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Wednesday , 20 February 2019

Fuel pricing our greatest challenge – Kachikwu

One of the greatest challenges facing Nigeria is the pricing of petroleum products, Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, said yesterday, emphasising the need for the country to urgently address the issue.
Speaking at a special session at the ongoing Nigeria International Petroleum Summit (NIPS) in Abuja, Kachikwu said that unless the problem of appropriate petrol and gas pricing was addressed, fixing the existing refineries and encouraging private investors to build new ones would not solve the country’s downstream problems.
The minister who addressed industry stakeholders on “The 7 Big Wins-Short and Medium Term Priorities to grow Nigeria’s Oil & Gas Industry” however, said that care must be taken in any attempt to review the prices of petroleum products so as to ensure that people did not suffer unduly.
He said, “Everybody wants power, available gas and freely delivered fuel with no queues, but people are not willing to make the sacrifices that are essential for these things to happen.
“However, if we get refineries back by 2019, does that solve the problem? No, it doesn’t. You still have to deal with the pricing issues, because nobody is going to build a refinery and sell products at a loss,” he said.
Also contributing, the President of the Nigerian Gas Association (NGA), Eng. Dada Thomas, called for a consensus in the price of gas that is acceptable to both buyers (gas consumers) and sellers (gas producers).

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