By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: FG Currently Not Paying Subsidy On Petrol – Kachikwu
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

FG Currently Not Paying Subsidy On Petrol – Kachikwu

Farouk Mohammed
By Farouk Mohammed
Published: December 27, 2015
Share
3 Min Read
SHARE

Ibe-Kachikwu-1-1-1

Nigeria’s Minister of State for Petroleum, Dr. Ibe Kachikwu, says the Nigerian government has suspended the subsidy on petroleum products as at today, December 27, as a result of the current low price of crude in the international market.

Dr. Kachikwu said the non-payment of subsidy would remain the same, as long as market trends allow.

He told reporters on Sunday in Kaduna that if crude prices increase, there would be a review which would be tackled under the newly introduced price modulation in the sector.

- Advertisement -

The price modulation, according to the Minister, is not an outright removal of petrol subsidy.

On December 17, the Minister said that the government was not interested in the removal of subsidy on petroleum products, but rather a price modulation that would reduce its involvement in pricing starting 2016.

He explained that a periodical review of the Petroleum Pricing Template and a flexible management of the pricing system would be considered.

The price modulation, the government stressed, would be predicated on a 97 Naira per litre projection, which would be a cap on the price of fuel with a gradual increment between the band of the current price of 87 Naira and 97 Naira until a fair price is reached in the pricing review.

- Advertisement -

Few days after he announced plans for a price modulation, he told reporters that the Nigerian National Petroleum Corporation would announce a pump price of 85 Naira per litre of petrol in January 2016.

Dr. Kachikwu said that the new pump price was according to a PPPRA template which he signed off on Wednesday which would be the first reflection of the price modulation that will kick off fully in the petroleum sector by January 2016.

Following his inspection of the refinery in Kaduna State on Sunday, two days after a tour of the Port Harcourt Refinery, the Minister told reporters that a combined daily production of up to 10 million litres of petrol is expected from the four Nigerian refineries by January 2016. A production that is aimed at cushioning the current scarcity of petrol across the oil rich nation.

The production is only 50 per cent of their maximum production capacity of 20 million litres daily, but the minister says more locally refines petrol should be expected as the year unwinds.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:FGKachikwu
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article Osun State Assembly Minority Leader, Oladejo Makinde is Dead
Next Article El Zakzaky Lived Happily with Gyallesu Residents in Zaria – Shiites Spokesman

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 4 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Super Eagles Rally to Draw Against Russia in International Friendly
Sport
Manchester United Raises Annual Core Profit Forecast to Between £180m and £190m After Europa League Boost
Sport
Ange Postecoglou
Tottenham Hotspur Part Ways with Ange Postecoglou Despite Europa League Glory
Sport
Dangote Names Main Refinery Access Road “Bola Ahmed Tinubu Road” in Honor of President
News
L-R: Ify Okoye, Digital Creator; Linda Ejiofor-Suleiman, Actress; Stella Erebor, Head Internal Audit, Nigerian Communications Commission; Emanuella Samuel, Comedienne/Actress, Sylvia Musalagani, Safety Policy Manager, Africa, Middle East & Turkey (AMET), Meta, and Nicole Chikwe, founder of The Mummy Summit, during the launch of Instagram teen accounts in Lagos on Wednesday, June 4, 2025
Meta Launches Teen Accounts on Instagram in Nigeria to Enhance Online Safety for Young Users
Tech
- Advertisement -
Ad imageAd image

You May Also Like

News

President Tinubu and Top Officials Attend Eid-el-Kabir Prayers in Lagos, Emphasize Peace and Progress

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 6, 2025
International

Elon Musk’s Net Worth Plummets $34 Billion Amid Explosive Feud with Donald Trump

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 6, 2025
PoliticsTop stories

BREAKING: Akwa Ibom Governor Pastor Umo Eno Defects from PDP to APC in Strategic Political Shift

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 6, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?