Kachikwu Promises Reduction In Fuel Price – The Minister of State for Petroleum, Ibe Kachikwu, has told Nigerians that the pump price of petrol would reduce over time.
The Federal Government had announced a new pump price of N145 on Wednesday, but Kachikwu, in an appearance on Sunrise Daily, said as things got better, the pump price would reduce. He said: “As it gets better and it gets to a point where we find that the market has stabilised in terms of supply, we will begin to pull back a bit in terms of determinants for pricing.”
Kachikwu explained that Nigeria could no longer afford the cost of subsidy due to scarcity of foreign exchange, which was why it had to be removed. “You don’t give what you don’t have,” he said. “We want Nigerians to understand that we feel the pain, and we have tried to avoid it since I came in October. We have done everything we can.”
“We first went on to the issue of the subsidies that we inherited which, by the way, were based on 50 to 55 million litres consumption, and we said the number looked bloated. So, we did an experiment and came to a conclusion that this country doesn’t consume more than 45 million litres a day.”
“Then we came to a second point and said, ‘We are not even going to have subsidy again. We are going to exit it because there was just too much fraud involved in it.’ So, left with that option, what were we supposed to do? We have struggled. Queues continue to go and they are back. And it will continue to happen unless we address the issues.”
“If you free up Nigerians to find sources of funds, they will find those secondary funds. They will import the product; the burden on the NNPC will reduce and the country will have peace and subsidy will go away permanently.”
Kachikwu added, “I am appealing to Nigerians to please for the first time realise that we are doing our very best. I have together with everybody who is in this government worked night and day looking for solutions. We mean well and Nigerians should please trust us. Give us a chance, you will be surprised what will become of your PMS price over the next six to eight months.”