A statement issued by the Minister of State for Petroleum Resources, Ibe Kachikwu, at the end of a meeting presided over by Vice-President Yemi Osinbajo in Abuja on Wednesday, read; "We share the pains of Nigerians but, as we have constantly said, the inherited difficulties of the past and the challenges of the current times imply that we must take difficult decisions on these sorts of critical national issues.
"Along with this decision, the federal government has in the 2016 budget made an unprecedented social protection provision to cushion the current challenges.
"The Petroleum Products Pricing Regulatory Agency (PPPRA) will be announcing a new price band effective today, 11th May, 2016 and that the new price for PMS will not be above N145 per litre. "We expect that this new policy will lead to improved supply and competition and eventually drive down pump prices, as we have experienced with diesel.
In addition, this will also lead to increased product availability and encourage investments in refineries and other parts of the downstream sector. It will also prevent diversion of petroleum products and set a stable environment for the downstream sector in Nigeria.
"We believe in the long term, that improved supply and competition will drive down prices."
0 comments:
Post a Comment
Disclaimer: Opinions expressed in comments are those of the comment writers alone and does not reflect or represent the views of Bright Clement. info call or whatsapp +2348166575765