Skip to main content

Kachikwu Talks On Solution To Fuel Scarcity

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, believes the major solution to the fuel scarcity challenges in the country is for Nigeria to fix its refineries.

Kachikwu gave the recommendation today during a public hearing convened by the Senate to investigate the fuel scarcity that hit the nation in the last few weeks.

He emphasised that Nigeria cannot run away from the fact that working refineries would go a long way to resolve fuel crisis and prevent further occurrence of the hardship the people faced during Christmas and New Year celebrations.

The minister, however, informed the lawmakers that the Ministry of Petroleum and relevant agencies were looking at an 18-month emergency period when they would need to address the pricing issue of the products which was at the centre of the recent fuel crisis.

According to him, the difference between the 170/171 naira landing cost of Premium Motor Spirit (PMS), also known as petrol, and the 145 naira actual cost needs to be addressed.
Kachikwu opined that the difference made the importers of petroleum products to hands off from the importation of fuel as they felt they were not making profit.

He, however, proposed solutions to address such gaps and further recommended some models to address the pricing issues.

One of the recommendations was working with the Central Bank of Nigeria (CBN) to fix an exchange rate of N204 to a dollar for importers, which will enable them to sell petrol at N145.

The other was the ‘plural pricing system’ which will enable NNPC stations to continue to sell petrol at N145 while private importers sell at a price profitable to them.

Senate President Bukola Saraki had directed the Senate Committee on Petroleum Resources (Downstream) to cut short its recess and urgently convene a meeting with stakeholders in the petroleum industry.

Dr Saraki gave the order in December 2017 in a bid to find a lasting solution to the fuel crisis and the untold hardship it was unleashing on innocent Nigerians.

Those present at the meeting are members of the Senate Committee, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, as well as representatives of trade unions in the oil and gas sector among others.

Comments

Post a Comment

Popular posts from this blog

Nigerian Military hands over 23 rescued children to UNICEF through Borno State

The Nigerian military has handed over 23 children who were formerly associated with Boko Haram insurgents, to UNICEF through the Borno State government.  The children were picked up during various military operations around the north-east region. Aged between 17 and 10 years, the boys and girls confessed to the military that they have been assisting the Boko Haram insurgents either as fighters or domestic helps in the camps. The Theatre Commander of a military counterinsurgency force, Abba Dikko, said the 23 children were released in line with Nigeria military’s commitment to the observance of human rights. He observed that the children and other vulnerable persons were victims who faced with the highly unstable circumstances induced by the conflict would have had little option but to fall under the thrall of the insurgents.  “We were able to identify this category of people, especially the women, the aged and children to whom it behooves our sense of duty and res...
Post a Comment
Read more

FRSC reinforces directive on use of google maps while driving

The Federal Road Safety Corps (FRSC) has clarified its position on the use of Google Maps, The FCT Sector Commander of the Federal Road Safety Corps (FRSC), Ayuba Gora was quoted saying that driving with the aid of Google map using mobile phones is a serious traffic offence. Gora said this at the inauguration of the 2019 Ember Months Campaign by Lugbe Unit Command of the FRSC in Abuja yesterday. But, FRSC Spokesman Bisi Kazeem making reference to Gora’s comments said the Sector Commander was quoted out of context and his statement outrightly misrepresented. Kazeem said the FRSC as a technology-driven organisation is not and has never stood against the use of Google Maps by Motorists. The statement read: “To state the obvious, we have always enlightened the public on the position of the law on the use of phone while driving. “The statement he made during the flag off buttresses the position of the Corps, which is that any driver who intends to deploy the use of Google Map...
Post a Comment
Read more

Rihanna confirms she's headlining the Super Bowl LVII halftime show

  Rihanna has confirmed she will be headlining the 2023 Super Bowl half-time show.   The Barbadian singer, 34, announced the news Sunday September 25, by sharing a photo of her tattooed arm holding a football. The post marks Rihanna's first social media activity since giving birth to her first child in May.   The NFL also Tweeted the big news with the same snap and the message 'Let’s GO-#SBLVII' A statement released by Roc Nation founder Shawn Jay-Z Carter, read: 'Rihanna is a generational talent, a woman of humble beginnings who has surpassed expectations at every turn. A person born on the small island of Barbados who became one of the most prominent artists ever. Self-made in business and entertainment.'  A statement from Apple Music read, 'We are thrilled to welcome Rihanna to the Apple Music Super Bowl Halftime Show stage,' shared Seth Dudowsky who is the NFL Head of Music. 'Rihanna is a once in a generation artist who has been a cultural fo...
Post a Comment
Read more