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Yesterday the Federal Government revealed that the oil subsidy will be scrapped and pump price of Premium Motor Spirit (PMS) reduced to N85 per litre from January 1, 2016. This was made known by the Minister of State for Petroleum, Dr. Emmanuel Ibe Kachikwu, who broke to journalists in the Port Harcourt Refinery Company (PHRC), where he spent Christmas inspecting the plant.
Pressed to reveal when the new price will become effective, Kachikwu, who is also the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), said:
[quote_center]“Like I said, we have done a modulation calculation and it is showing us below N87. I imagine that if PPPRA publishes it today, it will become effective immediately. But the 1st of January that is when we are looking at.”[/quote_center]
According to him, the new price by Petroleum Product Pricing Regulation Agency (PPPRA), has been approved awaiting to be announced by the Federal Government.
[vc_row][vc_column width=”1/2″]He further noted that following government’s analysis and research, it has been realised that the country can fluctuate the fuel market in accordance with the crude oil market fundamentals.[/vc_column][vc_column width=”1/2″]He noted that the new price is below the current N87 per litre, saying that it would now convince Nigerians that the pricing modulation that the Federal Government promised to embark on a few days ago was not a trick.[/vc_column][/vc_row]
Justifying government’s reasons for scrapping the Petroleum Support Fund otherwise known as oil subsidy, Kachikwu explained that government can no longer afford to subsidise the product following the fraud that has attended its operation. He added that it has become clear that government earnings are dipping on daily basis.
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