The Minister of State for Petroleum, Dr. Ibe Kachikwu, says the Nigerian government has suspended the subsidy on petroleum products as at today, December 27, as a result of the current low price of crude in the international market.

[i][/i]

Dr. Kachikwu said the non-payment of subsidy would remain the same, as long as market trends allow.

He told reporters on Sunday in Kaduna that if crude prices increase, there would be a review which would be tackled under the newly introduced price modulation in the sector.

The price modulation, according to the Minister, is not an outright removal of petrol subsidy.

On December 17, the Minister said that the government was not interested in the removal of subsidy on petroleum products, but rather a price modulation that would reduce its involvement in pricing starting 2016.

He explained that a periodical review of the Petroleum Pricing Template and a flexible management of the pricing system would be considered.

The price modulation, the government stressed, would be predicated on a 97 Naira per litre projection, which would be a cap on the price of fuel with a gradual increment between the band of the current price of 87 Naira and 97 Naira until a fair price is reached in the pricing review.

Few days after he announced plans for a price modulation, he told reporters  that the Nigerian National Petroleum Corporation would announce a pump price of 85 Naira per litre of petrol in January 2016.

Dr. Kachikwu said that the new pump price was according to a PPPRA template which he signed off on Wednesday which would be the first reflection of the price modulation that will kick off fully in the petroleum sector by January 2016.

Following his inspection of the refinery in Kaduna State on Sunday, two days after a tour of the Port Harcourt Refinery, the Minister told reporters that a combined daily production of up to 10 million litres of petrol is expected from the four Nigerian refineries by January 2016. A production that is aimed at cushioning the current scarcity of petrol across the oil rich nation.

The production is only 50 per cent of their maximum production capacity of 20 million litres daily, but the minister says more locally refines petrol should be expected as the year unwinds.




Source: http://www.channelstv.com/2015/12/27/fg-currently-not-paying-subsidy-on-petrol-kachikwu/


Mynd44

Ok

Please use this opportunity of low crude price to remove the controversial subsidy.

We finally have a president

bettercreature:
We finally have a president

Why are you not occupying Ajegunle?

What about the supplementary appropriation meant for subsidy?

Kachikwu is da maaaan!

agabaI23:
What about the supplementary appropriation meant for subsidy?

This was for previous debts. A free market is the way to go.

chidibond:
This was for previous debts. A free market is the way to go.

You just realised that free market is the way to go? Did you occupy in 2012? What was your position?

agabaI23:
Why are you not occupying Ajegunle?

Don't want to inflict damages on you because of the new ban happy moderator

chidibond:
This was for previous debts. A free market is the way to go.

The senate has approved the supplementary budget of President Muhammadu Buhari, increasing it from N465 billion to N574 billion t[/b]o cover fuel subsidy claims. While presenting the supplementary appropriation bill on Tuesday, Danjuma Goje, chairman of the senate committee on appropriations, explained that the initial amount budgeted for the settlement of subsidy claims only covered the period from January to September. [b]Goje said it was important to include October to December in the budget in order to avert scarcity of fuel. The budget had pas

Read more at: https://www.thecable.ng/just-in-senate-approves-fgs-n574bn-budget

So it was not only for previous debt. What sayest thou?

Fuel scarcity go continue

bettercreature:
Don't want to inflict damages on you because of the new ban happy moderator

Damages kwa? because I said Ajegunle? Ok why are you not occupying against the removal of subsidy? Did you or did you not occupy in 2012? What was your position?

lies lies liess.
does lies belleful?
does lies fuel yar car?
does hot lies run your generator?
does lies defeat terrorism?

na you know ooo

I have being buying pms at above N120 per lit for more than 2 months now.

Where is the subsidy?

agabaI23:
Damages kwa? because I said Ajegunle? Ok why are you not occupying against the removal of subsidy? Did you or did you not occupy in 2012? What was your position?

Crude oil was 115$ as at then and fuel would have cost 140naira (you realise fuel was 70naira as at then before GEJ increased it to 97naira after all the protest)if subsidy was removed there by inflicting deadly harship on Nigerians and give GEJ more money to embezzled but now that the crude oil is sold 38$.Fuel will cost 85naira without subsidy,can you spot the difference now
So this is the right time to remove subsidy

CHANGE !!

bettercreature:
Crude oil was 115$ as at then and fuel would have cost 140naira if subsidy was removed there by inflicting deadly harship on Nigerians and give GEJ more money to embezzled but now that the crude oil is sold 38$.Fuel will cost 85naira without subsidy,can you spot the difference now
So this is the right time to remove subsidy

Are you kidding me? Fuel will cost 85 naira where? They said they are not paying now. How much do you get a litre now? It is N140 in my area.

