Tag: Premium Motor Spirit (PMS)

  • Reps bar Kachikwu from plenary

    Reps bar Kachikwu from plenary

    Members of the opposition in the House of Representatives vehemently opposed the admittance of the Minister of State (Petroleum Resources), Ibe Kachikwu into the chamber Monday afternoon.

    Kachikwu was scheduled to address the lawmakers Monday on the latest development over hike in the price of Premium Motor Spirit (PMS).

    However, trouble started when plenary resumed and time for the Majority Leader, Femi Gbajabiamila to move for the admittance of the Minister into the Chamber.

    After the motion was seconded, the Speaker put the question but the nays were more than the ayes.

    The Speaker ruled in favour of the ayes before banging the gavel but before he could drop the gavel, “No, no, All we are saying, save Nigeria and APC shame” rent the air.

    After about three minutes, the Majority Leader, Femi Gbajabiamila and Chief Whip, Ado Doguwa approached the Speaker for consultation.

    The Deputy Speaker, Yussuff Lasun, who was seen placating his colleagues and the Minority Leader, Leo Ogor later joined the Speaker’s consultation group.

    The chanting and flag waving went on for another 20 minutes before the Speaker was able to rally the members.

    Before he recognized the Minority Leader Ogor after the noise had subsided, the Speaker said,  “This is the beauty of democracy,  we disagree to agree”.

    He then acknowledged Ogor, who moved that the House dissolve into Executive session.

    The House went into the session without the Minister being admitted.

     

  • New fuel price: We are disappointed – TUC

    The Trade Union Congress of Nigeria (TUC) said Thursday that government never consulted them on the recent price hike of premium motor spirit otherwise known as Petrol nor allow them to make input before the announcement.

    In a state signed by the President, Comrade Bobboi Bala Kaigama and Acting Secretary General, Comrade (Barr.) Simeso Amachree described the presence of organised labour at the meeting where the decision was taken as

    “premeditated ambush by the government which clearly did not invite us for any dialogue”.

    The Congress said they were unaware of how the government arrived at the new price as well as the decision of the government to allow market forces alone determine the cost of the product.

    The statement explain that when the government brought up the issue of a price increase, leaders of organised labour present at the meeting requested for time to consult their various organs and report back and were allowed to leave the meeting for consultation.

    The statement reads: “The Trade Union Congress of Nigeria wishes to state emphatically that we do not know how the Federal Government arrived at the new price of N145 for Premium Motor Spirit (PMS), popularly known as petrol. Neither do we appreciate how they arrived at their decision to allow market forces alone determine the cost of the product.

    “The Congress wants to use this opportunity to put the records straight concerning the development.  The organised labour received a 24-hour notice inviting us to meet with Vice President Osinbajo and some other key government functionaries including the Minister of Labour and Employment, the Minister of Information, the Chairman of the Governor’s Forum, and the Minister of State for Petroleum.

    “Others include the principal officers of the National Assembly led by the Deputy Senate President, the Speaker of the House of Representatives, and the Chairmen of the respective Committees on Petroleum in both chambers of the Assembly.

    “The meeting held yesterday. The call for meeting stated no specific agenda, and we were left to conjecture. Little did we know that the government had already concluded plans to hike the price of petrol.  Indeed we were taken aback.

    “The meeting had the leadership of labour in attendance, but we never made any input.  Not with the shock we experienced at the premeditated “ambush” by the government which clearly did not invite us for any dialogue.

    “When they stated their plan to introduce the new prices, our response was to ask for time to consult with our respective executive organs and subsequently revert appropriately. The government representatives agreed.  And so we left.

    “We were therefore totally confounded and shocked when we got to know that they later went on air announcing new prices for petrol. But our focus and hope remain strong.  We know what to do.

    “Thus the TUC has scheduled an emergency meeting of its National Executive Council (NEC) for Friday 13 May, 2016 to x-ray the government’s pronouncement and take a stand on the matter in the best interest of Nigerian workers and the masses of our people.

    “To say Nigerians are disappointed and dismayed at the fuel price hike would be a colossal understatement, especially as the present APC government repeatedly insisted during their pre-2015 election campaigns that there was already nothing like subsidy during the immediate past administration.  Alas, what a great volte face!  What betrayal in high places!

    “For sure, we know that the fuel scarcity the nation is currently experiencing is artificial, and we have observed comments of those benefiting from the system commending the latest development.
    “For us, the fact that petrol is currently selling for between N150 and N250 per litre does not mean that such outlandish prices should be maintained, least of all endorsed as official policy. We are meeting soon and will come out with our position.  God bless Nigeria and her people”.

  • Fuel to sell for N145 per litre – FG

    Fuel to sell for N145 per litre – FG

    The Federal Government on Wednesday approved an increase of Premium Motor Spirit (PMS) normally referred to as petrol to be sold not more than N145 per litre effective from 11th May, 2015.
    The Petroleum Products Pricing Regulatory Agency (PPPRA) is expected to accordingly announce the new price. Recall that the product was selling for N86.50 per litre.
    The Minister of State for Petroleum Resources, Ibe Kachikwu disclosed this to the State House correspondents at the Presidential Villa, Abuja.
    He said that the decision was reached at a meeting of stakeholders presided over by Vice President Yemi Osinbajo and attended by the Leadership of the Senate, House of Representatives, Governors Forum, and Labour Unions (NLC, TUC, NUPENG, and PENGASSAN).
    The new pump price, Kachikwu said, was to ensure increased and stabilize quantity of the product in the country.
    The meeting also approved all oil marketers to import PMS into the country.
    He said: “Following a detailed presentation by the Honorable Minister of State for Petroleum Resources, it has now become obvious that the only option and course of action now open to the government is to take the following decisions:
    “1. In order to increase and stabilise the supply of the product, any Nigerian entity is now free to import the product, subject to existing quality specifications and other guidelines issued by Regulatory Agencies.
    “2. All Oil Marketers will be allowed to import PMS on the basis of FOREX procured from secondary sources and accordingly PPPRA template will reflect this in the pricing of the product.
    “Pursuant to this, PPPRA has informed me that it 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,” he added.

    Stressing that the government shares the pains of Nigerians, he said that the inherited difficulties of the past and the challenges of the current times necessitated the difficult decisions on the critical national issues.
    To cushion the current challenges, he said that the federal government has made an unprecedented social protection provision in the 2016 budget.
    He also stressed that improved supply and competition will drive down prices in the long term.
    According to him, the DPR and PPPRA have been mandated to ensure strict regulatory compliance including dealing decisively with anyone involved in hoarding petroleum products.
    He noted that the meeting reviewed the current exorbitant prices being paid by Nigerians for the product, which ranged on the average from N150 to N250 per litre in the black market.
    The meeting, he said, also noted that the main reason for the current problem is the inability of importers of petroleum products to source foreign exchange at the official rate due to the massive decline of foreign exchange earnings of the federal government.
    As a result, he said that private marketers have been unable to meet their approximate 50% portion of total national supply of PMS.