Sustained fuel supply: Our 18-month emergency window-Kachikwu

Sergio Conner
January 13, 2018

Kachikwu made the disclosure after a Federal Government delegation led by the Chief of Staff to President Muhammadu Buhari, Abba Kyari, and fuel marketers as well the heads of the Department of State Services and the Nigeria Immigration Service, and representatives of other paramilitary services met at the Presidential Villa, Abuja.

In his remarks, Dapo Abiodun, Chairman of DAPMAN, said the meeting was called to find out exactly what happened; where we had the problems in December with the supply of petrol and how Nigerians were made to go through the pains and suffering.

The Nigerian National Petroleum Corporation (NNPC) now pays N26 subsidy on every litre of petrol imported. "So, when we meet with the minister tomorrow (today), we will find solutions to see how that can be sustained", he stated.

NAN reports that filling stations selling above the official price dispensed the product at between N210 and N235 per litre.

But by October previous year, the marketer had stopped importing fuel because there was no more subsidy on petrol, stressing that the situation made the burden of importing 100 per cent to fall on the NNPC. Asked to comment on the decision by the President to punish erring marketers who are sabotaging government's efforts at making petrol available to Nigerians, the minister said the Federal Government was yet to find any evidence against one single individual for sabotage.

According to the Director of Press in the ministry, Mr. Idang Alibi, the Ministry of Petroleum Resources will like to categorically state that the minister never mentioned nor insinuated the need or plans by the Federal Government to increase the current pump price of petrol.

Blue Jays, Donaldson avoid arbitration with record $23M deal
Toronto also agreed Friday to one-year deals with outfielder Ezequiel Carrera ($1.9 million) and left-hander Aaron Loup ($1,812,500).

Deutsche Bank Reiterates "Buy" Rating for XPO Logistics (NYSE:XPO)
It worsened, as 91 investors sold MO shares while 516 reduced holdings. 96 funds opened positions while 292 raised stakes. PNC Financial Services Group Inc. raised its position in shares of XPO Logistics by 5.8% in the second quarter.

Clark Estates INC Has Upped Twenty First Centy Fox INC (FOXA) Position
It turned negative, as 21 investors sold MGI shares while 31 reduced holdings. 41 funds opened positions while 110 raised stakes. Separately, OTR Global upgraded Twenty-First Century Fox to a positive rating in a research note on Monday, October 30th.

The have formed a committee from today's meeting to look into how to solve this fuel problem.

He told The Nation that government and marketers were talking and issues being resolved.

While calling on the general public to contact the agency with any useful information on anyone hoarding fuel, he disclosed that the agency had charged individual marketers to comply with Government pump price.

"Since the price of crude is directly proportional to the refined product, we could not import petrol and sell at N145 anymore". Marketers are your brothers; they are Nigerian citizens; they are businessmen.

This, he said had made the Nigeria National Petroleum Corporation ( NNPC ) to be the 100 per cent importer of the product. In the past, marketers bring in about 60% while NNPC brings about 35 to 40 percent. NNPC is suddenly finding its importing what they probably didn't expect in terms of volume and the fact that Nigerians themselves are consuming more volume that they will normally consume in earlier months.

" Two, to give room for modulated deregulation where NNPC would be allowed to continue selling at N145 per litre in all its mega stations across the country while the independent marketers should be allowed to sell at whatever price is profitable to them in all their outlets". But by October, marketers completely stopped importing because there no more subsidy.

Other reports by

Discuss This Article