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Economy

PMS: Abia marketers yet to adjust to N123.5 per litre

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Major and Independent petroleum marketers in Abia have yet to adjust to the new pump price of Premium Motor Spirit, otherwise called petrol, in line with the Federal Government’s directive.

Nigeria News Agency recalls that the federal government had last Tuesday announced a new pump price of N123.5 per liter from N125 per liter.

However, barely one week after the pronouncement, marketers in Umuahia, Aba and other parts of the state still sell the product at N125 per liter.

A cross-section of the fuel attendants told NAN that they were still selling their old stock purchased at the old price from the depot.

An attendant at a service station near Uchenna Bus Stop, Umuahia, who spoke on the condition of anonymity, said: “We are still selling the old stock.

“We have not purchased new product for us to be able to sell at the federal government’s new pump price.”

NAN reports that the story was the same in all the service stations visited in the capital city where the product still sells at N125 per liter.

Report from Aba, the economic hub of the state, also stated that marketers had yet to adjust their meters to reflect the new pump price of N123.5 per liter.

Reacting to the development in an interview with NAN, some residents decried the inability of the marketers to adhere to federal government’s directive.

They expressed concern that it took some days before the marketers adjusted from N145 per liter to N125 per liter.

“Now that the federal government had further reduced the pump price to N123.5 per liter, they have refused to comply,” Mr Kingsley Onuoha, an Umuahia resident, said.

Mr Lawrence Nwoke, a commuter, said that it was worrisome that marketers had yet to comply with the new pump price.

Nwoke said that the development portrayed marketers as insensitive to the plight of the citizenry during the lockdown imposed by the state government to check the spread of COVID-19.

“Federal Government has shown concern over the impact of the lockdown on the citizenry by reducing the pump price for a second time from N145 per liter to N125 per litre and N123.5 per liter.

“It shows that the marketers did not bother about the sufferings of the people arising from the lockdown, hence did not want to make their own sacrifice,” he said.

He called on relevant government agencies to do the needful by constituting a task force to enforce the new pump price in the state.

Also, an Aba resident, Mr Sunny Nwankwo, expressed disappointment over the failure of marketers to adjust their pump price to N123.5 per liter.

The respondents wondered why marketers usually found it expedient to quickly adjust their pump price once there was an upward review but always found excuses to delay compliance during a downward review.

The state Commissioner for Petroleum and Solid Minerals, Chief Ikpechukwu Onuoha, told NAN that government was not unmindful of the sharp practices by the marketers but was handicapped by the current lockdown in the state.

Onuoha said that government was being cautious about forceful enforcement at the moment in order not to aggravate the harsh economic condition occasioned by the lockdown.

“We will initiate appropriate measure to enforce compliance once the lockdown is over.

“But right now, we won’t want to do anything that would give marketers any reason to shut down the filling stations, which will worsen people’s condition,” he said.

Edited By: Maureen Atuonwu
(NAN)

Sam Oditah: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

Economy

Nigeria imported 20.89bn litres of PMS in 2019 — NBS

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The National Bureau of Statistics (NBS), says the country imported 20.89 billion littres of Premium Motor Spirit (PMS) also known as petrol in 2019.

The NBS made this known in its latest report on petroleum products importations statistics for 2019 released on Wednesday.

It said that the country also imported 5.15 billion litres of Automotive Gas (AGO), and 128.11 million litres of Household Kerosene (HHK) in the period under review.

The NBS said 1.07 billion littres of Aviation Turbine Kerosene (ATK) were imported as well as 45.98 million litres of Low Pour Fuel Oil (LPFO).

It said 526.06 million litres of Liquefied Petroleum Gas (LPG) were imported into the country in the year under review.

The bureau noted that zonal distribution of truck-out volume for 2019 showed that 20.58 billion littres of PMS, 5.16 litres of AGO and 270.22 million litres of HHK, 1.05 billion litres of ATK and 84.53 million litres of LPFO were distributed nationwide.

Edited By: Ese E. Ekama (NAN)

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Foreign

Fijian, Canadian PMs hold talks on COVID-19 pandemic

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Fijian Prime Minister Voreqe Bainimarama has held talks with his Canadian counterpart Justin Trudeau on the latest developments of COVID-19 pandemic.

According to Fiji Broadcasting Corporation (FBC) on Wednesday, Bainimarama spoke with Trudeau earlier this week, and they agreed that international coordination and information sharing is critical to respond effectively to COVID-19.

