Price Of Petrol Likely To Change Every Month – PPPRA

A petrol station metre in Abuja reads N125 on Thursday, March 19, 2020.  Photo: Sodiq Adelakun
A petrol station metre in Abuja reads N125 on Thursday, March 19, 2020. Photo: Sodiq Adelakun

 

The Petroleum Products Pricing Regulatory Agency (PPPRA) on Thursday said it will start the modulation of petroleum products prices on a monthly basis as from April 1.

PPPRA Executive Secretary, Mr Abdulkadir Saidu, at a press conference, said the price modulation will be determined by market forces, including the price of crude oil.

The PPPRA said it will hold several engagements with petroleum marketers in a bid to secure their buy-in as the prices of their products fluctuate based on market forces.

Some petrol stations in the nation’s capital have started complying with the federal government’s directive to adjust the pump price of premium motor spirit to N125 per litre, Channels TV can report.

Our crew, which went round Abuja, however, discovered that some stations are still dispensing at N145 per litre.

NNPC Retail Stations To Begin Sale Of Fuel At N125 From March 19

A file photo of NNPC GMD, Mele Kyari.

 

The Nigerian National Petroleum Corporation (NNPC) has said that its retail stations will begin to sell fuel at the adjusted price of N125 per litre beginning from March 19, 2020. 

This is in line with the Federal Government’s directive ordering the NNPC to adjust the price of fuel to reflect global market realities.

Speaking on the adjustment and new directives to its retail stations, the Corporation’s Group Managing Director, Mr Mele Kyari, said the NNPC has reviewed its Ex-coastal, Ex-depot and NNPC retail pump prices.

According to his statement on Wednesday, Mr Kyari said NNPC’s Ex-coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is now been reduced from N133.28/litre to N113.28/litre.

Mr Kyari stressed that despite the obvious implications of this immediate adjustment to the Corporation, the NNPC is delighted to effect the massive reduction of N20/litre for the benefit of all Nigerians.

READ ALSO: FG Reduces Price Of Petrol To N125 Per Litre

FG Reduces Price Of Petrol To N125 Per Litre

Report Any Station Selling Petrol Above N145, NNPC Tells Nigerians

 

The Federal Government has ordered the NNPC to adjust the price of fuel to reflect global market realities.

According to a briefing from the Federal Executive Council (FEC), the new pump price of petrol is now 125 naira.

The President ordered that the adjustment takes effect immediately.

Giving the directive on behalf of the President, Mr Timipre Sylva told newsmen that compliance by petroleum marketers is to be enforced by the NNPC and the PPPRA.

Mr Sylva, the minister of state for petroleum resources noted that the price slash will affect all products, adding that their prices are also to be set by the PPPRA and the NNPC.

READ ALSO: CBN Approves N100bn Loan Support For Health Laboratories

He further revealed that the ministry is also adopting a price modulation mechanism so the price of petroleum products can be regulated as the market dictates.

According to the minister, it is believed that this measure will have a salutary effect on the economy, provide relief to Nigerians and will provide a framework for the sustainable supply of PMS to Nigeria.

He assured that the Ministry of Petroleum Resources will continue to encourage the use of compressed natural gas to complement PMS utilization as a transport fuel.

Mr Sylva had last week said the government was in consultation with relevant stakeholders on the possibility of reducing the price following the crash in crude oil prices in the international market.

Following the outbreak of the coronavirus, the prices of crude oil globally have witnessed sharp deeps.

Brent Crude has been sold for $35.44 per barrel while Bonny Light has been sold at $33.63 dollars per barrel, these values are way below the $57 per barrel benchmark for the 2020 budget.

CBN Approves N100bn Loan Support For Health Laboratories

 

The Central Bank of Nigeria has announced 100 billion naira loan support for health laboratories in the country.

This according to Mr Godwin Emiefele is part of the CBN’s intervention in the economy following the impact of COVID 19.

