http://www.vanguardngr.com/2016/05/petrol-sell-n130-per-litre/

Petrol to sell for N130 per litre

It is projected that at the current exchange rate and current price of crude oil, the marketers could sell as high as between N120 and N130 per litre.

Contacted, an executives of one of the oil marketers’ association, who chose not to be named, told Vanguard that he was not aware of such decision, stating, however, that the Federal Government had the right to make whatever decision it deemed fit.

Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, had last month during a visit to the Petroleum Products Pricing Regulatory Agency, disclosed that from May 2016, the price of Premium Motor Spirit would be reviewed to reflect current trends in the global petroleum industry.

No agreement with FG on full deregulation – Labour Meanwhile, organised labour, yesterday, dismissed speculations that it had reached agreement with the Federal Government for full deregulation of the downstream oil sector, saying there had never been a meeting on such issue and no such agreement. Both leaders of Nigeria Labour Congress, NLC, and Trade Union Congress of Nigeria, TUC, told Vanguard that government had not invited them or written to them about the intention to deregulate, insisting that there were issues affecting workers and ordinary Nigerians that needed to be addressed before anybody could talk of full deregulation of the downstream sector. According to Mr. Bobboi Kaigama, “there is no such agreement. We have not even met with government on such issue. Look, there are issues affecting workers and ordinary Nigerians on the issue of full deregulation.

http://www.vanguardngr.com/2016/05/petrol-sell-n130-per-litre/

THE Federal Government may be considering increasing petrol price as part of efforts to resolve perennial fuel shortages.

If the plan sails through, government may also have to abandon its policy of fixing the pump price of petrol in order to allow independent marketers resume the importation of fuel to sell at profitable margins, sources at the Petroleum Product Pricing Resulated Agency (PPPRA) have said.

According to the sources, the resumption of products importation by marketers will be an indication that price regulation by government may no longer be feasible since the recent price modulation by the Petroleum Products Pricing Regulatory Agency (PPPRA) has failed to resolve the crises.

A credible source from the agency further stated that petrol may now be sold for N130 per litre. Already, fuel queues have resurfaced at most fuel stations in Abuja few days after disappearing.

This is even as fears have been expressed that the national budget could suffer a major cash flow setback as prices of crude shed $5 per barrel as at weekend while output dropped further due to attacks on Chevron facility by militants just before the budget was signed last week. Government estimates that it may be losing over $22.8 million daily as a result of the attack.

Sources revealed that after several meetings between oil sector regulators and independents, government last week gave marketers approval to source foreign exchange from the parallel market, which means that the price of petrol may top N130 per litre from the current modulated price set at N86.

However, petrol stations operated by the NNPC will continue to sell petrol at the current price of around N86 as government intends to continue to adjust prices at its stations under the modulation template it recently introduced, the sources further said.

It was also learnt that the Federal Government will not publicly announce this policy shift.

it's all CHANGE!!! *laughing in Chinese*

waiting for tinubu and cohorts to #occupynaija#

130:This is better change. Please how did they told us during campaign? I thought 87 or so?

Change is here

All thanks to zombies who sold us out to this directionless government

NNPC TO STILL SELL AT 86 Naira

http://punchng.com/attacks-osinbajo-meets-security-chiefs-iocs-production-falls/

As long as the fuel queue disappears
It's ok

Not new......I've been buying for 130 and above for over two months and bought just about thrice for 86.50 .

I'm watching!

Are Nigerians just going to accept this easily or they are demonstrating just like they did during GEJ time?

I'm watching!

kolnel:
As long as the fuel queue disappears It's ok

typical Nigerian!

greatgod2012:




typical Nigerian!

People like him are the main problem we have
.

If this sails through, then NLC and TUC must tender an unreserved heartfelt apology to GEJ.

Those 2 unions set Nigeria back by at least 4 years.

Had GEJ been successfully allowed to remove subsidy in early 2012, by now, we'd have started reaping the benefits though there would have been initial pain. By now, private refineries would have sprung up here and there and in fact, filling stations will almost advertise their new low pump price on TV/radio to attract customers.
Of course, there several thousand jobs would have been created alongside.

Has anyone observed that telcos are almost the only companies that have reduced their tariffs by introducing mouth-watering incentives anytime you recharge rather than increase them in this harsh economic times?

The reason is simple - there is a stiff, bitter competition for survival in the market. Now imagine if it were only NITEL running the show.

I wanted to say 'e no go beta for NLC and TUC of 2012' but its too early in the morning.

All the same, GEJ deserves knocks for giving in at the time.
I dont see PMB giving in no matter the pressure this time around.

No wonder, GEJ had to go. A leader must be stubborn and rugged. He was just not fit for the job.

Good morning everybody.

Oh! who sent me ooooooo?

The economic evidence for deregulation is strong. In the long run, it will boost the refining of crude oil in Nigeria. In the short term, many Nigerians can't find fuel and are happy to pay N130 if and when they find it. It is certainly a move that will allow the government to reallocate resources. This should have been done in 2012 when GEJ wanted to. But as they say, the rest is history.

greatgod2012:
I'm watching!

Are Nigerians just going to accept this easily or they are demonstrating just like they did during GEJ time?

I'm watching!

protest? No no, there will be no protests, his opposition are not used to protest hence we going to have only news paper, television and online talk shows. Those that like protest maybe told to have patience as everything is yet to change.

hmmmmm... a country where HOPE deludes the common man... sometimes i wish a vigilante would arise and send this visionless and heartless leaders to sleep with the aid of a sniper rifle.
its just sad

Nonsense speculation