They shared information on the spread of the virus in their countries, and measures taken to protect the health, safety, and economic well-being of the people in their countries.

While discussing the impact of COVID-19 in the Pacific region at large, and the unique challenges posed by its isolation, the two leaders discussed the need to support more vulnerable countries in fighting the pandemic.

They also reaffirmed their shared commitment to combatting climate change and economic security.

Currently, Fiji has reported 18 confirmed COVID-19 cases, of which, 14 have fully recovered and the remaining four active patients are still in isolation and in stable condition.

As of Tuesday afternoon, Canada recorded 71,100 COVID-19 cases, including more than 5,000 deaths.

(XINHUA)

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Oil & Gas

IPMAN confirms purchase of PMS at N108 per litre ex-depot price

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The President,  Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr Chinedu Okoronkwo says its members have started buying Premium Motor Spirit (PMS) also known as petrol at N108 ex-depot price as announced by NNPC.

Okoronkwo made this known in an Interview with the News Agency of Nigeria in Abuja, on Sunday.

NAN recalls that the Nigerian National Petroleum Corporation (NNPC) had on May 6, announced a reduction in the ex-depot price of PMS from N113.28k per litre to N108.00K per litre across all its products loading facilities.

Ex- depot price is the price at which the depot owners sell the commodity to retail outlets across the country.

Okoronkwo said that the development was welcomed and seen as a partial deregulation of the downstream oil sector.

“We have started getting the product at the ex depot price of N108 as announced  by the NNPC.

“It is a welcome development but it is not that exciting because it looks more like you will buy products high and sell cheaper.

“The new price is only good for those buying in high volumes,’’ he said

He noted though that the price of PMS had gone down, adding that if it goes up in the global market, it would also go up in the country.

According to him, the marketers are currently planning to start importation of petroleum products in the country and that if the sector is properly deregulated, it will help to drive price of the product.

“When the market opens, marketers will go and buy products and come home and sell,’’ he said

IPMAN president said that the current development had brought to fore the need to revamp the nation’s refineries to boost local refining capacity.

He called for investments in construction of modular refineries, urging the Federal Government to ensure that the three major refineries in the country were rehabilitated.

However, the National President, Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr Billy Gillis-Harry said that their members were still buying the product at the old price of N113.

“First, N108 per litre had been announced by the PPMC as ex-depot price; we have the communication both from the PPMC and the PPPRA. But the reality is that there is no implementation of that as it is today.

“Our members have been loading from the refineries at the last price which is about N113 per litre.

“The idea was that they are going to do a credit note back to marketers. Right now, that has not been implemented. The normal thing is to do credit note back to marketers,’’ he said.

He said that the association was also advised by PPMC on May 7, to send back old forms for the purchase of products

“You know marketers, what we do is that sometimes we buy up to 10, 20 trucks ahead. Now, those ones have been locked up there, we have not loaded. .

“Basically, when the forms are returned, they would be regularised to the current N108 or whatever it is. But right now, that has not been done,’’ he said.

He  noted that after the new ex-depot price, the PPPRA had not issued a band at which marketers could sell the pump price.

“Normally, they give a lower band, say N123 per litre and a higher band, say N125.

“That has not been done. And in my capacity as the national president of PETROAN, I am reaching out to marketers, our members, to try to reach out to the authorities to be able to know exactly what the scenario is.

“ That is the reality. We today will assume that there is some level of partial deregulation by this process,’’ he said.

It will be recalled that the PPPRA said it would be releasing monthly petroleum products price modulation that would reflect the global market fundamentals.

Gillis-Harry also said that marketers in the nearest future might venture into importation.

“We form highest base of clients for petroleum ex-depot purchases. This is because it is our members that form IPMAN, major marketers, NNPC Retails outlets. If we do not have products from NNPC, we would fall back to DAPPMA members.

`’If DAPPMA members are not readily available, our members would not starve the public of our essential services.

“So, the chances of us pulling our resources together to bring in cargo from time to time until a designated time frame for onward distribution to our members directly would not be ruled out.

“We are already getting to  that, we are already talking to consortium of banks, we are talking to foreign partners to be sure that we have the right marketing prices and to be sure that the Nigerian public is not starved at anytime of petroleum products,’’ he said.

NAN reports that the NNPC had been the sole importer of petroleum products in country since 2016.

