Nigeria’s Oil Minister and OPEC president Emmanuel Ibe Kachikwu listens to a news conference after a meeting of OPEC oil ministers in Vienna, Austria, December 4, 2015. (REUTERS/Heinz-Peter Bader)
The Minister of state for petroleum, Dr. Ibe Kachikwu has revealed that the Federal Government will review the pricing template of fuel, to avoid any future increase.
The minister said this at an award ceremony organised by Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
In a related development, the Senate has called on the Department of Petroleum Resources (DPR) to provide daily records of the sale and production of crude oil and gas.
The committee Chairman, Senator Tayo Alasoadura said the data will give lawmakers an idea of what is going on the oil and gas industry.
Alasoadura also expressed worry that some government agencies do not provide reports on their activities to the Senate.
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Adding that “The problem with us is that we don’t think the National Assembly is part of the government. I have always told people: take the National Assembly away from governance, there is no more democracy. There is the executive; there is legislature; and there is the judiciary. But it’s only when you have the legislature, which will act as a check on the executive, that there is democracy.
“So, whatever is worth doing for the executive must also be done for the legislature, so that at the end of the day, we will all understand and speak with one voice.”
“We are very impressed by what we saw. A lot of rumours fly around about the seeming incompetence of the DPR. But from all the efforts they are putting into getting the required results for this country in information gathering, going technical or going ballistic, let me put it that way, I think they are putting in their best.”
Alasoadura also said “And I believe that in a few more years’ time, doing business in the oil industry in this country will be so transparent that even people will be able to read what is happening in the oil industry from their bedrooms and from their offices, and that will be a day for Nigeria.”
The Nigerian Labour Congress (NLC) has also warned the Federal Government against increasing the price of fuel.