PMS
Minister: Why Nigerian government insists on removing petrol subsidy
The Minister of State for Budget and National Planning, Clem Agba, on Tuesday, reiterated the need to deregulate the downstream petroleum through the removal of subsidy on Premium Motor Spirit. According to him, only the wealthy were currently benefiting from the subsidy. The minister spoke during the leadership and governors’ discourse on open government partnership held in Abuja, on Tuesday. He said, “Some will say if you take out fuel subsidies the ordinary man will suffer, how will the ordinary man suffer? Is it in terms of food? Vehicles that are used for moving food are heavy-duty vehicles. And they don’t use PMS, they use diesel and that has since been deregulated. Those that we are actually subsidising are the very rich. “Those who drive the Rolls Royce, the Lamborghinis and other ...
Troops nab two terrorist fuel suppliers in Yobe
Troops of Sector 2 Operation HADIN KAI on Saturday raided suspected Boko Haram Terrorists logistics base in Gujba, Yobe State and arrested two fuel suppliers. The director, Army public relations, Brig Gen Mohammed Yerima, said the troops following a sting operation nabbed two suspected Boko Haram logistics suppliers and recovered 11 jerricans loaded with Premium Motor Spirit (PMS) popularly called petrol, six jerricans of Automotive Gas Oil and nine empty jerricans hidden in different locations in Gujba. He said the suspects are currently in custody for preliminary investigations and would be handed over for prosecution by relevant agencies. The Chief of Army Staff, Major General Faruk Yahaya, while appreciating the troops, enjoined them to sustain the tempo and clear all suspected fortres...
IPMAN impounds trucks transporting adulterated petrol in Bayelsa
Taskforce personnel attached to the Bayelsa State chapter of the Independent Petroleum Marketers Association of Nigeria (IPMAN), have apprehended three tankers suspected to be transporting adulterated Premium Motor Spirit (PMS) from an unidentified source into the state. Bayelsa State Coordinator of IPMAN, Mr. Bello Bina, who confirmed the development to journalists on Saturday, said the trucks were impounded along the Sagbama section of the East-West road. He alleged that some unidentified policemen were currently trying to frustrate the effort of the task force by insisting that the suspected adulterated products are owned by a highly influential person. He said when the effort of the policemen failed, an unidentified man called him on the phone to plead with him to take some financial g...
DPR allays fears of fuel scarcity during easter
File Photo Ahead of the Easter festival coming up by the end of March, the Department of Petroleum Resources (DPR) has reassured Nigerians that there will be no fuel scarcity, urging them to desist from panic buying. It also stated that government has put a formidable policy in place to ensure free flowing supply and distribution of petroleum products during the festivity. Addressing journalists after going round on routine surveillance to monitor and ensure that all retail outlets are complying with the recommended price of between N162 to N165 per litre, the Jos office Operations Controller of DPR, Mr. Stanley Ngene, said: “I can assure you that every necessary precaution is being taken by the government to ensure that we do not go back to the days of fuel scarcity.” Ngene said that the ...
Petrol pump price: DPR monitors Lagos filling stations
The Department of Petroleum Resources (DPR) says it has intensified surveillance of filling stations in Lagos State to ensure compliance with the approved pump price band for Premium Motor Spirit (PMS). Mr Ayorinde Cardoso, Zonal Operations Controller, DPR, Lagos, made this known after an inspection visit to some petrol stations located in Ikoyi, Victoria Island and Lekki areas of the state. Newsmen report that the Federal Government had on March 12 denied the increment of petrol to N212 per litre and had directed marketers to revert to the old price regime. Cardoso said the seven petrol stations inspected were selling fuel to customers between N162 to N165 per litre which was the approved price band. “This surveillance visit is part of our regular function and we are coming out today to c...
PDP advises federal government against increasing pump price of petrol
The Peoples Democratic Party (PDP) on Friday advised the Federal Government against increasing pump price of petrol. The party in a statement by its National Publicity Secretary, Mr Kola Ologbondiyan, in Abuja said any contemplation to increase pump price of petrol to N212 would worsen the economic and social situations of Nigerians. This was in reaction to a debunk report that the Petroleum Products Pricing Regulation Agency (PPPRA) on Thursday night released a template that a litre of fuel would now be sold for prices ranging from N209 to N212 per litre for March. Ologbondiyan said that the N212 per liter reportedly contemplated in the March pricing template was not in the best interest of Nigerians. “It is a barefaced fact that there is no way that Nigerians can survive such hike in fue...
