PDP Rejects N123.5 Fuel Price, Insist On N90 Per Litre

File photo

 

 

The Peoples Democratic Party (PDP) has rejected the April 1 tweaking of fuel price from N125 to N123.5, insisting instead that the price be reduced to N90 per liter.

In a statement by its spokesman, Kola Ologbondiyan, the opposition party argued that the reduction of pump price by N1.50k is offensive, fraudulent; a further display of cruelty and insensitivity of the All Progressives Congress (APC) to the plight of Nigerians, particularly as the nation battles the impact of the COVID-19 pandemic.

The PDP insisted that the correct pump price of fuel is between N80 to N90 per liter, given the slump in the price of fuel and crude oil in the international market.

The PDP held that any price beyond that is completely unacceptable, as it amount to fleecing Nigerians.

READ ALSO: Customs Intercept Items Worth Over N200m In Katsina

The party berated the APC administration for “attempting to delude Nigerians by tweaking the cost decimals to create a misleading impression of price reduction while fleecing the unsuspecting public”.

The PDP challenged the APC and its administration to explain how they arrived at the pump price of N123.5 instead of N90 per liter despite the fall in international price.

The PDP asked the President Muhammadu Buhari administration to disprove its claim by immediately publishing the full prevailing landing cost, the prevailing 3% depot cost, the 3% trucking cost as well as the retail outlet admin cost and show why the pump price should be above N90 per liter.

According to the PDP, Nigerians earlier had to bear the brunt of high cost of fuel in the face of high oil prices in the international market, thus it is only fair that they also enjoy the benefits of the cut in international prices.

The PDP charged the government to immediately reduce the pump price to N90 as well as refund the accrual, so far, from the N35 per liter difference and channel same to provision of palliatives to Nigerians.

Furthermore, the PDP reiterates its demand for the establishment of Eminent Nigerians Group to manage donations towards mitigating the impact of COVID-19 and ensure that the palliatives get to venerable Nigerians without any political and bureaucratic bottlenecks

FG Reduces Petrol Pump Price To N123.50 Per Litre

Report Any Station Selling Petrol Above N145, NNPC Tells Nigerians

 

The Federal Government has announced a reduction of the pump price of the Premium Motor Spirit (PMS) to N123.50 per litre.

The new price takes effect from Wednesday, April 1, 2020.

According to the Petroleum Products Pricing Regulatory Agency (PPPRA) is in line with the Federal Government’s approval for a monthly review of PMS pump price.

“PPPRA, in line with the Government approval for a monthly review of Premium
Motor Spirit (PMS) pump price, hereby announces Guiding PMS pump price of N123.50 per litre,” a statement issued on Tuesday night by PPPRA Secretary, Abdulkadir Saidu, said.

Saidu in the statement added that the new price applies at all retail
outlets nationwide for the month of April 2020.

He added that PPPRA and other relevant regulatory agencies will continue to monitor compliance to extend regulations for a sustainable downstream petroleum sector.

The Federal Government had earlier on March 18 reduced the pump price of petrol to N125 per litre.

The Minister of State for Petroleum Resources, Mr Timipre Sylva, who made the announcement said 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.

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

Kano DPR Inspects 166 Stations, Seals Eight For Hoarding Fuel

 

The Department of Petroleum Resources (DPR) in Kano State have inspected 166 fuel stations, sealing eight in the process for hoarding and selling fuel above the official pump price.

During the inspection conducted on Wednesday, the Acting Controller Operations, DPR Kano field office, Paul Jhezi said the inspection was conducted across the 44 Local Government Areas of the state.

READ ALSO: DPR Seals Five Filling Stations In Imo

Jhezi said the inspection is targeting at ensuring that fuel queues disappear in view of the recent development of supply by the Nigerian National Petroleum Corporation (NNPC) in the state.

He said more field officers have been dispatched to suspicious fueling stations across the state to ensure compliance.

The 166 fuel stations were inspected within the period of three days.

The situation of fuel scarcity in Kano State have since been gradually put under control as a result of the monitoring by DPR.

April PMI Reading Down To 46.5    

PMINigeria’s manufacturing activity slumped to a year-low of 46.5 reading in the month of April, according to a new report released on Tuesday by the investment and securities trading firm, FBN Quest.

The Purchasing Managers’ Index, designed to track manufacturing in big and small companies in Nigeria, was at a healthy 54.5 reading in March but falls sharply on the back of biting foreign exchange shortage, petrol scarcity and higher pump price as well as the delay in the release of the 2016 budget.

