Osinbajo meets Senate, Reps, Governors Forum agree on new pump price

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Nigeria's Vice President, Prof Yemi Osinbajo

Nigeria’s Vice President, Prof Yemi Osinbajo

Nigeria’s vice president, Prof Yemi Osinbajo appears to have brokered a deal that will see the implementation of the new petrol pump price.

After the meeting held in Abuja on Wednesday evening, Osinbajo’s spokesperson, Laolu Akande issued a statement saying the meeting was also attended by LNC, NUPENG, TUC and PENGASSAN.

Read statement below:

We have just finished a meeting of various stakeholders presided over by His Excellency, the Vice President of the Federal Republic of Nigeria.

“The meeting had in attendance the Leadership of the Senate, House of Representatives, Governors Forum, and Labour Unions (NLC, TUC, NUPENG, and PENGASSAN).

The meeting reviewed:
1. The current fuel scarcity and supply difficulties in the country

2. The exorbitant prices being paid by Nigerians for the product. These prices range on the average from N150 to N250 per litre currently.

3. The meeting 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 by the federal government. As a result, private marketers have been unable to meet their approximate 50% portion of total national supply of PMS.

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 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 …Read More

Source:: PM Newspaper