Nigeria will not reduce fuel price till after oil crisis – Finance Minister

Nigeria will not reduce the pump price of fuel despite falling oil prices at the international market, until the revenue crisis occasioned by the dwindling oil rates is over, finance minister, Ngozi Okonjo-Iweala, said Wednesday.

Mrs. Okonjo-Iweala said in Abuja that the decision to review fuel price either upwards or downwards would only be taken after the current crisis in global oil prices has been settled.

The minister, however, said the government was awaiting expert advice from the Petroleum Products Pricing Regulatory Agency, PPPRA, which is updating the fuel pricing template, to help proffer the best way to address the issue.

The PPPRA is the government agency responsible for monitoring and regulating the price of petroleum products in the country.

Petrol sells at N97 per litre in Nigeria.

“With declining crude oil prices by about 49 percent, soon there will no longer be subsidy in petroleum products as usual,” the minister said. “But, government is not going to take a decision till after the current volatility in crude oil prices has stabilised.”

The minister said the Nigerian government does not want to reduce fuel price today “only for crude oil price to rise tomorrow and we have to adjust the pump price again”.

The minister also announced that the government has decided to impose various charges on luxury goods/items and services, including taxes on private jets and yachts owners, luxury cars, expensive wines and executive mansions.

Other services that would attract taxes, Mrs. Okonjo-Iweala said, include official travels on first class and business class tickets, while foreign trainings would be cut down drastically.


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  • amazing2012

    Wickedness Is in their genes, they have every reason not to do good to their citizens.

  • GbemigaO

    This woman has lost it completely. Does she know the kind of integrity that this government could have gained by reducing and if the prices goes up again, Nigerians will understand . We are not fools ke? So wait until the price is back to $100 and you can’t do anything again ?

    • Kay Soyemi (Esq.)

      These guys are heartless jokers and brigands.

      Now that fuel is selling at a 12-year low in the international markets and non-oil producing countries, Nigerians are paying more so that they can continue to fuel and sustain the greedy lifestyle of public officials.

      Is Nigeria simply a vast feudal estate and its citizens confined to serving just the needs of the greedy rulers?

      A government that failed to save for the rainy day and used 20 fingers to consume everything it saw on the table and pot is now asking Nigerians to jump into the fire for them.

      ok o, Nigerians. Let us see what you will do with your votes in February 2015.

  • Bidemi Lukman

    I will not advice they should reduce the price, rather, they should remove the fuel subsidy. If fuel price as at 2012 when subsidy was totally removed stood at N141. With 49% reduction in crude price, the price should equally be reduced by 49% to N71.91. This simply means that by completely removing the subsidy now, Nigerians should pay between N70 to N80 per litre of petrol which is still less than N97. In addition, the price of Diesel too should have been reduced to arround N76.5.

    Since the drop in price of crude oil, oil importers would have made billions from Nigerians through inactiveness of the corrupt government.

  • JomiJoke

    Madam Minister, you’re a Voodoo Economist! What has happened to you lately Madam Minister? On whose side are you really? Is it a case of when a leaf stays too long on the body of soap, it too becomes soap? The more you pretend you’re different, the more you look exactly like these thieves. I wonder if you know what you’re doing these days?