Nigeria's Fuel Subsidy removal ... (1)

I am way too upset and too tired right now to write about the removal of the Fuel subsidy and all it's ramifications. So forgive me if all I do right now is share my FB status update and the full statement from the PPPRA announcing the removal of the Fuel Subsidy effective immediately.

My FB Status: "We have a government that is deaf, blind and callous. In the light of all the tension in the country with the recent bombings, is this the time to remove the Petroleum subsidy? Nigerians are dying from poverty, many cannot afford to eat two meals a day while our president budgets £4M p.a for his feeding allowance. The amount budgeted for petrol and diesel for his generators is astronomical. GEJ is NOT our president - he is proving himself to be just another crook who does not give a toss for the millions who foolishly elected him."

Please read the link below. It is cruel and callous. In ONE day, the government removed Petroleum subsidies effective immediately (when most Nigerians were expecting it to take place in April if the government went ahead). This MORE than doubled the price of Petroleum products overnight. This is a country where power outages (shortages) means millions have generators gulping diesel or have to buy kerosine to cook with or power lanterns.

During Nigeria's last elections, there were many who claimed their reason for not voting for Buhari, a candidate eminently MORE qualified than Jonathan, was that Buhari would rule by decree. If this is not Jonathan ruling by decree, then I don't know what a decree is!

xx


Full Text Of The Press Release From The PPPRA Announcing Removal Of Fuel Subsidy

P

osted: January 1, 2012 - 15:13
By Reginald Stanley

PPPRA Announces Formal Removal of Subsidy on Premium Motor Spirit (PMS)

Following extensive consultation with stakeholders across the nation, the Petroleum Products Pricing Regulatory Agency (PPPRA) wishes to inform all stakeholders of the commencement of formal removal of subsidy on Premium Motor Spirit (PMS), in accordance with the powers conferred on the agency by the law establishing it, in compliance with Section 7 of PPPRA Act, 2004.

By this announcement, the downstream sub-sector of the petroleum industry is hereby deregulated for PMS. Service providers in the sector are now to procure products and sell same in accordance with the indicative benchmark price to be published forthnightly and posted on the PPPRA website.

Petroleum products marketers are to note that no one will be paid subsidy on PMS discharges after 1st January 2012.

Consumers are assured of adequate supply of quality products at prices that are competitive and non-exploitative and so there is no need for anyone to engage in panic buying or product hoarding.

The PPPRA in conjunction with the Department of Petroleum Resources (DPR) will ensure that consumers are not taken advantage of in any form or in any way.

The DPR will ensure that the interest of the consumer in terms of quality of products is guaranteed at all times and in line with international best practice.
In the coming weeks, the PPPRA will engage stakeholders in further consultation to ensure the continuation of this exercise in a hitch-free manner.

Signed:

Reginald Stanley
Executive Secretary, PPPRA.