Nigeria Is Broke, Hence Fuel Price Hike - Lai Mohammed

The Minister of Information, Alhaji Lai Mohammed said the Federal Government has to take painful decisions and make tough adjustments because Nigeria is broke.

He said this while briefing journalists after Wednesday’s Federal Executive Council meeting that the decision to increase the pump price of Premium Motor Spirit from N86 to N145 per litre was one of those decisions.

Lai Mohammed likened Nigeria’s situation to a case of a person, who got a pay cut and had to adjust to the current reality in terms of his spending. “The current problem is not really about subsidy removal. It is about (the fact) that Nigeria is broke. Pure and simple!

Minister of State for Petroleum Resources Ibe Kachikwu says Petrol price’ll go down in six months

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said Nigerians will be amazed at what will become of the price of Premium Motor Spirit in the next six months.

The Federal Government had on Wednesday announced the removal of fuel subsidy, with a new petrol price band of N135 to N145 per litre, up from N86 and N86.50.

The development has been greeted with mixed reactions, with labour vowing to protest against it.

Increase in fuel price will increase social crimes – HURIWA warns

The Human Rights Writers Association of Nigeria, HURIWA on Thursday condemned what it termed government’s ill-advised haste to increase the pump price of Premium Motor Spirit, PMS, otherwise known as petrol, across the country to N145 per litre, warning that the spiraling implications of the hike would include a spike in social crimes and unrest.

Declaring that it was reckless, insensitive and irrational for government to remove fuel subsidy, it claimed that the action is meant to inflict maximum financial burden on the already absolutely impoverished millions of Nigerians, particularly the rural poor.

FG may increase petrol price soon — Marketers

The Federal Government may soon effect an upward review in the pump prices of Premium Motor Spirit, popularly known as petrol, oil marketers have said, attributing this to the recent increase in the cost of crude oil at the international market.

Crude oil price had fallen below $30 per barrel earlier this year, but as of May 2, 2016, the commodity’s cost rose to $45.83, according to data obtained from the Nigerian National Petroleum Corporation on Saturday in Abuja.

The oil marketers also told our correspondent that the current challenge they faced in the industry was how to sustain the improvement in the supply of petrol across the country.

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