Edited By: Abiodun Esan/Ese E. Ekama (NAN)

 

 

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General news

Marketers defy PMS price reduction

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Independent petroleum Marketers within Benin metropolis in Edo, have continued to dispense petrol at N125 per litre in deference to the recent announced pump price of N108 per litre.

It would be recalled that the Nigerian National Petroleum Corporation (NNPC) on Wednesday announced a reduction in the ex-depot price of petrol to N108 per litre

News Agency of Nigeria reports that this was the second time the NNPC has dropped the price of petrol after its first reduction on March 19, 2020, to N125.

However, NAN investigation shows that filling statons across Benin, the capital city of Edo, still maintained their old pump price of N125 per litre.

Speaking in separate interviews to NAN on Saturday, motorists lamented that five days after the directive, all the filling stations, including the NNPC Mega station, had refused to adjust their pumps to reflect the new price.

The motorists said the marketers should have flowed with the government’s benevolence to also effect change in their pump price.

They noted the reverse would have been the case for marketers if government had increased the pump price.

A motorist, John Ebidah, said he had expected that the filing stations would have by Friday adjusted their pumps to the new price.

“This has always been the problem with these filing stations, they are quick at adjusting price upward but not downward just to maximise their profits,” he stated.

Another respondent, Joel Mumah, described the refusal of the marketers to adjust their pumps to reflect the new price regime as “unpatriotic”.

Meanwhile, a marketer who pleaded anonymity, said they had yet to receive any notice to the effect that would warrant a change to the pump price of PMS.

Edited By: Kevin Okunzuwa/Donald Ugwu (NAN)

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General news

DPR records 90% compliance to new PMS pump price by filling stations in Nasarawa

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DPR records 90% compliance to new PMS pump price by filling stations in Nasarawa: More than 90 percent of filling stations operating in Nasarawa State have fully complied with the directive by the Federal Government to sell a litre of Premium Motor Spirit (PMS) at N125.

Alhaji Abdulrahaman Muhammad-Bima, Comptroller of Operations, Department of Petroleum Resources (DPR), Lafia, disclosed this to Nigeria News Agency in Lafia on Monday.

Muhammad-Bima said that the department had dispatched a technical team that monitored fully the level of compliance by filling stations in the state.

He warned that those filling stations that had failed to comply with the directive would be sealed.

The comptroller, however, commended NNPC, A.A Rano and A.Y Shafa filling stations for being among the first to comply as soon as the reduction in pump price of PMS was announced by the federal government.

He appealed to the public to report to its office, any filling station that sold petroleum products above the federal government-approved pump price of N125.

He said: “appropriate action will be taken against such filling stations that violate government approved price.

“Already, the department has sealed 20 filling stations from January to date for various offences in the state.’’

The comptroller said that the filling stations that were sealed were for offences, which included under-delivery, diversion of product, lack of safety precautions and other related offences.

He said that the affected filling stations, which included major and independent petroleum marketers, cut across the 13 local government areas of the state.

According to him, the affected stations were fined and were unsealed after payment of their fines to the federal government.

“The erring filling stations were punished for breaching the laws guiding their operations, for DPR will not compromise the set standard for filling stations’ operations.

“I also wish to admonish motorists to steer clear of illegal filling stations, and to always patronise those selling unadulterated petroleum products.

“If the filling stations have fuel, why do you have to patronise black markets, which may have been adulterated” Muhammad-Bima queried.

He explained that there was always fuel at filling stations, so there was no need to patronise black markets, considering that the products from legal filling stations were cheaper and more reliable.

Edited By: Oluyinka Fadare and Abdullahi Yusuf
(NAN)

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Metro

PMS: Reflect new pump price in fares, RTEAN president directs members

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The National leadership of the Road Transport Employers Association of Nigeria (RTEAN) on Sunday directed its members nationwide to reflect the new pump price of Premium Motor Spirit (PMS) in fares.

The Executive National President of RTEAN, Alhaji Mohammed Musa, gave the directive in a statement issued in Lagos.

Musa, however, urged marketers of petrol across the country to effect new pump price in the interest of the general masses.

The Nigeria News Agency reports that the Federal Government had approved the reduction of the pump price of PMS, popularly referred to as petrol, from N145 per litre to N125 per litre with immediate effect.

The order from the government to the Nigerian National Petroleum Corporation (NNPC) for the reduction came against the backdrop of the crash in crude oil prices globally.

