Breaking!-Federal Government set to review Fuel price


There are indications that the federal government may increase fuel price to address the problem of fuel scarcity which has lasted for over three months now. Bauchi State governor, Mohammed Abubakar gave the hint yesterday while briefing state House correspondents after the National Economic Council meeting presided over by Vice- President Yemi Osinbajo at the Presidential Villa.

According to him, NEC has set up a committee headed by the Gombe State governor, Ibrahim Dakwambo, which will interact with NNPC with a view to determining the correct price for PMS, considering the price of the product in countries bordering Nigeria. The Bauchi governor continued: “The second issue that was discussed was the issue of the scarcity of petroleum products. The problem was addressed by the group managing director of the NNPC. “The issue is of course caused by an inter-play of the exchange rate of the Naira and the Dollar and the price of crude oil at the international market which affects the landing cost of refined products in Nigeria. “And in the process, makes the operation of the current price regime almost impossible without some measure of return for whoever is in the process.

“If you remember when it all first started in December, the queues were huge but it is gradually getting better.  Lagos is now fuel queues-free, most of the state capitals are better now, Abuja is still struggling because of logistics issues. I haven’t gone round today but yesterday when I went round in the afternoon, there was a huge improvement on the situation.” Kachikwu, however, noted that there are policies and logistics issues that must be resolved to ensure the challenges of fuel queues come to an end. According to him, the government and its agencies are doing all they can to solve the problem. “I can tell you that behind the scene, a lot of meetings are taking place to resolve the problems,” he stated, adding that government, through the NNPC, has reached an advanced stage in trying to secure international finances to resuscitate the nation’s ailing refineries.


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