The report says manufacturers see no near-term optimism that new hiring will occur as the economy battles a slowdown.

Output reading at 42.0 was the lowest on the table since the FBN Quest PMI was launched a few years ago.

 

DPR Dispenses Free Petrol In Kaduna

DPROfficials of the Department of Petroleum Resources (DPR), and Nigerian Security and Civil Defence Corps (NSCDC) have distributed free fuel to motorists in Kaduna, as sanction against marketers who are hoarding petroleum products or selling above official pump price.


Five service stations along the Nnamdi Azikiwe Bye-Pass in the state capital, were caught in the act and the agency dispensed petrol to motorists free of charge.

The monitoring team led by the DPR Kaduna Zonal Controller, stormed some of the petrol stations within the metropolis where they discovered that the owners were hoarding the product and have refused to sell to the public during day time, but operate only at night when they sell above the official pump price.

The agency said that its action is part of efforts to reduce the lingering fuel scarcity that has affected economic activities in the past two months and to also ensure that marketers adhere to the N86.50k official pump price.

Speaking to reporters, the DPR Kaduna Zonal Controller, Mr Sayyadi Sulaiman, said that the exercise was in compliance with the ministerial directive to dispense free fuel belonging to erring petrol stations found to be hoarding or selling above official pump price.

Motorists who benefited from the free fuel from the stations, confirmed the allegations against the fuel stations as they complained that they usually sold above pump price at night.

They commended the DPR for the action taking against unscrupulous marketers which they say would go a long way in addressing the situation.

Kachikwu Orders DPR To Auction Petrol Hoarded In Stations

petrolThe Minister of State for Petroleum, Dr Ibe Kachikwu, has directed the Department of Petroleum Resources, DPR not to seal off any petrol station but instead to auction petroleum products of any marketer found to be hoarding petroleum products at this time.

Dr Kachikwu, who took a monitoring tour of petrol stations in the federal capital, said that the NNPC was deploying all its available resources to bring down the heightening panic buying and appealed to Nigerians to be patient as they bring the situation under control.

In a joint press conference with the PPMC in Abuja on Friday, November 13, the NNPC had said that there was enough premium motor spirit to last the country over two weeks and expected import to last until mid-December and projected that the ensuing fuel crisis would ease out over the weekend.

Contrary to their expectations however, the crisis worsened, with fewer stations selling the product and from fewer pumps and with the heightening frustration from vehicles owners on fuel queues across states.

This led the Minister of State for Petroleum to take a trip round petrol stations in the Federal Capital Territory on Tuesday.

He maintained that adequate quantity of petroleum products are deployed across states daily to tackle the situation and processes were ongoing to ensure that marketers receive their subsidy payments as soon as the Senate approval is given, in a matter of days.

Reacting to speculations that marketers were hoarding petroleum products in anticipation of a reduction in pump price of petrol, Dr Kachikwu said that the country and the sector cannot handle such financial obligation anytime soon.

He added that a price modulation framework is expected by January to address the critical issues for marketers over the long term.

Marketers Protest As DPR Seals Filling Station In Owerri

dprThe Department of Petroleum Resources (DPR) in Imo State in eastern Nigeria has sealed-off over five filling stations in Owerri, the state capital for selling petrol above the Federal Government’s approved price of  87 Naira per litre.

This action prompted petroleum marketers in the state to embarked on a three-day warning strike, calling on the DPR to open the filling stations and also implore the Federal Government to provide petrol at the approved price to enable marketers sell at 87 Naira per litre.

The said most of the marketers buy at higher prices at the petrol depots which automatically resulted to heavy loss in their business.

It came as a rude shock to residence of Owerri in Imo state as they woke up with the news that all the fillings station operating in the state had shut down without any prior notice.

Reports revealed that some of the filling stations within the Owerri Metropolis were sealed-off by the DPR, infuriating members of the Association of Petroleum Marketers in the state,  who decided to shut down in solidarity as they embarked on a three-day warning strike.

While briefing reporters on the reason for their actions, the people condemned the continued harassment of their members by the DPR in the state.

The association maintained that if after three days the alleged injustice by the DPR continued, and the Federal Government failed to provide petrol at the approved price, they would have no option than to go on indefinite strike

While appealing to the DPR to direct petrol depots to regulate their prices, the Chairman of the Imo State Petroleum Task Force said the state could not do much to intervene because the marketers buy at higher prices

While addressing the marketers, the DPR in the state said their job was to enforce compliant to Federal Government’s directive of ensuring that filling stations sell at the approved price of 87 Naira. He said they do not have any role to play in pricing, adding that the filling stations under their seal is a corrective measure to enforce compliance by defaulting filling stations.

