The Demands:

Price increase
Total deregulation of petroleum products
Payment of outstanding subsidy


FG’S OFFERS:


Creation of special window for Forex from CBN
Presentation of request for payment of outstanding subsidy to National Assembly
Creating opportunity for the establishment of modular refineries
No return to era of fuel subsidy


A subtle move by marketers for the federal government to increase fuel price appears to have failed.

President Muhammadu Buhari is not disposed to the proposal, The Nation gathered yesterday.

He is also saying No to the re-introduction of fuel subsidy, sources said.

The pressure on government to effect a rise in petroleum price from N145 per litre is coming amidst the current acute fuel scarcity across the country.

Hundreds of thousands of motorists, for the fifth day running yesterday, kept searching for petrol wherever they could get it at any cost.

Commuters, many of whom went shopping for Christmas, were made to pay high fares for transport to their destinations.

Many others had to walk long distances.

Well placed government sources said the administration is concentrating on finding permanent solutions to the recurring fuel crisis including checkmating sabotage by some marketers and stakeholders, and putting all the nation’s 23 depots in 100 per cent shape.

It was gathered that marketers are still unwilling to import products because of low or insignificant profit margin.

They are seeking full deregulation of petroleum products.

Key players in the petroleum industry attribute the fuel crisis in the country to agitation for price hike by marketers, disruption of the supply chain, and sabotage by some stakeholders to force the government to deregulate the sector further.

One of the sources said: “The key issue is price war. The marketers have made representation to the federal government and the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu to allow price hike of petroleum products and leave the sector to market forces.

“The President and senior government officials are however opposed to price hike because of its spiral effects on the socio-economic life of the nation. It also has grave political implications for the survival of the present government.

“In the last few months, the government has been trying to cope through the Nigerian National Petroleum Corporation (NNPC) until there was stress in the supply chain following threats by PENGASSAN and the challenge in Lagos.”

Another stakeholder, speaking on the price war, said: “We import refined products as a nation. Once the prices of crude increase at the international market, they have effects on the cost of refined products being brought into our country.

“The landing cost of Premium Motor Spirit (PMS) is between N165 and N170 per litre. The marketers are claiming that the profit margin is insignificant and they cannot recover cost, they say they need to top up prices since they no longer enjoy subsidy.

“Initially, the same marketers said they had subsidy arrears to collect from the government and they will not import products. The arrears have not been appropriated for by the National Assembly and there was nothing the government can do.”

But a government source said: “To mitigate the issues raised by the marketers, this administration put some measures in place. For instance, the government created a special foreign exchange window for the marketers to enable them to import products.

“Instead of using the forex, some of them diverted it to other use. In order not to hold the nation into ransom by the marketers, NNPC in the last one and a half years has been importing 99.9% of products. This sole importation also drains the resources of NNPC but it has to sacrifice to ensure availability of products.

“And if NNPC imports, it sells to marketers but they are still complaining of low profit margin. The importation chain has its own stress because for the storage of the products, NNPC can only accommodate 55% of the products. The oil majors cater for 30% and independent marketers take charge of about 15%. So, at any point, these marketers are still needed.

“The alternative is for all the nation’s 23 depots to be operating at maximum capacity to check the antics of the marketers.”

A minister, who should know, also said the government was suspecting sabotage by some stakeholders.

His words: “Before the present crisis, the nation used to consume between 30million to 35million litres of Premium Motor Spirit (PMS) daily but since this current challenge started, the consumption has shot up to 80million litres per day.

“Without a soothsayer, it is obvious that something had gone wrong. We cannot just rule out sabotage including diversion of products.”


http://thenationonlineng.net/fuel-crisis-buhari-rejects-marketers-demand-price-hike/

The clueless one is synonymous with various degrees of problems. How could a single man be so unfortunate in just one lifetime?

Buhari Must Leave Aso Rock By Fire By Force 2019

Buhari is a sociopath & it's totally bereft of current realities on ground. He cannot be trusted as he's too senile to preside over a complex economy like present day Nigeria.

Perhaps, events overtook him during the 80's when the world was slower(snail paced events) talk more, of the present world that is faster & full of complexities and has eluded even the sanest and smartest brains the world could offer (Obama,Blair,Cameroon,etc). Buhari belongs to the village meeting period!

All I know is, we need a scape goat for this crisis! High powered member of this govt!

Where are the refineries Buhari and APC promised Nigerians

lol...


this administration has to be given kudos for its ability to absolve itself of any blame & responsibility...


nothing is ever its fault even when their cluelessness is glaring.