“The executive national president uses this opportunity to thank the Federal Government for the reduction in the pump price of petrol.

“We enjoin members of the association to allow the reduction to reflect in the transport fares/charges across the country,” the RTEAN boss said.

On COVID-19, Musa reiterated his call for collaboration of the Federal Health Ministry and the union to contain the spread in the country at various motor parks through provision of detective kits.

He urged members of the association to create awareness of the possibility of contracting the coronavirus.

Musa called on members to take preventive actions always either in the motor parks or in their various homes to curb spreading of the virus.

He directed members at the motor parks to provide hand sanitisers for their passengers and advised passengers to cooperate in the fight against spread of the virus.

NAN reports that the outbreak of coronavirus in the country has led to closure of some institutions to prevent the spread.

Edited By: Edwin Nwachukwu/Adeleye Ajayi
(NAN)

 

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Oil & Gas

PPPRA says new pricing regime for PMS covers entire March

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The Petroleum Products Pricing Regulatory Agency (PPPRA) has announced that the N125.00 per litre as the official pump price for Premium Motor Spirit (PMS) also known as petrol would cover entire March.

The Agency disclosed this in a statement signed by Mr Abdulkadir Saidu, the Executive Secretary, in Abuja, on Thursday.

“In exercising one of its key statutory mandates to determine the pricing policy of petroleum products as enshrined in the PPPRA Act No.8 of May 2003, the Agency hereby announces a new price regime of Premium Motor Spirit (PMS) and other Petroleum products as approved by the Government.

“Consequent on the new NNPC Ex-Coastal price and taking into consideration all existing approved margins on the PPPRA pricing template, the new pump price of PMS is N125.00 per litre, effective  March 19.

“This new price will guide PMS pricing in Nigeria for the rest of the month of March, 2020,” he said .

He added that going forward, PPPRA would continue to monitor trends in market fundamentals and announce a monthly Guiding/Expected Open Market price at the beginning of every month, effective April 1,  2020.

He added that the new price regime would emplace a more transparent pricing model, stimulate investment growth in the downstream sector and encourage resumption of products importation by Oil Marketing Companies (OMCs).

This, he noted, would translate to more job creation as many depots and facilities that were presently dormant would now become active.

‘ The directive of Government to the NNPC to reduce the Ex-Coastal price of PMS, despite the fact that the current stock of product was imported during the months of January and February, 2020 is highly commendable, although this action is not without costs to the Corporation.

“We believe that the recent efforts by the Government to develop an alternative Fuels market will come to fruition in the medium term while various initiatives are being undertaken to deepen the utilisation of as autogas in Nigeria.

“The PPPRA wishes to assure all Nigerians of Government’s dedication to building a more vibrant and sustainable downstream sector,” he said.

Edited By: Donald Ugwu
(NAN)

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Oil & Gas

Former NNPC GMD, Baru lauds FG on new PMS price of N125 per litre

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Dr Maikanti Baru, Former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) has commended the Federal Government on the N125 pump price of Premium Motor Spirit as known as petrol.

He gave the commendation at the Leadership Newspapers conference and Award, in Abuja, on Sunday.

Baru bagged the Leadership Newspaper 2019 Chief Executive Officers (CEO) Award .

He said that government was making impact on the citizen through the new pump price of N125.

“Government is taking the right step, the only thing is that they have also indicated that they are introducing price modulation.

“It is positive for the economy and people because there is reduction in price but it is also what we in the industry will say that there is need for the prices to move with the parity,” he added.

He noted that the move by the NNPC to put the refineries in shape would help local production and level of reduction in price of transportation of crude.

“Generally, I will say what the government has done is generally appreciated because it has empathised with the citizens, ” he said

Commenting on the award, he said that it came as a surprise but remained grateful for recognition of hardworking.

“I must say that when I was called and told that I have won the editorial board’s nomination for the CEO 2019 aware after I have left office, I was shocked because the media and everybody forgets you once you are out of the office.

“So, for the Leadership Newspapers to go out of its way to recognise what we have done in NNPC after my leadership and conferring me with CEO award was good and I cherish it,” he said.

According to him, the award is setting a new paradigm for people to want to contribute whatever they cannot minding when they are leaving office.

He urged workers to continue to work hard and contribute to bring change and positive result.

The Nigeria News Agency reports that Baru received the award for the achievement of the mandate of expanding hydrocarbon explorations to the country’s inland basin under serious security challenge among others.

