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...For a better society... Friday, June 18 2004 Vol 17 No.119 News Editorial Politics Opinion Fashion Metro Sports Features Business Money/Market Maritime Aviation Motoring Rail/Road FG disowns NNPC boss over N70 fuel LERE OJEDOKUN, Abuja MINISTER of Information and National Orientation Chief Chukwuemeka Chikelu has said the Federal Government was not planning to raise fuel prices to N70 per litre as alleged. He said the statement credited to the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mr. Funso Kupolokun, that N70 as the "appropriate price," was a misrepresentation. The minister who clarified government’s position, told Daily Champion that what Mr. Kupolokun meant was that if fuel supply was left to the NNPC alone and it continued to subsidise importation, the situation may get out of hand. Should that happen, Chief Chikelu said the GMD had informed him that the country could experience the pre-May 29, 1999 agony of fuel shortages, endless filling station queues and eventual emergence of black markets where a litre of petrol could go for N70. He stressed that this was, however, a "hypothetical situation", explaining that Mr. Kupolokun was "quite unhappy that he had been quoted out of context. "He said that if the situation is allowed to deteriorate, I am not quoting him in context, he implied that if things get out of hand or they allow it to deteriorate, things may get bad and supply of fuel may get out of control towards that type of price," the minister stated. Chief Chikelu said the NNPC boss considered the report as most unfair to him and Nigerians because of the sensitive nature of the matter and for subjecting the nation to "such level of anxiety that comes with the implication that there was a plan to make fuel price N70." He asserted that government’s interest was to ensure availability of petroleum products at affordable prices in every part of the country but said such could only be guaranteed through competition. The minister said the full benefits of deregulation of the petroleum downstream sector would be passed to the people with resultant drop in fuel prices, provision of basic infrastructure and protection of the masses from the exploitation of the bourgeoise who maximise profits in any un-deregulated economy. � 2004 @ Champion Newspapers Limited (All Right Reserved). Powered By dnetsystems.net dnet�

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