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Petrol: FG insists on N165 pump price, advises against panic buying

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Petrol Subsidy, Despite unavailability, Crosses the N400bn monthly mark– NNPCL

(L-R)Mr Isiyaku Abdullahi, Managing Director, PPMC, Mr Adetunji Adeyemi, Group Executive Director, Downstream, NNPC Ltd., Mr Ernest Umunna, Site Manager, TotalEnergies, Mr Ugbugo Ukoha, Executive Director, Distribution Systems, Storage and Retail Infrastructure, NMDPRA and Mr Garba Deen Muhammad, Group General Manager, Group Public Affairs Division, NNPC Ltd. during an inspection visit to TotalEnergies Depot in Apapa, Lagos on Tuesday

…IPMAN wants petroleum authorities to enforce approved price on private depot owners***

The Federal Government says the fixed pump price of Premium Motor Spirit (PMS) remains N165 per litre as stipulated in the petroleum product pricing template.

The government also advised Nigerians against panic buying of PMS, also known as petrol, saying that the country currently had over 2 billion litres of PMS in various depots.

Also read: Fuel queues return to Lagos as IPMAN members shut stations

This was made known by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, the Nigerian National Petroleum Company Ltd., and the Pipelines and Product Marketing Company after visiting jetties in Apapa, Lagos, on Tuesday.

The depots visited by the top officials of the agencies were NIPCO Depot and TotalEnergies Depot.

The newsmen report that the Independent Petroleum Marketers Association of Nigeria (IPMAN) had on Monday advised its members to adjust the pump price of PMS to a minimum of N180 per litre.

The marketers had said the move was necessitated by the increment in the ex-depot price of PMS by some private depots where they were buying the product from.

However, Mr Ugbugo Ukoha, Executive Director, Distribution Systems, Storage and Retail Infrastructure (NMDPRA) maintained that petrol was a regulated product and urged marketers to comply with the pricing template.

Ukoha said the conflict between Russia and Ukraine had led to an increment in the cost of Automotive Gas Oil (diesel), which was a critical product used in transporting petroleum products from the depots to the retail outlets.

He said: “So when we observed that this poses a big challenge in the movement of other products, we made the representation to the Minister of State for Petroleum and Mr President graciously approved that the freight rate for trucks is increased.

“There’s an N10 addition, which we will apply to the different routes to enable trucks to move to docks easily with less burden.

“With these kinds of efforts from the government, we can only continue to appeal to operators within this industry to play by the rules.

“PMS is a regulated product and the prices are fixed.

The ex-depot price is known.

The pump price remains N165 and the authority is ever ready to enforce those rules.

“So, we will continue to urge Nigerians to keep within these operating rules.”

Ukoha said the focus of the stakeholders in the next few days would be to close the supply gaps and resolve the ongoing scarcity of petrol as soon as possible.

Also, Mr Adetunji Adeyemi, Group Executive Director, Downstream, NNPC Ltd., said the purpose of the visit to the depots was to get first-hand information on the challenges responsible for the current scarcity.

Adeyemi said despite the challenges globally in terms of the supply chain, NNPC had continued to provide petroleum products, specifically PMS to Nigerians.

“Today we have about 2 billion litres of PMS in-country, which is about 34 days sufficiency. So, there is sufficient petrol in the country.

“We are working with the entire stakeholders and players in the downstream sector to ensure that this product gets to the distribution channels and also the stations.

“We want Nigerians to continue to enjoy free flow of petroleum products,” he said.

Mr Isiyaku Abdullahi, Managing Director, PPMC, said the company had been supporting transporters and marketers with diesel in form of palliative to ensure the smooth distribution of PMS and ameliorate the suffering of Nigerians.

Abdullahi said three vessels carrying about 60 metric tons of PMS were currently discharging at the Apapa jetty, which would be further transported to Lagos and other parts of the country to restore normalcy.

On their part, Mr Suresh Kumar, Managing Director, NIPCO and Mr Ernest Umunna, Site Manager, TotalEnergies, assured Nigerians of product availability at their depots.

They also promised to carry out 24-hour trucking operations to ensure that the scarcity situation in Lagos was resolved within the next few days.

In another development, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to mandate private depot owners to sell petroleum products at approved government prices.

This is contained in a statement by the IPMAN Chairman, Kano Chapter, Alhaji Bashir Danmalam, on Tuesday in Kano.

He said the call was necessary to check flagrant and indiscriminate increases in the ex-depot price.

Danmalam said unless the NMDPRA ensured private depot owners sell the product at the approved price, they would continue to dispense the product to marketers at a higher price.

He also commended the Federal Government for the recent upward review of petroleum products’ transporters’ freight rate.

According to Danmalam, the gesture would assist in checking the challenges associated with the transportation of petroleum products across the country.

He also refuted the claim that about N1 billion was paid to Pipelines and Product Marketing Company (PPMC).

“I challenge all those making such claims to bring out relevant receipts for the payment of such money to enable the union to take up the matter.

“In February 2021, during the COVID-19 pandemic, NNPC introduced ‘customer express’ whereby payments for the purchase of petroleum products are done online.

“And the NNPC then set up a committee which ensured that all those with tickets paid manually, were given the product.

“I was a member of that committee which supervised the supply of the product to those marketers who paid manually before the introduction of customer express.