READ ALSO: FG Reduces Price Of Petrol To N125 Per Litre

Mr Emiefele, the Central Bank Governor further stated that that the Apex Bank has also increased its intervention in the manufacturing sector by one trillion naira.

Mr Emefiele also directed all commercial banks in the country to support pharmaceutical companies and the Healthcare industry.

He said the CBN will in the days ahead continue to reel out its support for the economy.

FG Approves Reduction Of Petrol Price

Elections: Appeal Court Sets Aside Judgement Nullifying Nwaoboshi’s Victory

 

The Federal Government has approved the reduction of the pump price of Premium Motor Spirit (PMS).

While there are reports that the PMS price was reduced from N145 per litre to about N130, the statement from the ministry of petroleum resources did not state categorically what the new price of petrol will be.

In his communique on Wednesday, Mr Timipre Sylva, the minister of state for petroleum resources stated that the drop in crude oil prices has lowered the expected open market price of imported petrol below the official pump price of N145 per litre.

Heb further revealed that in line with the current market realities, President Buhari has directed that Nigerians should benefit from the reduction in the price of the PMS.

READ ALSO: CBN Approves N100bn Loan Support For Health Laboratories

The minister’s statement read:

REDUCTION IN PRICE OF PETROLEUM MOTOR SPIRIT (PMS)

The drop in crude oil prices has lowered the expected open price of imported petrol below the official pump price of N145 per litre.

Therefore, Mr President has approved that Nigerians should benefit from the reduction in the price of PMS which is a direct effect of the crash in global crude oil prices.

In view of this situation, based on the price modulation template approved in 2015, the Federal Government is directing the Nigerian National Petroleum Corporation (NNPC) to reduce the ex-coastal and ex-depot prices of PMS to reflect current market realities.

Also, the PPPRA shall subsequently issue a monthly guide to NNPC and marketers on the appropriate pricing regime.

The agency is further directed to modulate pricing in accordance with prevailing market dynamics and respond appropriately to any further oil market development.

It is believed that this measure will have a salutary effect on the economy, provide relief to Nigerians and will provide a framework for sustainable supply of PMS to our country.

The Ministry of Petroleum Resources will continue to encourage the use of compressed natural gas to complement PMS utilization as a transport fuel.

Mr Sylva had last week said the government was in consultation with relevant stakeholders on the possibility of reducing the price following the crash in crude oil prices in the international market.

Following the outbreak of the coronavirus, the prices of crude oil globally have witnessed sharp deeps.

Brent Crude has been sold for $35.44 per barrel while Bonny Light has been sold at $33.63 dollars per barrel, these values are way below the $57 per barrel benchmark for the 2020 budget.

PHOTOS: Petrol Tanker Fire Kills One, Injures Two In Imo

A scene of the tanker fire incident in Imo State on February 13, 2020.

 

 

A tanker fully loaded with Premium Motor Spirit (PMS) also known as petrol has gutted fire in Imo State.

The incident occurred on Thursday along Owerri-Aba Expressway, a few kilometres from the Imo Airport.

One person was killed and two others critically injured as a result of the inferno.

An eyewitness told Channels Television at the scene of the incident that the accident occurred after the petrol tanker rammed into the road demarcation.

He said this triggered the fire and, in the process, the driver of the tanker died as he struggled to escape.

Shortly after the inferno, men of the Imo State Fire Service arrived at the scene to put out the fire.

Addressing reporters at the scene, the Director of Fire Service in Imo State, Japhate Okoereafor, said they got to know about the incident following a distress call.

He added that he immediately ordered and dispatched firefighters to the scene and requested a backup from the Airport Fire Service.

See photos below:

DPR Seals 10 Petrol Stations, Four LPG Plants In Kaduna

 

The Department of Petroleum Resources (DPR) has sealed 10 petrol stations and four Liquefied Petroleum Gas (LPG) plants in Kaduna State for various offences.