NNPC declares N13.43 billion trading surplus for November 2020
The Nigerian National Petroleum Corporation, NNPC, has declared a trading surplus of N13.43billion for November 2020, 54 per cent more than the N8.71billion recorded in October 2020. This is contained in the November 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru Obateru said the trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period under review. The report indicated that in November, NNPC Group’s operating revenue as compared to October 2020, decreased slightly by 0.02 per cent or N0.09billion to stand at N423.08 billion. Similarly, expenditure for the month decreased by 1...
Presidency: Boko Haram weaker now than in 2015
As the country marks the 2021 Armed Forces Remembrance Day, Friday, the Presidency has declared that the activities of Boko Haram insurgents have been weakened compared to what obtained in 2015. This is even as it said that more than 2,403 criminals, including terrorists, bandits, kidnappers and criminals of other sorts, were reportedly eliminated by the Nigerian Armed Forces, in coordinated operations across the country between March 18 and December 30, 2020. The event is billed to hold in the early hours of the day at the National Arcade, opposite Eagles Square, Three Arms Zone, Abuja. The Special Adviser to the President on Media and Publicity, Femi Adesina, in a statement titled “Security checklist, as Nigeria marks Armed Forces Remembrance Day, by Presidency” flaunted the Buhari admin...
Lagos shuts airport bridge indefinitely
The Lagos State Government on Sunday announced the closure of the Airport Bridge at Toyota on Oshodi/Isolo Expressway indefinitely. This follows the inferno that recently occurred on the Apapa Oshodi Expressway as a result of a PMS loaded tanker exploding in a fireball from collision with another truck, with the structure of the Airport Bridge at Toyota on Oshodi/Isolo Expressway has been affected. “The bridge therefore has to be temporarily closed to vehicular traffic movement to enable the State Government conduct structural engineering tests on the bridge,” said Commissioner for Transportation, Dr Frederic Oladeinde. He announced alternative routes for use by motorists pending the outcome of the tests and the reopening of the bridge to traffic. “Motorists from Mile 2 to Cele on Apapa-Os...
NLC rejects hike in petrol pump price
Nigeria Labour Congress, NLC, Monday, rejected the fresh hike in the pump price of Premium Motor Spirit, PMS, commonly known as petrol, which took effect last Friday, demanding for immediate reversal. The post NLC rejects hike in petrol pump price appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
PPPRA: Previous administrations spent N8.9 trillion on subsidy in 10 years
The Petroleum Products Pricing Regulatory Agency, PPPRA, yesterday, disclosed that N8.9 trillion was spent on fuel subsidy by the Federal Government, mainly by previous administrations, between 2006 and 2015. According to data released to support the need for deregulation of the downstream petroleum industry, the PPPRA stated that the bulk of the sum was expended between 2011 and 2015, where N6.7 trillion, representing 74.8 per cent of the total were spent on subsidy. Giving a breakdown of the figure, the PPPRA disclosed that N257.36 billion, N271.51 billion, N630.57 billion, N409.31 billion, and N667.08 billion were spent on fuel subsidy in 2006, 2007, 2008, 2009, and 2010, while in 2011, 2012, 2013, 2014 and 2015, fuel subsidy gulped N2.1 trillion, N1.35 trillion, N1.32 trillion, N1.22 t...
PPPRA: Forex, uncertainty responsible for lack of fuel import by marketers
The Petroleum Products Pricing Regulatory Agency, PPPRA, blamed foreign exchange challenges and prevailing uncertainty for the inability of oil marketers to resume fuel import. Addressing newsmen in Abuja, Executive Secretary of the PPPRA, Mr. Saidu Abdulkadir, explained that the Petroleum Products Marketing Company, PPMC, had been the one announcing the price of petrol over the last few months, because it was within its rights to do so, as one of the oil marketers and a major supplier of the commodity. Abdulkadir, who was represented by the General Manager, Administration, and Human Resources of the PPPRA, Mr. Victor Shidok, stated that because of the difficulties in accessing foreign exchange by oil marketers, the PPMC is currently the sole importer of the commodity into the country, and...
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