Thursday, May 12, 2016

Minister calls for understanding on new Petroleum Price regime

The Minister of State for Petroleum Resources, Mr. Ibe Kachikwu has called for understanding on the new Petroleum Price regime. Mr. Ibe Kachikwu made the call while briefing Radio Nigeria State House correspondents after a Stakeholders’ meeting presided over by Vice President Yemi Osinbajo at the State House, Abuja.
Mr. Kachikwu gave an insight into some of the reasons behind the review in price. According to the Minister of State for Petroleum Resources, private marketers were unable to meet their approximate 50% portion of the total national supply of PMS. He said the following resolutions were reached. Mr. Kachikwu expressed optimism that the new policy would lead to improved supply and competition which may eventually drive down pump prices as was experienced with diesel. He added that the new policy is also expected to increase the availability of the product, encourage investments in the downstream sector and prevent diversion of petroleum products thereby providing a stable environment for the downstream sector in the country. The meeting had in attendance the Leadership of the Senate, the House of Representatives, Governors Forum, and Labour Unions.

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