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Fuel Price May Fall As Petrol Vessels Berth At Port

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The pump price of Premium Motor Spirit, popularly called petrol, may be reduced in filling stations operated by independent marketers this week, following the massive imports of PMS by the Nigerian National Petroleum Company Limited, oil dealers stated on Saturday.

It was gathered that the recent hike in petrol prices at retail outlets operated by independent marketers was due to the short supply of the commodity, which led to acts of profiteering by both depot owners and filling stations.

But operators in the downstream oil sector confirmed to our correspondent on Saturday night that several cargoes imported by NNPCL had arrived in Nigeria, as some of them were currently discharging at the ports.

“Once the products start hitting filling stations, fuel price will reduce, because the recent high cost was due to supply drop,” the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, told our correspondent.

On Thursday, oil marketers blamed the emergence of queues for petrol at filling stations in Abuja and neighbouring Nasarawa and Niger states on the low supply of PMS by its sole importer – NNPCL.

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However, the national oil company refuted the position of marketers, as it argued that the queues in the affected areas were due to a “price war.”

But going by the latest development concerning the imports by NNPCL, operators in the sector stated that the queues would not only disappear but there would be a reduction in price at independent filling stations.

Currently, petrol is mostly sold at between N580 and N613/litre at filling stations operated by NNPCL. Most other marketers dispense the commodity at higher rates, with some selling PMS for as high as N670/litre.

“The most important thing now is that cargoes carrying PMS ordered by NNPCL have arrived, some of them have berthed and they are discharging. So the partial scarcity we are experiencing now will be gone,” Ukadike said.

He noted that the inflow of foreign exchange during the Yuletide would not necessarily impact petrol prices, rather the increased imports by NNPCL should warrant a reduction in price.

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He said the large PMS imports were confirmed to marketers by NNPCL.

On whether marketers had started receiving the products, Ukadike replied, “By Monday we will start receiving from Port Harcourt and Warri, based on my last discussion with the NNPC management.”

Another major marketer also confirmed the position of IPMAN, as he stated that “when you wet the market with products, there’ll be no room for profiteering.”

Earlier, the Chief Corporate Communications Officer, NNPCL, Olufemi Soneye, stated that the position of oil marketers as regards the re-emergence of fuel queues was not true, as he insisted that the oil firm had enough products.

“That is not true. The recent tightness in Abuja is essentially a price war which is typical of any competitive market. Motorists would rather queue at filling stations that offer lower prices than others.

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“While NNPC retail is selling at N613/litre in Abuja, other marketers’ prices range from N625-N650/litre,” Soneye said.

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President Tinubu Seeks Senate Approval For Fresh $8.6billion, €100million Loans

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The president made the request through a letter to the Senate, read during the plenary by the Senate President, GodsWill Akpabio, on Tuesday, noting that the fund was to execute critical projects in different sectors.

The President Bola Tinubu-led administration has sought the approval of the Nigerian Senate for $8.6billion and €100million borrowing plan.

The president made the request through a letter to the Senate, read during the plenary by the Senate President, GodsWill Akpabio, on Tuesday, noting that the fund was to execute critical projects in different sectors.

The request was said to be part of the federal government 2022-2024 external borrowing plan approved by former President Muhammadu Buhari’s administration, according to the letter.

Tinubu explained that the projects to be funded with the loan cuts across different sectors of the economy, and were selected based on economic evaluation and the expected contribution to the country’s development.

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The letter reads in part;, “I write in respect of the above subject and to submit the attached the federal government 2022-2024 external borrowing plan for consideration and early approval of the National Assembly to ensure prompt implementation of the projects.

“The Senate may wish to note that the past administration approved a 2022-2024 borrowing plan by the federal executive council (FEC) held on May 15, 2023.

“The project cuts across all sectors, with specific emphasis on infrastructure, agriculture, health, water supply, roads, security, and employment generation as well as financial management reforms.

“Consequently, the required approval is in the sum of $8,699,168,559 and €100 million.

“I would like to underscore the fact that the projects and programmes in the borrowing plan were selected based on economic evaluations as well as the expected contribution to the social economic development of the country, including employment generation, and skills acquisition.

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“Given the nature of these facilities, and the need to return the country to normalcy it has become necessary for the Senate to consider and approve the 2022- 2024 external abridged borrowing plan to enable the government deliver its responsibility to Nigerians.”

In August, the National Assembly approved President Tinubu’s request for over $800 million loan to finance the National Social Safety Network Programme.

The National Assembly had also approved the 2022 Supplementary Appropriations Act of N819 million “for the provision of Palliatives to Nigerians to cushion the effect of fuel subsidy removal”.

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Tinubu Should Review RECs Appointment – Ex-INEC Chairman, Jega

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A former Chairman of the Independent National Electoral Commission (INEC), Attahiru Jega, has called on President Bola Tinubu to review the appointments of the commission’s Resident Electoral Commissioners (RECs).

Jega said Tinubu should review their appointments due to concerns that some of the RECs are partisan.

About a month ago, Tinubu had nominated 10 RECs, with the Senate confirming their appointments.

However, some of the RECs have been accused of being involved in partisan politics.

Reacting to the criticisms, Jega said the non-review of their appointment sends the wrong signal.

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Featuring on Channels Television’s Politics Today on Monday, Jega said: “I think there is no doubt that if the President were listening, my advice would be to immediately review the appointment of the Resident Electoral Commissioners that was passed by the Senate recently.

“It’s very, very important because clearly, not only does it send a wrong signal about the government’s intention to improve the integrity of elections, it also suggests, you know, that there is indifference with regards to protecting the independence and impartiality of the election management body.

“I would want to believe that Mr President was either misinformed or is not really furnished with all the necessary details with regards to these appointments.”

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