DPR’s Zonal Operations Controller in the state, Isa Tafida, told reporters on Tuesday during a monitoring exercise that the facilities were sealed for pump under-delivery, products diversion, operating without licence and noncompliance to safety regulations.

Other offences he listed include non-conformity to standard operations, construction and operation without DPR licence, and installation of facilities without approval.

Tafida revealed that the agency inspected no fewer than 768 petrol stations and 38 gas stations within the last quarter of 2019.

He explained that the aim was to ensure compliance and to also make sure residents were not short-changed by unscrupulous marketers, especially during festive period.

The zonal operations controller who led other officials on the inspection tour said the DPR has intensified its operations within the state, in furtherance of its constitutional responsibilities.

He added that 38 LPG plants and 50 retailers were licensed in an effort to discourage desert encroachment and felling of trees, as well as reducing the associated risk of decanting LPG by unlicensed retailers.

Tafida insisted that the operation of illegal gas plants without licence and under unsafe condition was illegal and would not be allowed.

Police Arrest Suspected Tanker Hijackers, Recover 40,000ltrs Of Petrol

The suspects arrested by the police.

 

 

The Lagos State Police Command has arrested two suspected notorious petroleum tanker hijackers in the Mile 2 area of the state.

Police Operatives from Itire Division made the arrest after intercepting a tanker loaded with 40,000 litres of petroleum product along Iyana-Itire pin down point.

The suspects are Charles Obllomo (37) and Osita Onyeka (35) while the truck driver, Muhammadu Mande, (42) and the conductor, Lawali Usman, (34) were rescued in the process.

The Police Public Relations Officer in Lagos, Bala Elkana, confirmed in a statement on Sunday that the suspects were apprehended while acting on the strength of information from a reliable source.

“In his statement, the truck driver averred that his truck loaded with 40, 000 litres of PMS at Swift Depot, Apapa was billed for Kontagora, Niger State.

“That on getting to a bad portion of the road at Mile 2, four men in military uniform stopped him and asked what product he was carrying before ordering him and his conductor out of the truck into a red Toyota Corolla,” the statement said.

Obllomo and Onyeka were said to have taken possession of the truck while the driver and his conductor were sandwiched by the four men in military uniform in the car.

According to Elkana, the truck was driving behind the car and heading to an unknown destination before it was intercepted by the police.

Mande initially thought the hijackers were military men on stop and search duty until they started beating him and his conductor and threatened to kill them if they refuse to follow their orders.

However, the four suspects in military uniforms escaped with bullet wounds after a fierce battle with the police.

“The Truck and the Toyota Corolla were recovered and moved to the Police Station. Two pairs of vehicle plate numbers and military caps were recovered in the Corolla.

“The truck containing the PMS was handed over to the owner, Sani Samaila ‘m’ 55 years old, the Manager, Petroleum Nigeria Limited, Kontagora, Niger State,” the statement added.

Samaila decried that truck owners have suffered a lot of losses from the activities of hijackers in the past without remedy.

He explained that the syndicate usually hijack trucks and offload the content in locations, mostly outside Lagos, and abandon the truck for the owners to find after some days or weeks.

The Commissioner of Police in Lagos, Hakeem Odumosu, has directed the Commander of Special Anti-Robbery Squad (SARS) to take over the investigation and ensure that the fleeing suspects were arrested.

Petrol-Laden Tanker Crashes, Causes Gridlock On Lagos-Ibadan Expressway

 

A tanker laden with Premium Motor Spirit (PMS), also known as petrol, has crashed along the Lagos-Ibadan Expressway.

The incident occurred at about 5:10am on Christmas Day around the RCCG Car Park C in Mowe on the outward Lagos section of the highway.

This has resulted in a gridlock on both sections of the road, the spokesperson for the Federal Road Safety Corps (FRSC) Ogun State Command, Florence Okpe, said in a statement.

