Premium Motor Spirit
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...
PPPRA fixes petrol ex-depot price for N138.62
The Petroleum Products Pricing Regulatory Agency (PPPRA) kept the petrol dealers guessing on Tuesday when it approved an ex-depot price of N138.62 per litre for the Premium Motor Spirit (PMS) petrol and kept the pump price to its chest. The post PPPRA fixes petrol ex-depot price for N138.62 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.
Oil marketers condemn planned protest, shutdown over fuel price hike
AHA Taxis Oil marketers, under the aegis of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), yesterday, kicked against attempts by some labour groups and trade associations to stage a protest march in opposition to the recent hike in the price of Premium Motor Spirit, also known as petrol. The Nigeria Labour Congress (NLC), United Labour Congress (ULC) and some other oil marketing groups had threatened to embark on a nationwide strike over the hike in petrol price, while they called on the government to revert to the previous price. In a statement in Abuja, National President of PETROAN, Dr. Billy Gillis-Harry, stated that while its members are not happy with the way certain things are in the downstream petroleum industry at the moment, they do not think any stree...
Marketers call for appropriate legislation on fuel subsidy removal
AHA Taxis Marketers are calling for appropriate legislation that will enforce the new fuel subsidy removal policy of the Federal Government. Speaking during a webinar on the downstream sector at the weekend, the Managing Director of 11 Plc, and Chairman of Major Oil Marketers Association of Nigeria (MOMAN), Adetunji Oyebanji, stated that there are some misconceptions that government has given permission to marketers to import premium motor spirit (PMS) otherwise called petrol. “There was never a time government stopped marketers from importing. It was the economics of it that made marketers stopped because it didn’t make sense to import products at a price that is higher than the government fixed price for the product at the pump. Gradually, all the players involved in importation stopped,...
Customs intercept N13 million bales of clothes on train
File Photo The Nigeria Customs Service, Oyo/Osun Area Command, has made a total seizure of 180 bales of second hand clothes from a train operated by the Nigerian Railway Corporation with a total Duty Paid Value of N13,252,311. The Area Controller, Oyo/Osun Command, Helen Uche-Ngozi, disclosed this during a press conference at the Command’s headquarters in Ibadan on Tuesday. Uche-Ngozi said, “During our anti-smuggling activities of March and April 2020, the Command made a seizure of 310 drums of 100 litres each and 180 kegs of 25 litres each of Premium Motor Spirit, otherwise called petrol, at different points and axis of the Command. “They will be auctioned and the proceeds will be remitted accordingly. We were also able to identify a petrol station carrying out illegal activities within i...
PDP rejects N108 ex-depot fuel price, insist on N70 pump price
The Peoples Democratic Party, PDP, has rejected the new ex-depot price of N108 per litre of the Premium Motor Spirit insisting on a new pricing template that must accommodate a pump price of between N60 to N70 per litre to reflect the crash in the price of crude oil and petroleum products in the international market. The party described the N108 ex-depot price as fraudulent and a far cry from the appropriate pump price template that should not exceed N70 given the prevailing situation in the international oil market. In a statement issued by the national publicity secretary of the party, Kola Ologbondiyan, the PDP maintained that the N108 ex-depot price with a projected additional N9 per litre Expected Open Market “completely unacceptable to Nigerians.” The statement read: “The federal gov...
Petrol to sell at N117 per litre as PPMC cuts ex-depot prices
AHA Taxis The Petroleum Products Marketing Company (PPMC), Wednesday, slashed the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, to N108 per litre, a move reflecting the drop in crude oil prices. It is also expected to result in a lower pump price at petrol stations by end of this week. In a memo to oil marketers and other stakeholders in the petroleum marketing business, dated May 5, 2020, with the subject: ‘Re: PPMC Petroleum Products Prices for May 2020,’ the PPMC also slashed the ex-depot price of Automotive Gasoline Oil, also known as diesel, to N164 per litre for depots in Lagos and N166 per litre for depots in Oghara, Calabar, Port Harcourt, among others. The indicated that the new prices would take effect from May 5, 2020. The ex-depot price is the price at whi...
- 1
- 2
