The Independent Petroleum Marketers of Nigeria (IPMAN) yesterday raised a fresh alarm that private depot owners are selling Premium Motor Spirit (PMS) for N102 per litre, The Nation reports.
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Showing posts with label Petrol. Show all posts
Showing posts with label Petrol. Show all posts
Thursday, 25 February 2016
Monday, 28 December 2015
Minister of State for Petroleum Dr. Emmanuel Ibe-Kachukwu yesterday made some clarifications about the Petroleum Subsidy Fund (PSF), otherwise known as petrol subsidy.
He said that there was no subsidy in the price of the Premium Motor Spirit (PMS).
Kachikwu, who is also the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), spoke to reporters after inspecting the Kaduna Refining and Petrochemical Company (KRPC) in Kaduna.
His clarification on the subsidy regime became necessary following stakeholders’ request, such as the Nigeria Labour Congress (NLC) and the Conference of Nigerian Political Parties (CNPP) that he provides an explanation with regards to reports that the government has deregulated the downstream petroleum sector and removed petrol subsidy.
Asked to say categorically whether subsidy has been removed or not since there is no provision for it in next year’s budget, the minister said: “Today, there is no subsidy; we are selling products at N87. In January, we will look at what the trend is, we will announce prices. If that is less than N87, we will announce it and if it is more than that, we will have to announce it. “
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