On the impact of Coronavirus in the global oil market, he said that it was a trying moment for the global market.

He said that the situation had called for people to appreciate the need for the call for diversification of the economy.

“We should go away from mono economy, depending on only oil,” he said

He noted that Nigerians might not fully understand the effect of the pandemic because the effect had not become epidemic in the country.

“Our suppliers are shutting down and because of it, we are going to have shortage and with low income coming from oil price dropping to N25 dollars per barrel these are low to cover production cost.

“This is very terrible situation, we should empathise with government,” he added.

He advised the reserves the country have should be used the best as they could to see the country pass through this.

Baru noted that government and Nigerians must understand that the nation was in a tough situation and stressed the need to brace to the challenge.

On the new pump price of petrol, he said that government was making impact on the citizen through the policy.

“Government is taking the right step; the only thing is that they have also indicated that they are introducing price modulation.

“It is positive for the economy and people because there is reduction in price but it is also what we in the industry will say that there is need for the prices to move with the parity,” he added.

He noted that the move by the NNPC to put the refineries in shape would help local production and level of reduction in price of transportation of crude.

“Generally, I will say what the government has done is generally appreciated because it has empathised with the citizens, ” he said.

In his comment, the Group managing Director of NNPC, Malam Mele Kyari said that corporation remained proud of Baru for his contributions to the growth of the corporation.

“We are proud of Baru, he remains a symbol of efficiency for the corporation,” he said.

The Nigeria News Agency reports that the Minister of State for Petroleum Resources, Chief Timipre Sylva also received the 2019 Leadership Best Politician Award of the year.

Edited By: Maureen Atuonwu
(NAN)

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General news

PMS: FCT filling stations comply with N125 per litre directive

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Barely 24 hours after the Federal Government’s directive to filling stations to sell Premium Motor Spirit (PMS) at N125 per litre, there had been full compliance in the Federal Capital Territory (FCT).

A correspondent of the Nigeria News Agency , who monitored the situation in Abuja, reports that most of the filling stations have adjusted their metres to N125.

At Danmarna filling station located at Airport Road, it was observed that a litre of PMS was sold for N125.

A customer, who bought fuel at the station, was seen taking picture of the adjusted metre, with a promise to post it on social media as one of the stations to first comply with the directive.

When NAN asked from the petrol attendant if the adjusted pump price would not amount to a loss, considering the fact that the PMS had been in stock earlier, he said that filling stations would be compensated.

“They will deduct it from our next purchase at the depot; it will still come to the same amount and we are not going to incur any loss.

Also at Dan Oil, a litre of PMS was sold for N125, although there was an unusual queue at the filling station in what appeared like a move to see if the station had complied.

At Shema Petroleum Limited near Abuja city gate, a litre was also sold for N125,00.

NAN reports that following the adjustment in the petroleum pump price, residents were optimistic of a downward review in transportation cost.

Mrs Alice Dauda, a civil servant, said that though she was hopeful that commercial vehicles would reduce their fares, she, however, added that the greed and the quest to make more money could deter them.

She called on the National Union of Road Transportation Workers (NURTW) and other appropriate bodies saddled with regulation of Abuja taxis to enforce price adjustment.

NAN recalls that President Muhammadu Buhari, on Wednesday, approved the reduction in the pump price of PMS from N145 per litre to N125.

The reduction was as a result of the slump in the international crude oil price from $60 to $28, causing fear of a possible economic crisis.

The approval followed a presentation by the Minister of State for Petroleum Resources, Mr Timipre Sylva, to the Federal Executive Council.

Edited By: Bola Akingbehin and
(NAN)“Wale Sadeeq

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Economy

PMS price reduction will complement CBN CoVID-19 policy measure — Uwaleke

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A financial expert, Prof. Uche Uwaleke, on Wednesday said that the federal government’s reduction in the price of fuel would complement the stimulus package announced by the Central Bank of Nigeria (CBN) to reduce the effect of COVID-19.

Uwaleke, of Nasarawa State University, Keffi, told the Nigeria News Agency in Lagos that the reduction in the pump price of Premium Motor Spirit (PMS) from N145 to N125 per litre would reactivate economic activities.

“It complements the stimulus packages just announced by the CBN.

“The immediate impact is a reduction in transport costs and possibly food inflation,” Uwaleke said.

The professor, who commended government for the reduction, said that if properly implemented, it would lower inflation rate, which stood at 12.20 per cent in February.

