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Ibe Kachikwu Assures Nigerians Of An End To Fuel Scarcity
14 January 2018, 12:32 | Devin Moran
FG plans to increase fuel price to N180 per litre
Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, chaired the meeting at his office yesterday.
The meeting was held at the Old Banquet Hall of the Presidential Villa, Abuja.
Idang Alibi, the Director of Press in the ministry in a statement on Thursday night, clarified the minister's submission made to the joint committee of the National Assembly on Petroleum Downstream. "So we will need to find that evidence, we will definitely punish those who were doing things that are wrong, but more fundamental and more importantly is that we want to find lasting solutions and we all want to work more collaboratively".
Kachikwu, however, proffered three alternative solutions to pump price increase: getting the Central Bank of Nigeria (CBN) to introduce a modulated foreign exchange rate specifically for importers of the product; giving the marketers significant tax adjustments to enable them to absorb the high cost; and a plural pricing system whereby the NNPC would continue to sell at N145 through its numerous outlets while the marketers are allowed to fix their own price.
According to him, the landing cost of PMS which was N133.28 per litre in 2016, is now N171 per litre and this has resulted into stoppage of importation of the product by independent marketers.
"You can not prosecute except you have evidence".
The Federal Government on Tuesday met with major oil marketers in the country in Nigeria's capital, Abuja.
"He wanted to know the truth and to ensure that this problem will be solved once and for all".
"While we commend those responsible for this, they must also see to it that an end is put to the continued exploitation of Nigerians by these stations which still sell above the official price per litre".
He said there was no evidence to punish any marketer for hoarding petrol, assuring all stakeholders that part of the demands of the meeting was to name marketers who erred.
Chairman, Board of Trustees of Independent Petroleum Marketers As sociation of Nigeria (IPMAN), Aminu Abdulkadir, said today's meeting will afford the opportunity to make full disclosure on ways of augmenting marketers' shortfall so that they can come back to the business of fuel importation.
"We explained that the problem that you saw is not wilful on the part of anyone, either the NNPC or the marketers".
The situation, from our point of view, is that from January to December, the price of crude remained relatively stable.
"Since the price of crude is directly proportional to the refined product, we could not import petrol and sell at N145 anymore".
Abiodun stated that in the past, marketers were bringing in about 60 per cent, while the NNPC was bringing in between 35 per cent and 40 per cent.
The minister disclosed further that as a result of the N26 difference per litre between the current landing cost of the product ( N171) and pump price of N145, NNPC which had been singularly importing the product at the volume of 25 million litres per day since October previous year, has been incurring a daily loss of about N800-N900 million, cumulatively reaching N85.5billion today, in just three months.
"They (government representatives) have also assured us that the refineries are coming on stream with installed capacities". "Members include the GMD of NNPC, most of the parastatals in the ministry (of Petroleum Resources), DAPPMAN, IPMAN, MOMAN, and Labour unions".
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