More

    Fuel scarcity: FG orders NNPC to reduce petrol price

    Published By:

    The Federal Government has ordered the Nigerian National Petroleum Company Limited (NNPC) to reduce the price of Premium Motor Spirit, popularly called petrol.

    The Minister of State for Petroleum Resources, Chief Timipre Sylva, on Monday said that NNPC is selling petrol at a loss.

    Sylva’s remarks came as oil marketers stated that the supply hitches in the downstream oil sector that often leads to fuel scarcity, might persist till June, based on the government’s plan to end petrol subsidy in that month.

    Sylva while speaking in Abuja said, “The management of the supply situation under this subsidy regime is not easy. We must all agree that so much money is being burnt in our cars, but somehow we have to put funds to continue to keep the country wet.

    “Sometimes if you really think deeply you begin to wonder what magic we are doing to be able to keep this country wet consistently. Considering that you buy something, let’s say for N10, and you are to sell it at a loss.

    “And then you are expected to go back to buy the same thing, and come back again to sell it at a loss. So at every point in time you are looking for more money to continue to buy it, because you’re mandated to sell it at a loss.

    The Minister added, “So if you are a businessman, look at it from this perspective, that you are now in the business where you are mandated to sell at a loss to the public. That is not an easy job, I must tell you.”

    In a response to how he would feel when buying petrol at N300/litre.

    Sylva said: “If you ask me how I will feel as a private citizen to buy petrol at N300/litre, sadly, I will say I won’t feel bad, knowing the actual situation. And if you compare Nigeria to other countries, you will understand.

    The minister added, “When you convert the N300/litre that you are talking about to other currencies, then you will understand. A lot of you travel to the United Kingdom or the United States, how much do you buy petroleum products there? Even in Arab communities that produce crude oil.”

    According to him, the cost of the product is not high enough in comparison to other countries and stated that the general agreement is that the petrol subsidy is longer sustainable.

    “Unfortunately we are still in a subsidised regime, which all of us know. As a country, I think it is a national consensus now that subsidy is not sustainable, but together we will get there.”

    ADVERTISEMENT
    Queen Ferry
    Queen Ferry
    Chinyere Treasure Ikechukwu known professionally as Queen Ferry, is a Nigerian business Executive, Journalist and Content Editor. She serves as the Vice-Chairman of Naijatraffic Limited and also the CEO of Wakadaily. If Treasure is not blogging, she will be making delicious delicacy.

    Most Popular Read

    Edo Boy Billion Biography

    Seyi Okojie (born on 15 September 1997) is a super-talented Nigerian comedian popularly known by his stage name Edo boy billions. He originally hails...

    BBTitans: I am bisexual, I don’t enjoy sex – Nana

    Big Brother Titans housemate, Nana has revealed that she doesn't enjoy sex, adding that she is bisexual and had done a lot of dirty...

    Laycon Biography: Full Name, Age, Facts, Education, Record Label, Career, Awards, Songs, Net Worth

    Olamilekan Massoud Al-Khalifah Agbeleshebioba (born 8 November 1993) Better known as Laycon is a Nigerian media personality, rapper, singer, songwriter, and actor. He emerged as...

    BBNaija Phyna reveals why she had 2 abortions at age 19, 24

    Big Brother Naija season 7 winner, Ijeoma Otabor, popularly known as Phyna, has admitted to having had two abortions. The Reality TV star revealed this in...

    Justin Dean threatens to sue Korra Obidi over her newly released tell-all book

    Popular dancer and singer Korra Obidi’s husband Dr Justin Dean threatened to sue her over her newly released tell-all book. Wakadaily learnt that Korra recently...

    I’m ready to work with Obi, Kwankwaso, says Atiku

    The presidential candidate of the Peoples Democratic Party, Atiku Abubakar, has said he is in talk with the candidates of the New Nigerian People...

    ‘I can’t marry any actress the trust won’t be there’ – actor Kelvin Chizzy

    Nollywood actor and filmmaker Okafor JohnPaul Chizoba, better known as Kelvin Chizzy, has made it obvious that he cannot marry his female colleagues due to...

    Iyabo Ojo’s daughter, Priscilla lists 45 reasons why she loves her on her 45th birthday

    Priscilla, daughter of Nollywood actress, Iyabo Ojo, has listed 45 reasons why she loves her mom on her 45th birthday. The 21-year-old highlighted her mother’s...

    BBTitans: Why i was evicted – Sandra 

    Evicted Big Brother Titans housemate, Sandra Essiene, has explained reasons why she was evicted from the reality show. While speaking with Journalists, Sandra BBTitans blamed...

    Gospelvics Biography: Full Name, Age, Education, Career, Net Worth

    Victor Fidelis Ameh (born on 10th October 1997) professionally known by his stage name Gospelvics also known as Spanner is a Nigerian comedian, Singer,...