MINISTER GIVES REASON FOR PETROL SCARCITY

“Going forward we need to address the issue of pricing, there is a disparity between landing cost and cost we are selling. If we are going to sell at N145, we need to put some mechanisms in place so that the private sector will go back importation. We have a committee looking at this and we are still going to submit a report for review”. Currently, the landing cost of product is N170 to N171 and we sell at N145 and the price we are allowed to sell is N145”, the Minister stressed

The Minister said the executive is currently working on modalities to permanently resolve the petrol crisis and prevent it from rearing its head any other time, but quickly noted that, “We need to make marketers responsible for every tank of fuel up until point the point of delivery.

“One mechanism will be to look at working with CBN to have an exchange rate mechanism that enables them to stay at N245 price. If we do that, then they (marketers) can import without price differentials. In moments of normalcy, we are fine. In moments of emergency, our system is slow to respond. We also need to address our refineries.”