He said that lower inflation rate would translate to improved purchasing power and lower cost of living.

According to him, movement of goods and people will lead to increased economic activities, thereby translating to higher Gross Domestic Product.

NAN reports that President Muhammadu Buhari has approved the reduction in the pump price of PMS from N145 to N125 per litre following the crash of crude oil price in the international market.

The Minister of State for Petroleum Resources, Chief Timipre Sylva, confirmed this after the meeting of the Federal Executive Council (FEC) presided over by President Buhari on Wednesday at the presidential villa, Abuja.

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.

Edited By: Oluwole Sogunle
(NAN)

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Oil & Gas

Pump price for PMS now N125 per litre-NNPC

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NNPC Ex-Coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from N133.28/litre to N113.28/litre.

“These reductions will therefore translate to N125/litre retail pump price, it said.

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Economy

Collapse of Oil Price: FG crashes price of PMS to N125 per litre

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The Federal Government has directed the Nigerian National Petroleum Corporation (NNPC) to reduce the pump prices of Premium Motor Spirit (PMS) from N145 to N125 per litre to reflect the current market realities.

The Minister of State for Petroleum Resources, Mr Timipre Sylva, confirmed this development when he addressed State House correspondents on the outcome of the meeting of the Federal Executive Council (FEC).

The Council meeting was presided over by President Buhari at the Council Chamber of the Presidential Villa, Abuja.

Sylva disclosed that the reduction in prices would also affect other petroleum products like Kerosine and diesel.

He said the reduction was in line with the Buhari administration to cushion the hardships being experienced by Nigerians.

Edited By: Sadiya Hamza
(NAN)

Details later

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Oil & Gas

FG directs NNPC to reduce pump price of PMS

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The Federal Government has directed the Nigerian National Petroleum Corporation (NNPC) to reduce the pump price of the Premium Motor Spirit (PMS) also known as petrol to reflect the global oil price changes.

Minister of State for Petroleum Resources, Chief Timipre Sylva disclosed this in a statement in Abuja, on Wednesday.

“The drop in crude oil price has lowered the expected open market 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 NNPC to reduce the Ex-Coastal and Ex-Depot prices of PMS to reflect current market realities,” he said .

He added the Petroleum Products Pricing Regulatory Agency (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  effect on the economy, provide relief to Nigerians and will provide a framework for sustainable supply of PMS to our country,” he added .

He noted that Ministry of Petroleum Resources would continue to encourage the use of Compressed Natural Gas to complement PMS utilisation as transportation fuel.

Edited By: Ali Baba-Inuwa
(NAN)

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General news

2 vehicles burn as PMS-laden tanker catches fire in Ogun

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A tanker loaded with  33,000 litres of Premium Motor Spirit (PMS) leaked some of the inflammable product it was conveying around Ajileti, on Idiroko road, Ogun, causing fire that burnt two vehicles beyond recognition.

The Idiroko unit Command of Federal Road Safety Corps (FRSC) on Saturday told Nigeria News Agency in Ota, Ogun, that the accident happened at about 4.30 p.m. on Friday.

The Idiroko Unit Commander of FRSC, Mr Akinwunmi Olaluwoye, explained that the tanker was loaded with PMS and filled to the brim which leaked and caused the fire.

The unit commander said that no life was loss in the incident but the development disrupted traffic flow in Ajeleti area on Idiroko road.

“The FRSC wants to enjoin all tanker owners to install safety valves on their vehicles so that life could be saved when they spill their contents on the road,” he said.

Olaluwoye also said the FRSC had begun a public enlightenment campaign to educate motorists on the dangers inherent in some unwholesome practices.

He further implored tanker owners to properly maintain their vehicles before putting them on the road to avoid unnecessary loss of lives and property.

Edited by: Donald Ugwu

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Oil & Gas

18bn  litres of PMS supplied in 2019- PPPRA

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was 18.6 billion litres and the PMS average sufficiency stood at 40.68 days.

It emphasised the need for enhanced private participation in the refining business and the revamping of the nation’s refineries for improved production.

The report further revealed that 1,612 vessels laden with different petroleum products docked in Nigerian waters in 2019.

A breakdown of Marketers performance shows that the Nigerian National Petroleum Corporation (NNPC) was responsible for 99.61 per cent of the total 19 billion litres of petrol that was imported.

