.



In the long run:


Nigeria must seek local production capacity.It is no longer news that Nnpc and its subsidiaries have failed woefully in meeting the needs of the Nigerian people. Nnpc through its subsidiaries Npdc and Ngc are saddled with the responsibility of the above for oil and gas production respectively, but as i write, the current production of NPDC stands at a paltry 90,000bbl/ day which is a huge failure for an agency set up 23yrs ago,

The IOC's has made us believe that it will cost less than 12usd to extract 1bbl of our oil.
The Management of NPDC must be reshuffled and if possible experts brought in on contract basis to improve NPDC's production.These experts must be placed on targets appraised by milestones.

In ogoni land for instance, Anglo dutch has a lot of abandoned production facilities and marginal wells and others scattered all over the country, these can be bought by NPDC with the money FG want to waste on refineries to improve production,

If NPDC can extract oil at 12usd/bbl and make a little profit, with this cheap oil available, Nigeria will have no reason going to the JV.
This cheap crude is what will attract investors to build refineries and create jobs against sanusi's pump price increase to attract investors and create another monster called INFLATION, A 250,000bbl/d refinery will cost a little above 5b usd, dangote alone can afford two of those only if NPDC can guarantee cheap oil. This is why no investor is coming to build refineries. A crude price of 18usd/bbl from NPDC will guarantee pump price of less than 30naira per litre of pms from these refineries.With this plan,By the end of this Administration, NPDC will have robust production capacity and the refineries will guarantee steady refined products. These refineries shouldn't be operated by the Govt for any reason.The FG will generate revenue from both ends, export of crude and export refined products and the production of NPDC must be increasing periodically. this is necessary because Nigeria as a member of OPEC has a limit to crude export but we can earn more revenue from petroleum products export. Once the above takes effect, there won’t be any need to be paying subsidy because pump price will be around 23naira/ l and inflation will reduce by 40‰.

Now, how competent is Allison Madueke and iweala if they can’t figure this out? To think of removing subsidy at this stage where there is no electricity and high corruption rate will be tantamount to economic suicide.

I cant believe iweala and sanusi are using trial and error approach to economic solutions please try the next country or preferably Haiti.

What iweala forgot is that in the face of inflation, the cost of running Govt projects will be high, All Govt contractors will definitely come back for contract variations or Abandon those projects.
As a sound economist, she should tell Nigerians the value of 1.3 trillion naira
( she intends to save on subsidy removal) in the face of 60% inflation and how many projects Nigerians will benefit from the subsidy remova? If you remove subsidy and the money disappears, then it is a NO NO for Nigerians.

Now, let us analyze possible solutions to
this economic quagmire.

I have a deal for iweala.


fight corruption and inefficiencies in the subsidy regime and bring it down to
300billion for this year. The management of Npdc must have a
Target of 150,000bbl/d by dec 2012. on january 2013 subsidy will go by 50% and by dec 2013 Npdc should guarantee 200,000bbl/d on
1st january 2014 subsidy must go 100%. with or without the refineries on ground, then if Nigerians are sacrificing, they will know it has a limit pending when refineries that will utilize the cheap oil on ground arrives.
tell me what WE are sacrifising for today? eternal slavery?

I and my generations cannot and will not sacrifice for Govt's incompetence.

Nigerians should never accept partial deregulation, it is more dangerous than total deregulation because Nigeria hasn't a price regulatory agency who ordinarily should put the markets and commuters on check.

Deregulation in the down stream sector is not same as telecoms, we need structures to support it which Nigeria have not got unlike the later.

Yinkay:

One of the major reason is that Banks are not providing credt lines to Marketers because of uncertainty of the outcome of the Subsidy Probe. Some marketters may be sacrificed to show that FG is seriuos about corrupion and if such marketer is owing a bank, it will end a bad debt.

Most banks have stopped giving loans to oil marketers following the Sanusi saga in the sector as most bank loans that failed were those given to oil marketers who were affected by the sudden glitch in the oil market.

Things are not looking so good at all and NEPA is not helping matters.

i think i like it this way, Nigerians need a reason to stand up to incompetence,
if we had people still voting pdp in rerun elections, people who supported the removal of pet. subsidy tells me that we have a long way to go but in the end, pdp has never disappointed us with more suffering.
i feel sorry for the mentality of Nigerians but i like what befalls them in the end.

@jp_philips, you are totally on point, I read ur article and I couldn't agree more,

Walahi if we have power on a 24/7 basis, even if fuel is 200 naira, we won't really feel it cos u nd I will know its only for mobility, not in this case where busineses, offices, houses and everything you can think of is run with petroleum products,

@beaf and co supporters,
I knw your pee brains won't see logic in this arguement cos ur way too narrow minded, I await the regular crap u dish out cos I wan laugh in calabar today,

gentlegg:

Throughout 2011 there was never fuel scarcity. Why did the scarcity start now?
Which forces kept fuel available throughout N65 regime?

Kobojunkie:

I don't believe the above makes much sense considering 2010/2011, we were made to believe that the era of fuel scarcity was forever gone.

The period in question was when the subsidy fraud hit the heavenly clouds. The availability of fuel then was a good cover up. Mr President and his team was very right about deregulating completely.

Right now, it is no longer business as usual but as far as goverment is still paying subsidy, fraudulent activities including diverting and hoarding of fuel will continue.

In Port Harcourt Amechi is threatening to shut down filling stations selling fuel to jerry cans: I think he should better mount cameras that will send a 24 hr feed back to him. Nobody will hoard or divert fuel if government removes hand from it.

Nigerians are being fooled; subsidy regime is penny wise.

@noblezone, so if I need fuel in my generator, I'll have to carry the whole gen to the filling station so I don't buy in kegs, hhmmm, how idiotic of Amaechi,

So na me nd u dey corrupt the fuel subsidy regime abi?, hhhmmm, how foolish of you,

Look ma friend, if u don't have something valid nd resonable to say, just shattaaap!!!!

Stopping selling of petrol in jerry can is not the way to approach this issue; in fact the koko now is that the bad petrol stations remain closed during the day in PH only to start selling by 10pm so how then do you close em.