Someone sometime ago said that Buhari makes failure look so simple and very interesting..

If you want to see failure in its full glory, just look at Buhari

He has started with his disastrous thought process once more .. Because an election year is here the evil dullard doesnt want to increase fuel prices yet and doesnt want to agree to subsidy but is opting to open a "special forex window" instead to save face buy this special forex window is only a disguised form of subsidy where he will be subsidizing dollar prices instead of fuel prices ( shei you can see how dull the dullard is?) ..A special forex window will only open a new pipeline for corruption where the window will be abused as usual and become a meeting point for forces of corruption to commence a forex round tripping cartel .. I always said Buhari has an IQ of 20 but it seems its even 15

SalamRushdie:
He has started with his disastrous thought process once more .. Because an election year is here the evil dullard doesnt want to increase fuel prices yet and doesnt want to agree to subsidy but is opting to open a "special forex window" instead to save face buy this special forex window is only a disguised form of subsidy where he will be subsidizing dollar prices instead of fuel prices ( shei you can see how dull the dullard is?) ..A special forex window will only open a new pipeline for corruption where the window will be abused as usual and become a meeting point for forces of corruption to commence a forex round tripping cartel .. I always said Buhari has an IQ of 20 but it seems its even 15

most likely you have a father at home ,therefore respect someones father. if you don't like him doesn't give you and pple like you the opportunity to attack him
and Moreso, we know how your contributions here can't transform into a better result. If the way you talk is the way you run your personal affairs, then you are a perpetual failure.

if una allow marketers to manage fuel then good night nigeria....with the greed nigerians havewe will all suffer it...

free market my foot.....dont try free market with such corrupt people....

tsdarkside:
if una allow marketers to manage fuel then good night nigeria....with the greed nigerians havewe will all suffer it...

free market my foot.....dont try free market with such corrupt people....

U get the gist bro

Failed Minister for Petroleum.


Failed president!


I thought he removed subsidy to end fuel queues?


So nigerians paid more to continue suffering under Buhari and APC!



Tufiakwa!!!!!!!!

yes ooooooo

I don't care about their Pythagoras theorem. They should just fix the situation.

FG needs to solve this full crises asap

Meanwhile, check my signature/profile to see latest job post, business tips, travel tips, education tips

Buhari is even clueless about the whole situation, he should just resign as petroleum minister .

are you a fabric dealer? or do you have got an oncoming occasion?

vibrant aso-oke weave a wide variety and one-of-a-kind types of aso-oke at cheap costs
we sell in wholesales and retail.

test signature to touch us nowadays!!!

.

Hian

Money spent on Oil exploration should have been used to set up few refineries across the country....daft people in power. Mtcheew

As if he(PMB) knows what he is doing
.
So what happens to "market being competitive and forcing the price of PMS to drop?"
I guess even PMB economic team even scammed themselves(not just Nigerians) thinking telecommunication sector is same as oil sector.

bamidelee:

most likely you have a father at home ,therefore respect someones father. if you don't like him doesn't give you and pple like you the opportunity to attack him
and Moreso, we know how your contributions here can't transform into a better result. If the way you talk is the way you run your personal affairs, then you are a perpetual failure.

Was GEJ not someone's father?.....oh..because its Buhari d almighty dullard
You better hide your face and stop sounding very stupid....
The internet never forgets...

Don't just reject, resign goddamit.

BeeBeeOoh:



If you want to see failure in its full glory, just look at Buhari

Pls post your father success story. His list of life achievement may make us to vote for your father against Buhari. Proud son, tell us about your father.

bamidelee:

most likely you have a father at home ,therefore respect someones father. if you don't like him doesn't give you and pple like you the opportunity to attack him
and Moreso, we know how your contributions here can't transform into a better result. If the way you talk is the way you run your personal affairs, then you are a perpetual failure.

He is my president
And I have every right to criticise him

He should agree and just be prepared to get a First Class flight to daura in 2019...

bamidelee:

most likely you have a father at home ,therefore respect someones father. if you don't like him doesn't give you and pple like you the opportunity to attack him

Mr. Bamidele, doesn't it follow that one shouldn't criticise anybody? or did you not think through your post before posting?

Why are the refineries not fixed and working at full capacity after 2 years? If the refineries were to be ok, at least local consumption will be taken care of at lower price, instead we are importing refined products.

It is important to vote now and vote wisely. Enough is enough.

The battle is between the two below:

Like for the DOG.

Share for BUHARI.