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Nairaland Forum / Nairaland / General / Politics / Petrol Landing Cost Now N180 Per Litre, Says Kachikwu (26081 Views)
Petrol Landing Cost Hits N1000 Per Liter Mark / Petrol Landing Cost Hits N1,000/litre On FX Crisis / South West IPMAN Set To Increase Pump Price Of Petrol To N180 Per Litre (2) (3) (4)
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Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by ORACLE1975(m): 10:03am On Apr 17, 2019 |
The landing cost of Premium Motor Spirit, also known as petrol, is N35 higher than the pump price of N145 per litre, the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said on Tuesday. Kachikwu said the rise in global crude oil prices after the 2016 hike in petrol price brought back subsidy. Recalling the experience of 2016, when the government increased petrol price from N86.5 to N145 after months of severe scarcity, he described fuel subsidy as an emotive issue. “You have very positive argument that says, ‘Why is this happening; let’s get it out.’ Once you do it, the streets get flooded by protesters. You have five or six or 10 days of no activity in the country. So, any attempt to remove the subsidy must be very well-managed,” the minister said on the NTA Good Morning Nigeria programme, monitored by our correspondent. He noted that in 2016, the government wrote to the Nigeria Labour Congress and all the trade unions, adding that meetings were held with the security apparatus. Kachikwu said, “Even when there was a consensus on how we were going to do it, we still had an issue at the very tail end of the moment; NUPENG and PENGASSAN supported but, of course, the other members of the trade unions pulled out. “Eventually, thankfully, Nigerians saw through what we were trying to do and let it happen. And thank God that happened at the time because when you look at the gap today, the landing cost is about N180 per litre and sale price is N145. Imagine if it (pump price) was N90-something; we will literally be a bankrupt country.” The minister added, “The point I am making is that anything you are going to do on subsidy requires a very efficient management of information – getting everybody who are stakeholders to tie into it. “Should we deal with the removal of subsidy? I was gung-ho when I assumed this position that there was no way I was going to tolerate a subsidy regime at the time in 2015 of about N1.2tn-N1.3tn. There was just no way; we didn’t have the capacity to continue to pay.” “So, I convinced the President that this needed to happen; thankfully, he listened, he agreed and we did. Now, we then had over-recovery period for quite a while and then we went into this upswing in prices that has now taken us again into under-recovery.” The minister noted that the government had not paid marketers all the outstanding subsidy arrears.He said, “I think, first and foremost, we need to find a way of fixing refineries quickly, whether it is government-funded or whatever – my preference is always private sector funding. “I think the labour union has never really said they would not be supportive of an attempt to take away this subsidy element; the union has always said, ‘If you are doing it, show me what you [will] do with those new receipts of income. Two, what do you do with the refineries?’ Therefore, we need to address those to even get their buy-in.“Secondly, we need to segregate between those who need subsidy and those who don’t; you will find that 80 per cent or more of those who get subsidy today do not need it. There is nothing necessarily bad with some element of subsidy if it is well-managed and is very little, and if the private sector can take it away completely; that is fantastic. That is the most ideal situation.” The Nigerian National Petroleum Corporation, which has been the sole importer of petrol into the country for about two years after private oil marketers withdrew from the importation of the product, bears the burden of subsidising the product. As of March 20, 2018, when the international benchmark price for oil (Brent) was around $66 per barrel, the expected open market price of petrol, according to data obtained from the Petroleum Products Pricing Regulatory Agency, was around N189 per litre. The agency has not released any data since then. The Group Managing Director, NNPC, on December 23, 2017, said the Federal Government had been resisting intense pressure to increase the pump price of petrol, noting that the landing cost of the commodity was N171.4 per litre as of December 22, 2017 when oil price was around $64 per barrel. https://punchng.com/petrol-landing-cost-now-n180-per-litre-says-kachikwu/ |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by BlackfireX: 10:05am On Apr 17, 2019 |
Hahahahahahahaha ... Next level , all of us go hear r'am 70 Likes 3 Shares |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by ORACLE1975(m): 10:06am On Apr 17, 2019 |
;DLet the landing cost be anything you choose to tell us. Why do we import fuel? . What happened to our refineries?. How much did Nigeria spend in the turn around maintenance of the oil facilities. Your government earlier denied paying for subsidies and later accepted it. That's fraud and corruption. All the nails Goodluck Jonathan received from the APC on these issues, are we better now. The petroleum industry in Nigeria is a big fraud and that's why all bills to tame the tide in the industry has been successful. Fellow countrymen and women arise in furious anger and let's occupy Nigeria now because leprous hands is now manifesting. Enough is enough. God bless Goodlock Ebele Jonathan 111 Likes 5 Shares |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by Nobody: 10:07am On Apr 17, 2019 |
Enjoy APC change... 25 Likes
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Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by EZENDIZUOGU(m): 10:07am On Apr 17, 2019 |
i hear you bro 1 Like 1 Share |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by Hoodbilonia: 10:07am On Apr 17, 2019 |
Hahahahaha I said it Gbam gbam Finally its has happened Nigeria is cursed by the Devil Himself 34 Likes 1 Share |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by Jason007: 10:07am On Apr 17, 2019 |
sometimes this people feel every other person outside the so called government don't know what's really happening. all we want is solution followed with actions not excuses 14 Likes 1 Share |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by MrPresident1: 10:07am On Apr 17, 2019 |