The tanker was said to be conveying petrol before it crashed into the barriers, although the FRSC said it was managing the situation.

 

Okpe revealed that the agency immediately contacted the Fire Service and Julius Berger Nigeria PLC Emergency Team to commence transloading and removal of the crashed tanker and eventual realignment of the displaced barriers, to restore traffic.

“The FRSC hereby advises the early morning travellers going on far journeys to seek alternative routes away from the Lagos-Ibadan Expressway via the Long Bridge to Mowe.

“The alternate corridors available are the Victoria Island-Ajah- Ijebu Ode Corridor and the Lagos-Ota- Itori-Abeokuta Expressway, considering the period it could take to transload the PMS in the crashed vehicle to another empty tanker, remove the crashed vehicle from the ditch, replace the road barriers the crash displaced and restore traffic,” the statement said.

The State Sector Commander, Clement Oladele, also appealed to motorists to note the traffic occurrences and bear with the inconveniences.

He gave the assurance that the FRSC rescue team was working with sister traffic and emergency agencies to restore free vehicular movement in the area.

One Dead As Petrol Protests Spread In Iran

Iranian protesters block a road during a demonstration against an increase in gasoline prices in the central city of Shiraz on November 16, 2019.
AFP

 

One person was killed and others injured in protests that spread Saturday across Iran after a surprise decision to impose petrol price hikes and rationing in the sanctions-hit country.

The death occurred Friday in the central city of Sirjan, where protesters had tried to set a fuel depot ablaze but were thwarted by security forces, semi-official ISNA news agency reported.

Protests erupted hours after it was announced the price of petrol would be increased by 50 percent for the first 60 litres and 300 percent for anything above that each month.

Sirjan’s acting governor Mohammad Mahmoudabadi said a civilian was killed but it was unclear if he had been “shot or not”.

“Security forces did not have permission to shoot and were only allowed to fire warning shots… which they did,” ISNA quoted him as saying.

He said some people “destroyed public property, damaged fuel stations and also wanted to access the oil company’s main fuel depots and set fire to them”.

Protests were also held Friday in other cities including Abadan, Ahvaz, Bandar Abbas, Birjand, Gachsaran, Khoramshahr, Mahshahr, Mashhad and Shiraz, state news agency IRNA said.

In Ahvaz “rioters” torched a bank and in Khoramshahr “suspicious and unknown armed individuals” opened fire and injured a number of people, state television’s website said.

In other cities, protests were mostly limited to blocking traffic and were over by midnight, it added.

Police fired tear gas at protesters in some cities, state television said.

It accused “hostile media” of trying to use fake news and videos on social media to exaggerate protests as “large and extensive”.

Prosecutor general Mohammad Jafar Montazeri laid the blame for incidents on a “few disruptors” whose actions showed they opposed the system.

‘Near-total’ net shutdown 

Netblocks, an internet monitoring website, said late Saturday the country was in the grip of an internet shutdown.

“Confirmed: Iran is now in the midst of a near-total national internet shutdown; realtime network data show connectivity at 7% of ordinary levels after twelve hours of progressive network disconnections,” it said on Twitter.

Fresh demonstrations were held Saturday in the cities of Doroud, Garmsar, Gorgan, Ilam, Karaj, Khoramabad, Mehdishahr, Qazvin, Qom, Sanandaj, Shahroud and Shiraz, IRNA said.

“Some drivers have protested the new petrol price by turning off their cars and creating traffic jams.”

In Tehran protesters were seen blocking a road while elsewhere in the capital demonstrators gathered around a burning vehicle.

Similar scenes were witnessed in the central cities of Shiraz and Isfahan.

The pump price hike is expected to generate 300 trillion rials ($2.55 billion) per annum and help needy citizens, authorities said.

About 60 million Iranians would receive payments ranging from 550,000 rials ($4.68) for couples to slightly more than two million rials ($17.46) for families of five or more.

