Nigeria will not increase its gasoline prices, President Muhammadu Buhari told his oil minister and state oil firm head, summoned to his villa last week, sources at the compound said.

Oil Minister Emmanuel Ibe Kachikwu, the head of state oil firm NNPC Maikanti Baru and the entire government have stepped up efforts to keep fuel flowing into Nigeria without repeating the price increase of May and risking civil unrest.

Shortly before the meeting former Nigerian National Petroleum Corporation (NNPC) bosses had said such an increase may be needed.
A steep devaluation of the naira currency has made sales of petrol at government capped prices unprofitable, marketers say. Months of unrest in the Delta region has also cut Nigeria’s oil output and left as little as half the crude available that it needs to swap for refined motor fuel from trading companies.

“Gasoline is the top priority” for NNPC, said one oil industry source who, like many in Abuja was meeting daily with officials in the oil company. The company, and government, the source said, “will do whatever they can” to stop shortages and keep prices stable.

In a statement last week, NNPC’s Petroleum Products Pricing Regulatory Agency, which oversees downstream regulations, said there was “no basis” for price increase fears, and assured the nation of “uninterrupted supply and distribution.”

Nigeria has four oil refineries, but none of them have been able to run consistently enough to provide Africa’s most populous nation with enough gasoline and diesel - despite its historic position as Africa’s largest oil producer, pumping around two million barrels per day.
That is, before unrest cut output by around a third earlier this year.

Available, affordable gasoline is crucial to the government’s credibility. Shortages bring the nation to a halt, leading to days-long queues for fuel and power cuts at small businesses that rely on generators to withstand frequent power outages.

Nigerian unions have already threatened to take to the streets if prices rise further, as consumers face inflation that is at an 11-year high of 17 percent.

The Independent Petroleum Marketers Association of Nigeria, which represents small and medium fuel sellers, is, however, calling for higher prices. It argues that the current state cap of 145 naira per litre is far too low, given the devaluation.
The currency fell to 420 per dollar on the parallel market last month, compared with the rate of 285 that the government was using when it set the cap.

Gasoline is imported into Nigeria by NNPC and independent importers, with each usually providing half the total needed, but the government said it has been providing some 90 percent in recent months. (Reuters).


http://www.dailytrust.com.ng/news/business/buhari-rejects-marketers-call-on-petrol-price-hike--source/162462.html

It is advisable he maintains a rigid stance on this. The goodwill he enjoyed prior to and after his assumption of office is fast depleting due to acute ineptitude to confront the myriad of challenges assailing this nation. A further hike in the price of petrol will deal a fatal blow on his plummeting popularity and nail the coffin of his exit from power at the next elections.

Corruption must fight back. All the dollars they stole under previous govt is haunting them. They are so used to it now.

Sai barber, another fuel pump price increase imminent...

Anything the barber reject, he goes back to swallow.

'Is as a dog returning to its vomit.'

Anytime the barber REJECT he goes back to SWALLOW.

There is always a limit to human endurance. The French Revolution was fueled by an increase in the price of bread.
Any increase in the pump price of petrol now will make a bad time worse for Nigerians.
PMB should say no to this proposal

Just give him time, him go increase am going by his precedents. Moreso, there's no other way forward if the exchange rate persists as it is

Buhari thought ruling Nigeria in a democratic setting is the same when he was military president. He didn't knw Nigeria is now fill with unpatriotic elements who on delay basis are looking for ways to undermine the govt thereby making huge profit at d detriment of d masses. Uneasy is d head that wear d crown.

let's just keep our fingers crossed n watch out how tinz pan out because my faith for dis administratn deteriorated lng b4 nw

Which way Nija? I hope he will not deny this latter...The economy is hard enough we don't need more..

Better!

Lifestone:
There is always a limit to human endurance. The French Revolution was fueled by an increase in the price of bread.
Any increase in the pump price of petrol now will make a bad time worse for Nigerians.
PMB should say no to this proposal

This is exactly what will happen should there be any hike again.

I'm sure Buhari knows better. He should those dogs in human forms in check.

Zoombies be like lets be patient with him pls, lets give buhari more time to finally ground the Nations economy for good, pls.

He rejected the call for devaluation

Without refinery

Oil marketers will always win.


Expect scarcity soon.

if fuel price goes up because of current exchange rate, then we are in really big trouble, cos if they increase price of fuel today and the marketers wants to import tomorrow and decides to source for their forex from BDC again, that will increase the present exchange rate again, because they will buy millions of dollar and since it's scarce to find, the rate will increase, and this is how it will continue to be till $1= 1000 naira and 1 liter of fuel is 900 naira.