“So, to my knowledge, the only products not delivered by the NNPC is on the recent payments made.

“NNPC has since stopped collecting money from marketers, except through the customer express when it’s sure of having the products in any depot across the country,” Danmalam said.

 

Economy

Sanitary Pads: Reps Query Minister Over N65m Spent On New Year Party, Others

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 The Minister of Women Affairs, Mrs Uju Kennedy-Ohaneye has drawn the ire of the House of Representatives following the unguarded manner she allegedly spent monies which included expenditures of N45 million for a New Year party and, N20 million for sanitary pads.

The House of Representatives which has now queried the minister, also frowned on her other unrelated expenditure which includes N1.5 million for vehicle fuel.

Rep. Kafilat Ogbara, Chairman, House Committee on Women Affairs, led the interrogation of the Minister, over the non-payment of N1.5 billion to contractors despite the fund release in Abuja.

She said that the investigative hearing was aimed at uncovering the truth and not witch-hunting the Minister and the officials of the ministry.

The committee also investigated the alleged diversion of funds meant for contractor payments, following a petition from contractors.

The committee also sought clarification on funds appropriated for the African First Lady’s mission and the whereabouts of the N1.5 billion meant for contractor payments.

The minister however denied the allegations of misappropriation, overspending, and non-payment to contractors.

The procurement officer confirmed contractors’ claims, and the Director of Finance and Administration acknowledged only paying approved contracts.

It would be recalled that the committee had at its last sitting summoned the minister to appear before it to explain the rationale behind the non-payment.

The committee also ordered the stoppage of all 2024 contract processes by the Ministry of Women’s Affairs until the whereabouts of the money for the said contracts are determined

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Economy

LASU: Town, Meets Gown Next Tuesday, To Make Rails Transportation More Meaningful

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LASU: Town, Meets Gown Next Tuesday, To Make Rails Transportation More Meaning

…NRC Boss, Engr. Okhiria is Pointman

The Town and the Gown will on Tuesday converge at the Lagos State University (LASU), in a mutual fusion of quality and sustainable ideas, as the Managing Director, Nigeria Railways Corporation speaks on where the eggheads necessarily need to intervene, for the overall benefit of the nation.

NRC Boosts Passenger- Safety With  Strong Armed Forces Collaboration 
Engr. Fidet-Okhiria

Prof. Bamidele Badejo who is now back in LASU, confirmed this to the Maritime First, highlighting that Engr. Freeborn Okhiria would meticulously dissect a critical issue, titled: ‘From Exclusive Clause To Concurrent List: Potency for sustainable rail infrastructure development in Nigeria and the Lagos State example.

Oluwaseun Osiyemi, the Lagos State Commissioner of Transport, will be in attendance; at an event which will flag off by noon prompt, Tuesday 16th, July 2024, at the Femi Gbajabiamila Conference Centre.

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Economy

Reps Probe Cbn’s N1.12trn Anchor Borrowers Scheme, NIRSAL’s N215b Loan

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Reps Probe Cbn’s N1.12trn Anchor Borrowers Scheme, NIRSAL’s N215b Loan

The House of Representatives has ordered probes into the N1.12 trillion anchor borrowers scheme, an initiative of the Federal Government’s interventions and agricultural funding through the Central Bank of Nigeria (CBN).

Also included in the probe are the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), the Bank of Industry (BoI) and other agencies.

The resolution followed the adoption of a motion by Rep. Chike Okafor (APC-Imo) on the floor of the House in Abuja on Tuesday.

Presenting his motion, Okafor linked the growing food scarcity and malnutrition in Nigeria to the alleged mismanagement of agricultural funds intended for agricultural development in the country.

He said the Federal Government had expended N8 trillion in 8 years on various schemes and interventions in the last eight years with the view of making food available for millions of Nigerians.

He added that the alleged mismanagement, misapplication of funds and abuse of the programmes had left Nigeria with the twin challenges of food scarcity and malnutrition.

Okafor said that funds advanced to end users of the various Federal Government interventions had also been allegedly misused, misapplied and channelled to non-farming and non-agricultural purposes.

This, he said, was responsible for the current acute scarcity of food in the country.

Adopting the motion, the House mandated the Committee on Nutrition and Food Security as well as the Committee on Agricultural Production and Services; Agricultural Colleges and Institutions and Finance, to probe

The Committees were mandated to thoroughly investigate CBN’s alleged mismanagement of the Anchor Borrowers Program (ABP) for which ₦1.12 trillion was to be disbursed to 4.67 million farmers.

The farmers were said to be involved in either maize, rice or wheat farming through 563 anchors.

The committees are to look into NIRSAL’s disbursement of ₦215,066,980,274.52, to facilitate agriculture and agribusinesses.

The House gave the committees four weeks to report back to the House.

The house also mandated the committees to equally assess how the Bank of Industry (BOI) disbursed N3 billion to 22,120 smallholder farmers through the Agriculture Value Chain Financing (AVCF) Programme.

The committee is also to investigate the handling of the N5 billion loan facility to the Bank of Agriculture (BOA) for livestock farmers across the country.

This will include the management of the National Agricultural Development N1.6 billion Recovery Fund for the Ginger Blight Epidemics Central Taskforce (GBECT).

This is for the control of Blight disease in Ginger, among other interventions. 

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