Under the scheme, drivers with fuel cards would pay 15,000 rials (13 US cents) a litre for the first 60 litres of petrol bought each month, with each additional litre costing 30,000 rials.

Fuel cards were first introduced in 2007 with a view to reforming the subsidies system and curbing large-scale smuggling.

Iran’s economy has been battered since May last year when President Donald Trump unilaterally withdrew the US from a 2015 nuclear agreement and reimposed crippling sanctions.

The rial has plummeted, inflation is running at more than 40 percent and the International Monetary Fund expects Iran’s economy to contract by nine percent this year and stagnate in 2020.

‘Under Pressure’

President Hassan Rouhani said 75 percent of Iranians were “under pressure” and the extra petrol revenues would go to them.

Rouhani had tried to hike fuel prices in December but was blocked by parliament after protests that rocked Iran for days.

The scheme comes at a sensitive time as Iran prepares for a February parliamentary election.

The head of Iran’s Planning and Budget Organisation, Mohammad Bagher Nobakht, said the price hike was agreed by the High Council of Economic Coordination made up of the president, parliament speaker and judiciary chief, implying it had across-the-board approval.

The council met again Saturday and, according to the government’s official website, urged the “cooperation of all branches to successfully implement the plan”.

Lawmakers were unhappy to have been circumvented, with Tehran MP Parvaneh Salahshouri tweeting that parliament had “lost its authority”.

In 2015, during his first term, Rouhani had voiced opposition to a dual-price petrol regime adopted by his predecessor, Mahmoud Ahmadinejad, saying “it caused corruption”.

His administration also scrapped Ahmadinejad’s fuel card scheme, only to revive it this year while still denying it was a precursor to rationing and price hikes.

Two Killed In Oyo Petrol Tanker Explosion

 

Two persons have been confirmed dead in a blaze after a tanker laden with petrol skidded off the Ibadan end of the Lagos/Ibadan Expressway.

The police authorities in Oyo State confirmed the incident to Channels Television on Thursday.

According to them, the tanker spilled its content into a nearby intersection while an unconfirmed number of people sustained burns of various degrees.

READ ALSODon’t Lose Hope Of A Greater Nigeria, Says Buhari In Easter Message

The accident occurred at Onipepeye area, along Iwo Road in Ibadan, the state capital.

An eyewitness explained that some people rushed to the scene and started scooping fuel from the tanker shortly after it skidded off.

However, an attempt to start a broken-down vehicle nearby was said to have ignited the areas around the spill, causing the tanker to explode.

See more photos below:

PPPRA Reacts To ‘Sudden Re-Appearance Of Queues’ At Filling Stations

PPPRA Reacts To 'Sudden Re-Appearance Of Queues' At Filling Stations

 

The Petroleum Products Pricing Regulatory Agency (PPPRA) has reacted to what it described as the sudden re-appearance of queues at some filling stations in the country.

In a statement on Sunday by its Executive Secretary, Abdulkadir Saidu, the PPPRA attributed the queues to speculation of a shortfall in the supply of Premium Motor Spirit (PMS), popularly known as petrol.

It noted that has continued to monitor products supply in the petroleum sector, in line with best practices.

READ ALSOAir Force Personnel Dies In Parachuting Accident

The agency explained that this was in line with its mandate to regulate petroleum products supply and distribution, as well as establish an industry data bank.

It disclosed that the average daily supply of petrol for the year 2017, 2018 and 2019 were about 46 million, 54 million and 56 million litres respectively.

According to PPPRA, the figures indicate an improved level of supply in 2019.

Based on the available data, it affirmed that there was an adequate supply of PMS with more than 21 days sufficiency.

“PPPRA, therefore, urges fuel consumers across the country to desist from panic buying as the agency would continue to monitor the supply situation and take every step required to ensure that there is no disruption in the supply chain,” the statement said.

The agency gave assurance that there was adequate product supply in the system to meet the demands of consumers.