Bull-harry have destroyed this country

Just like he rejected calls for the devaluation of the Naira. Smokes and mirrors. Nigerians brace up jare, tighten your belts.

Wahala dey.

bejeiodus:
It is advisable he maintains a rigid stance on this. The goodwill he enjoyed prior to and after his assumption of office is fast depleting due to acute ineptitude to confront the myriad of challenges assailing this nation. A further hike in the price of petrol will deal a fatal blow on his plummeting popularity and nail the coffin of his exit from power at the next elections.

E be like say baba God don RESET bubu brain...... somebody shout Haleluyah

Who takes buhari serious?

Y is difficult to fix the refineries. It is the only way out of this log jam.

Initial he rejected devaluation of Naira too.
How much is Naira to a Dollar now?

Believe him at your own peril.
He will later succumb and they will give it a subtle term; "this is not price hike but price adjustment."
We should just be preparing for increment!

hmmm

Story, story, story

I remember during his campaign when the dullard said he was going to regulate oil price.

BlackSeptember:
Who takes buhari serious?

I wonder.
Very uninspiring a leader, no single tangible idea or implementation of any significant thing since almost 2 years he's been in power. Huge disappointment. Mschew

lilprinze:
I remember during his campaign when the dullard said he was going to regulate oil price.

bro, he fulfilled the promise when he made the price of a barrel of crude oil to sell for less than $50usd. give him kudos bro, for he has stabilized the price for about a year now and destroyed the Nigerian economy along with it.

who says he is not an agent of change / destruction

THE REAL NIGERIA
I just realized that the
hardship faced by many Nigerians is simply as a result of the fact that almost everyone of us benefited from the cycle of corruption.
The bricklayer, plumber, labourers, tiler are all
complaining because building construction has slowed down massively cause the thieves no longer have money to spend on real estate.
The car dealers are
grumbling because their cars are begging for buyers.
Thieves can no longer spend wastefully.
The private school owners are shouting because parents can no longer pay outrageous sums and are withdrawing their wards.
I was shocked when I learnt that in a popular private University in Abuja, parents are writing undertaking at the account section for their children to be allowed to write exams... and it goes on and on.
The fact is, a lot of people are returning to what
someone referred to as ''default mode''.
We mostly have been living above our REAL MEANS.
We have been staying in houses that ordinarily our
incomes can't afford.
Our children going to schools we can't afford. Driving cars we ordinarily can't maintain.
We have been living a FAKE LIFE all along.
Now the reality is before us and we don't want to accept it.
This shows how morally bankrupt we are.
You can't eat your Cake and have it. TAKE NOTE.........
You got billions from bank without collateral using your political influence.
You put half into your business and spent the other half on exotic cars, jewelries' etc.
Your business employs 100 people normally. You get illegal waivers and concessions to import raw materials at rock bottom prices, you get over inflated contract to supply government some goods your company produce....
in short your company is kept afloat by corruption.
You have been paying Tithes, Sowing Seeds that includes money from corruption and inflated contracts.
Now, the new Sherriff in town say NO more ridiculous waiver, NO more inflated contracts, NO more bank loans without collateral, in fact its time you or your company pay off the billions of debt owed.....
AMCON takes over your company, staff are laid off......
And you go on air and say the new sheriff is killing business and causing unemployment..
The truth is....you and your company were never in business, you were only feeding off the corrupt system.
Too many companies and banks are funded by corruption.
Remove corruption from the system and they collapse.......and we end up blaming the person that remove corruption for the collapse of the corrupt company.
Its like our system and corruption are so interwoven and un-separatable twins, that, removing one will kill the other.
Maybe we should tolerate and learn to live with corruption so that Nigeria can survive?
But count me out of the BRING BACK OUR CORRUPTION campaign.
Blessed are the few incorruptible and hardworking Nigerians, for they shall be rewarded by the new emerging Nigeria.

omoodeogere:
THE REAL NIGERIA
.

copy and paste.

PLZ,WHO KW THE LOCATION OF DT LADY DT GAVE LATE SANI ABACHA APPLE THEN?.........BECAUSE SHE STILL VE ONE UNFINISHED JOB UNDONE.

Lifestone:
There is always a limit to human endurance. The French Revolution was fueled by an increase in the price of bread.
Any increase in the pump price of petrol now will make a bad time worse for Nigerians.
PMB should say no to this proposal

Only the ignorants and kids talk of revolution in Nigeria.
Who would u revolt against?
For which reason exactly?!