Buhari apologises for prolonged fuel scarcity,

President Muhammadu Buhari on Tuesday apologised for the prolonged fuel scarcity currently being witnessed in the country, noting that it was caused by “market speculators and resistance to change by some stakeholders”.

The President made this known while presenting the 2016 budget to a joint session of the National Assembly in Abuja.

Buhari, who described the hardship occasioned by the scarcity as ‘unfortunate’, said his administration was working hard to ensure availability of petroleum products across the country in shortest time possible.

“The current fuel scarcity with long queues at petrol stations all over the country causing social dislocation is very unfortunate. Government profoundly apologizes to Nigerians for this prolonged hardship and misery. It is as a result of market speculators and resistance to change by some stakeholders. Government is working very hard to end these shortages and bring fuel to the pumps all over the country,” the President said.

Further, the President said the fight against corruption, especially in the oil sector will be sustained, while aiming at ensuring that the sector is made more efficient and transparent.

President Buhari also put to rest rumoured increment in the pump price of petroleum products. He said he has instructed the Petroleum Products Pricing Regulatory Agency (PPRA) to put in place a mechanism that will ensure that the current price of premium motor spirit (PMS, otherwise known as petrol,) of N87,  will still be sustainable, at least for now.

His words: “I have directed the Petroleum Products Pricing Regulatory Agency (PPPRA) to adjust its pricing template to reflect competitive and market driven components. We believe this can lower input costs and attain efficiency savings that will enable PPPRA to keep the selling price for all marketers of petrol at N87 per liter for now.”