Next level Affliction shall not rise again a second time, this is the word of the LORD. 28 Likes 1 Share |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by lonelydora: 10:08am On Apr 17, 2019 |
Oga Ibe, you guys should just increase this petrol price, let's have peace for once. NNPC and FG should stop playing this hide-and-seek game. Most petrol stations in Port Harcourt have shutdown in anticipation for a price hike. Las Las, we go dey alright. We warned them not to return this Daura man, now look at it 78 Likes 5 Shares |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by magoo10(m): 10:08am On Apr 17, 2019 |
Next level price increase Subsidy is corruption. Says hypocrite buhari 37 Likes 4 Shares |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by Guyman02: 10:08am On Apr 17, 2019 |
The elections are over, now we can all face the real truth. Prior to the elections campaigns Buhari secretly used N350bn NLNG sales income to pay for subsidy in 2019 according to news reports. Next Level has not even started, may God help us. 34 Likes 3 Shares |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by Amuocha: 10:08am On Apr 17, 2019 |
Buhari is working He is using his salary to fund the subsidy “I think, first and foremost, we need to find a way of fixing refineries quickly". Which Exchange Rate pls? APC Change - Useless government 39 Likes 2 Shares |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by NinjaMetahuman: 10:08am On Apr 17, 2019 |
this kachikwu is a grade A failure i remember the ediot telling us buying fuel for 145 is only temporary and in 6months plus everything will be back to normal. its almost 4years now. the ediot also said he will quit if we are still importing fuel in 2019- he is telling us now that landing cos is 180. i hope he is part of those that gets the stick in may. uselessness extraordinaire. 41 Likes 2 Shares |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by SilasNwude: 10:09am On Apr 17, 2019 |
Buhari is the worst president since mankind very useless uncircumcised vagabond old hag nonentity bastard burukutu sipping gorilla spits on his shrink dicck 53 Likes 1 Share |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by fowosereman: 10:09am On Apr 17, 2019 |
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Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by mekd: 10:09am On Apr 17, 2019 |
Next level indeed. 12 Likes |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by gaskiyamagana: 10:09am On Apr 17, 2019 |
Who will save us from this pending petrol price increase? 11 Likes 1 Share |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by Aieboocaar(m): 10:09am On Apr 17, 2019 |
tactius: AND DO YOU HAVE STEADY ELECTRICITY COMPARED TO THIS COUNTRIES YOU MENTIONED?? believe me bros, if the government can atleast fix the problems of electricity it has solved like 25% of nigeria's problems. IT IS NOT ROCKET SCIENCE!! 34 Likes 3 Shares |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by TheCvBank: 10:09am On Apr 17, 2019 |
next level he's not even been sworn in 7 Likes |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by Factfinder1(m): 10:11am On Apr 17, 2019 |
Before buhari finishes his next level petrol would be 400 per liter ..welcome to next level 14 Likes |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by Nobody: 10:11am On Apr 17, 2019 |
Lies that is becos nnpc used 306.5. But if it was a private importer would be it 306.5 The current nnpc subsidy has to go 4 Likes |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by coolfredo(m): 10:11am On Apr 17, 2019 |
I own a filling station, landing as at last week i sent for product was 138 naira with transportation to my station was 142 naira right now we are selling at 150 per liter now yesterday Department of Petroleum Resources came and seal our station because we sale above 145 approved price. Pls how is it possible to buy at 142 m sale at 145? 15 Likes 3 Shares |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by lilfreezy: 10:11am On Apr 17, 2019 |
All thanks to Mr poverty, the fulani night king 16 Likes
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Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by Danybest: 10:11am On Apr 17, 2019 |
APC na the biggest yohoo party ooooo efcc see G- party NEXT LEVEL GO TOO SWEET OO 7 Likes |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by Equiano: 10:12am On Apr 17, 2019 |
In 2014, they told us nothing like fuel subsidy. In 2018, they paid twice the amount of subsidy we use to pay. Now this... The joke is on all of us. 16 Likes 3 Shares |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by Nobody: 10:13am On Apr 17, 2019 |
The attempt by President Goodluck Jonathan to lift Nigeria’s gasoline subsidies in early 2012 is a case in point. Nigeria is a major exporter of crude oil, but because of corruption and mismanagement, it has little domestic refining capacity. As a result, it must import some 70 percent of its gasoline. As of the end of 2011, gasoline was selling for 65 naira per liter, or about $1.50 per gallon at the then-prevailing exchange rate. The withdrawal of subsidies roughly doubled the price to $3.00 per gallon. Sauce : Why fuel subsides are bad for everyone 3 Likes |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by CodeTemplar: 10:13am On Apr 17, 2019 |
we keep lying to ourselves that refineries must be privatized for them to run and thats a bigger problem because we are only shying away from fighting corruption. 2 Likes 1 Share |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by CapitanS: 10:14am On Apr 17, 2019 |
We know you want to increase fuel price again, no need for all this long story 12 Likes |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by okohjay(m): 10:14am On Apr 17, 2019 |
Shameless and clueless bunch that still have to import refined petroleum products. Nigerian leaders will make you feel certain things are impossible tufia, y'all should bury your faces in shame. 11 Likes |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by starlightcash: 10:15am On Apr 17, 2019 |
Without revolution , our politicians will always poo in our mouth year after year. For people like Albusalam Abubakar formal head of State , to own a mining in Zamfara, Kano and Kaduna where he makes billions of dollars and pay nothing into federal govt account, we still call him elder statesman, we still pay him monthly as ex-president , provide him security , then we are all fools. 26 Likes 3 Shares |
Re: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu by Nobody: 10:15am On Apr 17, 2019 |
What happened to our refineries 4 Likes |
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