You occupied in 2012, so you are part of the problem and you have no right to talk. If the subsidy was removed in 2012, free market would have taken control now. The initial sufferings would have been over.

Look at you logic? It would have given GEJ more money to embezzle.....

bettercreature:
We finally have a president

Emancipate yourself from mental slavery

agabaI23:
Are you kidding me? Fuel will cost 85 naira where? They said they are not paying now. How much do you get a litre now? It is N140 in my area.

You occupied in 2012, so you are part of the problem and you have no right to talk. If the subsidy was removed in 2012, free market would have taken control now. The initial sufferings would have been over.

Look at you logic? It would have given GEJ more money to embezzle.....

Fuel will cost 85naira from january ist,We have signed some contract with foreign companies to buy crude oil and sell back to us without any string attached,soon as the first shipment arrive,you will feel the full force of CHANGE

bettercreature:
Fuel will cost 85naira from january ist,We have signed some contract with foreign companies to buy crude oil and sell back to us without any string attached,soon as the first shipment arrive,you will feel the full force of CHANGE

I will be happy. The same thing that happened in 1984 march. Buhari was the first to sign an agreement with PetroBras to export crude to be refined and subsequently imported.

I so much hope his body language would resuscitate the refineries. So easy to criticize.

agabaI23:
I will be happy. The same thing that happened in 1984 march. Buhari was the first to sign an agreement with PetroBras to export crude to be refined and subsequently imported.

I so much hope his body language would resuscitate the refineries. So easy to criticize.

Just trust this government and everything is going to be automatically okay! not manual trust me

bettercreature:
Just trust this government and everything is going to be automatically okay! not manual trust me

Tell me why I should trust this government? BTW were you at Aso Rock for the rice party?

bettercreature:
Just trust this government and everything is going to be [b]automatically [/b]okay! not manual trust me

Automatically OK. As in I will become a zombie as many of the die hard fans that see nothing wrong in the anomaly and lies from the pit of hell?

Everything will be automatically OK like I will not be worried that EFCC and DSS are flouting court orders?
Everything will be OK and I will not worried that I buy fuel at high price even when money was made available for December subsidy?

agabaI23:
Tell me why I should trust this government? BTW were you at Aso Rock for the rice party?

There are over 1000 reasons to trust the only saint we have in NIGERIA in PMB,we might finished Nairaland bandwitts if i have to start stating everything so i think you should try google,beside i wasnt at the party i'm not a paid goon

bettercreature:
There are over 1000 reasons to trust the only saint we have in NIGERIA in PMB,we might finished Nairaland bandwitts if i have to start stating everything so i think you should try google,beside i wasnt at the party i'm not a paid goon

Your saint?

150 cows in 2011, 150 cows in 2015 and then 270 cows
1 house in kaduna and one in Katsina before election, after election more than 5 houses identified
1 million in bank in March, 30 million in June

Saint in deed. Don't swear for him with your dck if you still have need for it otherwise you could be turned to a eunuch

These are needless tactics to trigger d oil subsidy removal.

Win a war with dignity not foul

Can someone please fully explain the dynamics of the so-called "Price Modulation"?
---
Why is it okay to support removal of subsidy now when we rejected it in 2012?
Back then, the effect of the removal would have been an increase in pump price from N65 to N141 (over 116% increase). As at today, subsidy removal will initially not cause any upward price review. In fact, there is talk about a downward price review to N85 by Jan 2016.
---
There is no debate that the subsidy regime is not sustainable over the long term. Low oil prices has simply provided a perfect opportunity to discontinue it without causing any major price shock.

Will say nothing until after 48hrs.

Because these scammers called APC may come out tomorrow to deny or say something else.



A party with two sides to every report.

[/b]

bettercreature:
Fuel will cost 85naira from january ist,we have signed some contract with foreign companies to buy crude oil and sell back to us without any string attached,soon as the first shipment arrive,you will feel the full force of CHANGE

I laugh in Swahili.
Just read what u wrote, my guy, u are the biggest zombie on naira land.

The dullard himself doesn't know u exist and u here saying we as if u are part of the govt.

The funny part of being a zombie is that u still buy petrol at #140 per litre same way we the wailers are buying.

Be here cheering pmb while he is busy relaxing in aso rock and his deputy enjoying himself in Dubai while u are left in ur mud house supporting and cheering them.


APC = SCAM

Sai baba= dullar-dinho

agabaI23:
You just realised that free market is the way to go? Did you occupy in 2012? What was your position?

Why are you worried about 2012? This 2015/2016.

Just do the needful, and shame the devil