By Omeiza Ajayi

ABUJA: The All Progressives Congress APC has lent its voice to the federal government’s removal of fuel subsidy, saying, the pump price of fuel would crash within the next three months.

APC said, like the Global System of Mobile telecommunication, GSM, the price of fuel is bound to reduce soon as a result of increased competition.

National Chairman of the party, John Odigie-Oyegun stated this on Friday in Abuja during a brief chat with journalists.

[b]“From our point of view as a party, it has become necessary to fully and in order to recover from the economic situation which we have been plunged to totally free the economy and let the normal laws of demand and supply operate. Of course, with government standing by to protect the long suffering Nigerian who is at the margin. If is unfortunate, it is painful what has happened, it will increase cost in all directions. But in the medium term, in three months at best, I foresee that the prices will come crashing down when there is availability. NNPC will continue to be in the field anyway either through the refineries whenever our pipelines are allowed to function or through importation and so will continue to be a player in the fuel supply market. Prices are bound to come down. A typical example is what happened when mobile phones were introduced. I remember that I bought a SIM card for over N30,000, but today, it is virtually free. If we free the fuel market, that same thing will happen which was as a result of competition is likely to happen.[/b]

“Over time, the subsidy regime has become so intensely manipulated, so abused that it really was no longer operating in the interest of the Nigerian public. I think that it has become very clear that the kind of queues that has become endemic over several regimes in this nation is a clear indication that something has gone seriously wrong with the subsidy regime. Those who were privileged were exploiting it to amass more wealth. Meanwhile, the people for whom it was basically meant had to bear the cost in higher transport fare. Each time these queues develop, of course the ordinary Nigerian bears the cost while the importers and manipulators of the system are the ones that makes all the money”, Oyegun said.

The federal government had on Wednesday hiked fuel price to N145 from the earlier price of N86. He added that the current budget did not provide for subsidy and so, “if the region of subsidy is to be reintroduced, it can only divert resources from the crying needs of other sectors, including the programme to help the Nigerians living at the margin”.

“So, the appeal which is a very sincere appeal to the Nigerian people; yes there is a lot of hardship, yes increased pump price will also increase that hardship. But the economy is being freed in a way that the ordinary Nigerian will become the major beneficiary and we are talking of a matter of months from removing this one last bottleneck that has held the Nigerian economy down. So, it is an appeal and we should watch what happen in the next few months as far as the fuel issue is concerned because I am sure it will come crashing down. In any case, it will free resources eventually that will be used to create good jobs which has been promised and improve the lot of the Nigerians at the margin. That is the message the party wants to convey. The economy is in bad shape as a result of which our people are going through hard times”, he added.

Read more at: http://www.vanguardngr.com/2016/05/640444/

Lalasticlala

.

lies lies lies...as if d dollar would become weaker against d naira in 3 months

This govt is just pathetic.

Sounds like another campaign promise

These guys are really advanced yahoo yahoo

Even before I click-open this have know!!...
A V C!!!.
Blantant lie everywhere!..

Political status (PENDULUM)
Or rather
(NIL)

Another Promise to be cancelled in 3 months time... APC - All Promises Cancelled... Mumu party sent from the pit of hell to inflict hardship on Nigerians giving back excuses and fake promises as the only consolation

Only a fool and a dumb man can fall to this great lie from pit of hell

Govt of lies run by liars.

Their concern is more freed funds for them to steal and spend & not what happens to the poor masses.

believe at your own peril!

hmmmmmm

They are talking nonsense. The price will get out of hand in the next three months if they refuse to close the gap between the official and parallel market rate of forex.

APC is taking us for fools...

Rose2014:
Sounds like another campaign promise

These guys are really advanced yahoo yahoo

Serious advanced Yahoo Yahoo. I'm still amazed at no protest on the streets yet

no successful businesss man that is a fool, why do they like runing their outh when what they are suppose to do is work and provide dividend of democracy? The oil markers have a union if you think they will sit and watch thier business empire crumble then that is the biggest joke of the century. More refineries need to be built,

Yeye government and nonsense party!


Any zombie that expect private importer to reduce price of petrol is a big joke! This private limporters are now going to deal with us.

TonyeBarcanista:
APC is taking us for fools...

Just like PDP took us for fools for a whooping 16 years.

#000000

In the telecom industry there was competition between service providers, which brought down prices of their goods and services. Competition between marketers and distributors of telecom products didn't bring down the prices of anything. Prices of petroleum products will only go down if there is competition between local refiners. Producers determine the lower limit of prices of goods in the market not marketers, no marketer will sell below the price he buys. We already know the minimum and maximum price of PMS from the gov't templet. Now tell me which sane marketer would sell below the templet just because there is competition? Moreover the current price is based on the assumptions that: 1. The price of crude oil wouldn't change. If today the price of crude goes to say $45 this templet would be revised upwards. 2. Marketers are able to source enough forex at or below #298 to a 1$. If marketers can't source enough at the stipulated rates, there would not import. As long as we import the PMS prices would remain high. Gov't talks about new players in the industry, I hope they are referring to refiners and not importers, new importers will still buy and sell PMS at similar rates to existing ones. Finally I have a question how much is PMS produced in Nigeria going to sell, because the templet we have is for imports.

Here is the Game,APC and presidency just raised this pump price to fund there budget...this is wickedness in the highest order,this set of people careless about the common masses they use every illegal way to extort money from the masses to save there incompetence of not having any good policy in salvaging the present economic conditions of the country

naija247:
In the telecom industry there was competition between service providers, which brought down prices of their goods and services. Competition between marketers and distributors of telecom products didn't bring down the prices of anything. Prices of petroleum products will only go down if there is competition between local refiners. Producers determine the lower limit of prices of goods in the market not marketers, no marketer will sell below the price he buys. We already know the minimum and maximum price of PMS from the gov't templet. Now tell me which sane marketer would sell below the templet just because there is competition? Moreover the current price is based on the assumptions that: 1. The price of crude oil wouldn't change. If today the price of crude goes to say $45 this templet would be revised upwards. 2. Marketers are able to source enough forex at or below #298 to a 1$. If marketers can't source enough at the stipulated rates, there would not import. As long as we import the PMS prices would remain high. Gov't talks about new players in the industry, I hope they are referring to refiners and not importers, new importers will still buy and sell PMS at similar rates to existing ones. Finally I have a question how much is PMS produced in Nigeria going to sell, because the templet we have is for imports.

infact, you have made all the sense that can be made in all these arguments.

Only APC Zombies will believe that Fuel price will crash.
Nothing goes up and comes down in Nigeria

Werey people.

Monimatic:


Only APC Zombies will believe that Fuel price will crash.
Nothing goes up and comes down in Nigeria

Cement sold at 2,800 at some point in 2014

We were a net imprter of cement as at then, today Nigeria is a net exporter of cement. Cement only recently increased to 1,500 from 1,300.


The moment Nigeria can refine its crude oil locally, and surpass the local demand, the price will tumble

Obviously. Cos those who are to buy the fuel would have crashed in less than 2 months.

so they said about naira equalling dollar. They are deceiving themselves and their slaves.

Sorry to say this but have to #Godpunishunapapa.