It noted that the Major Oil Marketers of Nigeria (MOMAN) imported 0.39 per cent in 2019.

On the other hand, 166.3 million litres of PMS was produced locally in the same year.

The report revealed that other petroleum products imported into the country were 5 billion litres of AGO, 128 million litres of HHK, 952 million litres of ATK, 307 million litres of Base Oil, 126 million litres of Bitumen and 46 million litres of LFPO.

Commenting, Abdulkadir Said, the PPPRA Executive Secretary, said that fiscalisation of imported products was efficiently carried out at sea ports by industry recognised cargo inspectors in conjunction with the PPPRA field staff at sea ports.

He commended the dogged efforts of some Marketers at sustaining the continuous development of the sector in spite the inherent global economic challenges.

“This is evident in the number of new facilities that emerged in the downstream subsector of the petroleum industry in 2019,” he said

Saidu further reiterated that the agency would continue to ensure transparency in the Oil and Gas value chain by making available reliable data to strategic government agencies such as NEITI, CBN and NBS for adequate planning and decision making in the country.

“The Agency will also continue to collaborate with the NNPC and other Oil Marketing Companies towards improving the regulatory environment as well as ensuring uninterrupted products availability,” he added.

Edited by: Maureen Atuonwu

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General news

Tragedy averted as tanker with PMS crashes on Lagos-Ibadan expressway

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The Federal Road Safety Corps (FRSC), Ogun Command, on Wednesday, said that a tanker laden with 33,000 litres of Premium Motor Spirit (PMS) crashed around RCCG Car Park C, near Mowe, on the Lagos-Ibadan Expressway.

Mr Clement Oladele, Ogun Sector Commander of FRSC, told the Nigeria News Agency in Ota, Ogun, that the accident happened at about 4.48 am.

Oladele explained that the tanker, with registration number LFA 106 ZX, laden with petroleum product, lost control due to speeding around RCCG Car Park C, near Mowe and crashed into the road barriers on the Lagos-Ibadan expressway.

The sector commander said that two males were involved in the accident, adding however that no life was lost and that nobody sustained injury.

The FRSC boss said that this development had created serious traffic gridlocks on both sections of the expressway.

“The FRSC is managing the situation and has contacted the fire service and Julius Berger Nigeria Plc’s emergency team to commence trans-loading and removal of the crashed tanker and eventual realignment of the displaced barriers, to restore traffic,” he said.

Oladele advised the travellers going to distant places to seek alternative routes away from the Lagos-Ibadan expressway via the long bridge to Mowe.

This, he said, had become necessary considering the period it could take to trans load 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 eventually restore traffic.

Oladele listed the alternate corridors available to include Victoria Island-Ajah- Ijebu Ode and Lagos-Ota-Itori-Abeokuta expressway.

He appealed to all motorists to note the traffic occurrence and bear with the inconveniences.

The sector commander assured that the FRSC rescue team working with sister traffic and emergency agencies was working assiduously to clear the crash site and restore free flow of traffic.

Edited by: Bayo Sekoni and
(NAN)‘Wale Sadeeq

 

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Oil & Gas

Open market price of PMS hits N163.68 – PPPRA

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The Petroleum Products Pricing Regulatory Agency (PPPRA) said that the current open price market of the Premium Motor Spirit (PMS) also known as Petrol as at Nov. 15 was N163.68.

The Agency disclosed this in its Petroleum Products Pricing Template released on its website, on Monday in Abuja.

According to the template, the amount is N18.68 higher than the N145 price fixed by the Federal Government for the product to be sold at the petrol stations.

The template put the landing cost of the commodity at N147.95 per litre, while total distribution margins of N19.37 per litre brings the total cost of the commodity to N163.68 per litre.

The PPPRA report noted that the cost of the commodity plus freight stood at 618.47 dollars per metric tonne, an equivalent of N141.54 per litre.

It added that the lightering expenses and Nigerian Port Authority (NPA), charges stood at N2.75 and N0.84 per litre respectively.

The Nigerian Maritime Administration and Safety Agency (NIMASA) charges, according the PPPR, stood at N0.22 per litre while the Jetty Throughput Charge N0.60 per litre and storage charge N2.00 per litre.

Edited by Felix Ajide

 

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Economy

Customs arrest tanker loaded with 33,000 liters of PMS in Katsina border town—- Controller

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The Katsina State Command of the Nigeria Customs Service (NCS) said it has apprehended a tanker loaded with 33,000 liters of petroleum products in Baure Local Government area of the state.

