{"id":9050,"date":"2016-05-12T18:39:50","date_gmt":"2016-05-12T18:39:50","guid":{"rendered":"http:\/\/newsroom247.com.ng\/?p=9050"},"modified":"2016-05-12T18:39:50","modified_gmt":"2016-05-12T18:39:50","slug":"be-patient-fuel-price-will-soon-drop-in-six-months-kachikwu-begs-nigerians","status":"publish","type":"post","link":"http:\/\/newsroom247.com.ng\/?p=9050","title":{"rendered":"Be Patient, Fuel price will soon drop in Six months – Kachikwu begs Nigerians"},"content":{"rendered":"

\"\"<\/a>\"\"<\/code><\/p>\n

The minister of state for petroleum resources, Dr. Ibe Kachikwu has said \u201cliberalising\u201d\u00a0of the oil sector, will force the pump price of fuel, which currently trades at N145, to drop in six months.<\/strong><\/p>\n

Kachikwu said this on Thursday when he appeared as a guest on Sunrise Daily, a breakfast programme on Channels Television.<\/p>\n

\u201cWe mean well and Nigerians should please trust us. Give us a chance, you will be surprised what will become of your PMS price over the next six to eight months,\u201d he said.<\/p>\n

\u201cAs it gets better and it gets to a point where we find that the market has stabilised in terms of supply, we will begin to pull back a bit in terms of determinants for pricing.\u201d<\/p>\n

He said the authorities had done all it could to end the ongoing scarcity, and just could not provide foreign exchange for the importation of fuel.<\/p>\n

\u201cYou don\u2019t give what you don\u2019t have. We want Nigerians to understand that we feel the pain, and we have tried to avoid it since I came in October,\u201d he said.<\/p>\n


\n\"NG-[C:G.Vide,B:Sams,Wk:1816,Dim:300X250]:Televisions\"
\n<\/a><\/p>\n

<\/p>\n

\u201cWe first went on to the issue of the subsidies that we inherited which, by the way, were based on 50 to 55 million litres consumption, and we said the number looked bloated. So, we did an experiment and came to a conclusion that this country doesn\u2019t consume more than 45 million litres a day.<\/p>\n

\u201cThen we came to a second point and said we are not even going to have subsidy again. We are going to exit it because there was just too much fraud involved in it.<\/p>\n

\u201cWe have struggled, queues continue to go and they are back. And it will continue to happen unless we address the issues.<\/p>\n

\u201cIf you free up Nigerians to find sources of funds, they will find those secondary funds. They will import the product; the burden on the NNPC will reduce and the country will have peace and subsidy will go away permanently.\u201d\"IKACHUKWU\"<\/a><\/p>\n

\"\"<\/a>\"\"<\/code><\/p>\n","protected":false},"excerpt":{"rendered":"

The minister of state for petroleum resources, Dr. Ibe Kachikwu has said \u201cliberalising\u201d\u00a0of the oil sector, will force the pump price of fuel, which currently trades at N145, to drop in six months. Kachikwu said this on Thursday when he appeared as a guest on Sunrise Daily, a breakfast programme on Channels Television. \u201cWe mean […]<\/p>\n","protected":false},"author":1,"featured_media":5432,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"ngg_post_thumbnail":0,"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[1],"tags":[621,338],"class_list":["post-9050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-ibe-kachikwu","tag-nnpc"],"jetpack_featured_media_url":"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2015\/08\/IKACHUKWU.jpg","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4oswh-2lY","_links":{"self":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/9050","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9050"}],"version-history":[{"count":1,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/9050\/revisions"}],"predecessor-version":[{"id":9051,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/9050\/revisions\/9051"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/media\/5432"}],"wp:attachment":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9050"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}