It is the first day of the three-day warning strike and residence of the state have lamented over the untold hardship experienced in getting to their desired location.

It is, however, expected that the petroleum marketers and the DPR would meet to chat a way forward in the best interest of the citizens.

Petrol Price Reduction: Transport Workers In Abia To Reduce Fare

PetrolThe Chairman of Abia State Chapter of National Union of Road Transport Workers, Sunny Nwakodo, has said that there is the likelihood to reduce the prices of transport in the state.

This is in line with the decision of the Federal Government to reduce the pump price of petrol from 97 naira to 87 naira per litre.

According to him, if all the petrol stations in the state abide by this new pump price, commuters would have a cause to smile as the union would do all within its ability to bring down fare.

While some of the petrol stations in the state, visited by Channels Television, have started selling at the new price, others have not changed their prices.

According to them, their inability to sell was because they were waiting for orders from the management to revert to the new price.

Some of them also claimed that they bought the fuel at the former price and the turn of event might affect their profit margin.

This has led to the NNPC mega Station being besieged with several vehicles.

Although many commuters expressed the view that the Federal Government’s decision to reduce petrol pump price was to draw attention for campaign purposes, a large number of them also think otherwise.

Some of the consumers who spoke to us said that the action taken by the government to reduce petrol pump price was commendable.

Many were pleased to buy their petrol at the new price of 87 naira per litre.

New Petrol Price Will Not Immediately Affect Common Man – Nweze

petrolA Professor at the Pan Atlantic University, Austin Nweze, believes that the Nigerian Government’s reduction of the pump price of petrol is a welcome development considering it came without a fight from Nigerians.

He, however, added that how long this would last remains something to ponder on as there are several factors that determine the prices of petroleum products.

Speaking on Sunrise Daily, he noted that the reduction of the pump price of petrol was a consequence of global drop in the price of crude oil, and wondered if the pump price in Nigeria would be raised again when global crude price goes up.

While sharing the view that it was not yet time to celebrate a permanent reduction, he also noted that such reduction would not affect majority of Nigerians as commuters would still be paying the same amount they pay for transportation.

He admitted, although, that vehicle owners who buy petrol daily would immediately start to benefit.

Explaining the dynamics of the oil market, Nweze opined that this was a good opportunity for the Nigerian Government to completely remove subsidy and allow filling stations to sell at different prices.

To validate his suggestion, he stated that many towns in the South-Eastern part of the country had been buying petrol at different prices different from the former price of 97 naira per litre. Therefore a deregulation would not be strange.

He also noted that this could help develop local refineries and also encourage local entrepreneurs to invest in the sector rather the Nigerian economy being in the hands of foreigners.

Professor Nweze further emphasized the need to diversify the Nigerian economy.

Austin Nweze, who is also the governorship candidate of the Social Democratic Party (SDP) in Ebonyi State, spoke briefly about his ambition and his chances of clinching the governorship seat in Ebonyi State in 2015.

DPR Vows To Seal Up Stations Selling Above Approved Price

The Kaduna Zonal Operations Controller, Department of Petroleum Resources (DPR), Mr Mustapha Jahun, has vowed that the agency will henceforth seal any illegal Petrol Station constructed without government approval and also close down any station where DPK and other petroleum  products are sold above the regulatory pump price.

Speaking  at the opening ceremony of the 2013  Combined Annual General Meeting of the Department of Petroleum Resources (DPR) and Independent Petroleum Products  Marketers for  Kaduna Zone on Tuesday,  Jahun  decried that the activities of such marketers amounts to short-changing the Federal Government and Nigerians.

The zonal controller explained that the meeting was to further broaden the knowledge of marketers of the statutory issues hitherto unknown, unclear or taken for granted, and also review past activities and plan ahead towards meeting government and stakeholders expectations.

He also stressed that erecting petrol stations near residential areas was illegal as well as the diversion of petroleum products which in many cases results in fire outbreaks.

He assured marketers that tireless efforts were being made to satisfy public demand of petroleum products which tasked them.

In a swift response, Kaduna zonal Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Muhammad Ndakogi absolved members of the association of any blame regarding the sale of petroleum products above approved pump  price or operating illegal stations in the zone.

Some stakeholders also urged the agency to expose those caught  violating its rules and regulations.