The Area Controller, Mr Dahiru Abdullahi, told newsmen in Katsina on Monday, that the tanker was apprehended at Maibara border town while trying to cross into Niger Republic, a distance of 16 kilometres.

It would be recalled that the customs banned supply of petroleum products in filling stations within 20 kilometres to the borders.

He said that the vehicle, with registration number: DBT 574 XA, was loaded with petrol from Kano depot, meant for a filling station in Kanya-Babba, Babura local government area in Jigawa.

Abdullahi said that the driver is currently in the custody of the Police assisting customs in its investigations before the next line of action.

He urged the media to continue to enlighten the public on the dangers of smuggling prohibited items and the importance of paying Customs Duty.

Edited by Remi Koleoso/Maharazu Ahmed

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General news

Reps c’ttee to investigate discriminatory prices of PMS

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The House of Representatives has mandated the Committee on Petroleum Resources (Downstream) to investigate discriminatory practices by regulatory agencies against the Independent Petroleum Marketers on the sale of Premium Motor Spirit (PMS).

This followed a unanimous adoption of a motion moved by Rep. Abubakar Fulata (APC-Jigawa) Abubakarthe plenary session presided by the Deputy Speaker of the House, Mr Idris Wase on Wednesday.

The regulatory agencies are Petroleum Products Marketing Company (PPMC) Limited and the Petroleum Products Pricing Regulatory Agency (PPPRA).

The mandate was given with a view to ensuring a uniform pricing regime for all concerned marketers.

The house noted that the PPMC and PPPRA were both subsidiaries of the Nigerian National Petroleum Corporation.

It added that PPMC was saddled with the responsibility of coordinating the distribution of petroleum products in the downstream sector while PPPRA had the responsibility of fixing prices for petroleum products in the country.

“The house is aware that there are two blocks of marketers in the downstream sector; Major Marketers and the Independent Marketers”

The lawmakers, however, expressed concern that that PPMC, as the coordinator of petroleum products distribution in the downstream sector, was selling PMS to the two blocks at different prices.

“The PPMC is selling the PMS to Major Marketers at N125.65k per litre and selling to the Independent Marketers at N133.28 per litre.

“The house is concerned that since members of the two blocks are selling the products to retailers in the same market, the discriminatory prices have been affecting the participatory capacity of the Independent Marketers in the market as well as impoverishing them against their counterparts in the sector.ⁿ

The green chamber, however, urged the the need to check the discriminatory practices of the regulatory agencies “to give all concerned marketers a sense of belonging”.

The committee was also directed to report back to the house within four weeks for further legislative action.

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Economy

Border closure: Customs boss says 10m litres of PMS saved from being smuggled out

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Col. Hameed Ali (rtd), the Comptroller-General of Nigeria Customs Service (NCS), has said that the closure of the nation’s borders had saved 10.2 million litres of Premium Motor Spirit (PMS), from being smuggled out.

Ali announced the interception during a joint news conference with his counterpart from the Nigeria Immigration Service, Mr Mohammed Babandede, in Abuja on Monday.

The Nigeria News Agency reports that the joint border security exercise, codenamed “Exercise Swift Response”, began operation on Aug. 20.

It was set up to tighten security around the nation’s borders, particularly the land and maritime borders, against trans-border security concerns.

The exercise is being coordinated by the Office of the National Security Adviser (ONSA), in the four zones of North-West, North-Central, South-West and South-South geopolitical zones.

“From the record available to me, the consumption of PMS in the country has reduced by 10.2 million litres since the border operation began.

“This means that this amount of fuel was being smuggled to the neighbouring countries before the exercise began.

“We are deploying every technology available to secure our borders, and in line with this, the president has graciously approved e-customs for the service,’’ he said.

According to him, e-customs means all customs tools will be driven by technology to manage the borders.

“Our men will remain at the borders for as long as it will take the neighbouring countries to adhere to ECOWAS protocols on transit.’’

Ali said that the development was not about the right of the citizenry but to secure and protect the lives of people by ensuring adequate security of Nigerian borders.

He reiterated that the current government would not compromise the security of the nation, “no matter what”. (NAN)

MS/AIB/ETS

Edited by Abdulfatah Babatunde and Ephraims Sheyin

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Contact US: editor @nnn.com.ng, nnnnews247 @gmail.com

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