Oil & Gas

PPMC announces N151.56 ex-depot price for petrol



it said.

The News Agency of Nigeria reports that ex-depot price is the price marketers buy the product from depot owners.

The PPMC in August,  announced an ex-depot price of N138.62k The September price had an increment of N12.94k.

Edited By: Chioma Ugboma/Wale Ojetimi (NAN)




Oil & Gas

Oil marketers list gains of PMS deregulation to Nigerians



The Major Oil Marketers Association of Nigeria (MOMAN) says the deregulation of the sale of Premium Motor Spirit (PMS), also known as petrol, will be beneficial to Nigeria and Nigerians in the long run.

MOMAN’s Chairman, Mr Tunji Oyebanji  made the assertion in a statement issued on Friday in Lagos while reacting to the outcry over the recent increment of the ex-depot price of petrol.

The PPMC, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), had on Sept. 2 announced a new ex-depot price of N151.56k for PMS against the N138.62k announced in August.

The development had led to an increment in the pump price of the product to between N160 and N163 in filling stations across the state.

Oyebanji said: “So, as things stand, we are into full deregulation.

“Unfortunately, this is coming at a time when most of our citizens are struggling with difficulties created within the context of the post COVID-19 economy.

“However,  we believe that Nigeria is been presented with a historic opportunity to get it right this time as a country to rebuild our economy for the benefit of all Nigerians.

“We welcome government’s action in allowing the market to determine prices as we believe it will prevent the return of subsidies while allowing operators the opportunity to recover their costs.”

According to him, this will in the long run, encourage investments and create jobs.

“We all must remember the country is broke and can no longer afford subsidy. There is no provision for it in the budget.  With this, the incentive for  smuggling will be reduced.

“More funds will be available to the government for investments in infrastructure, roads, health, education and power, ” he said.

Oyebanji also explained that deregulation meant  that prices would go up and down depending on the market forces.

He said: ” They went down in April now they will go up as we are entering the European winter season and demand for refined crude goes up.

“Already there are indications of more investments in local refining in Nigeria which will moderate the cost.  Fierce competition will also moderate the price.

“As you can see, not everyone is selling at the same price.

” Consistent with global best practices,  MOMAN does not dictate prices to its members as this will be anti-competition in a fully deregulated market.” 

Edited By: Josephine Obute/Oluwole Sogunle (NAN)

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Sen. Ogba decries increase in electricity tariff, fuel price



Sen. Obinna Ogba (PDP-Ebonyi) has described the increase in electricity tariff by the Nigerian Electricity Regulatory Commission (NERC), as ill-timed, given the challenges faced by most Nigerians at the moment.

Ogba, who is of Senate Committee on Sports, also said the increase in the pump price for petrol by the Petroleum Products Marketing Company (PPMC), would further inflict hardship on Nigerians.

Ogba made his views known in a telephone interview with newsmen in Abuja on Thursday.

Ogba in his reaction to the increase in the price of electricity tariff and Premium Motor Spirit (Fuel) said:

“The country and indeed the whole world is facing serious problem right now because of the Coronavirus pandemic.

“Therefore, these increases are not good at all.

“It is adding salt to injury, because by increasing the pump price of petrol and electricity tariff, the suffering of the people will become worse.

“The whole thing is not funny at all, you cannot put the blame on the agencies.

“This is because there is no way any of the agencies can increase the price of its commodity or service without first getting directive from the leadership of the country,” he said.

The National Assembly had earlier prevailed on the Electricity Distribution Companies (Discos), in June, to halt any further hike in electricity tariff untill 2021 given the impact of COVID-19.

The senate, however, has yet to make any official statement on the increases in the prices of electricity tariff and petroleum pump price.

However, the minority caucus in the House of Representatives, had in a statement on Sept 2, rejected the increase in pump price of fuel from N148 to N151. 56 as announced by the PPMC.

The minority lawmakers in the House of Representatives had in the statement noted that the increment was unacceptable as it would result in increase in the already high cost of consumer goods and services.

Meanwhile, Electricity Distribution Companies (DisCos), had a on Sept 1, began implementation of a new electricity tariff regime.

NERC had also in a statement by its Chairman, Prof. James Momoh, said the electricity tariff reviews would only follow service-based principles and prior consultation with customers.

Momoh, had said under the service-based principles, DISCOs would only be able to increase tariff rates for customers when they consulted with customers, commit to increasing number of hours of supply per day and quality of service.

“In all cases, poor and vulnerable Nigerians will not experience any increase,” Momoh had said.

The Abuja Electricity Distribution Company (AEDC), had in a statement on Aug. 31, said it had began the implementation of the new service reflective tariff plan (SRT) across its franchise area.

Oyebode Fadipe, General Manager, Corporate Communications of AEDC, in the statement said the increment would result in longer hours of power supply.

“The Service Reflective Tariff (SRT), plan is a NERC mandated tariff structure whereby an upward increment in tariffs will result in substantially longer hours of power supply, good quality voltage profile, swifter response to faults clearing and provision of pre-paid meters.

“The new tariff design proposes an upwardly adjusted tariff for customers who are not averse to paying more to enjoy longer hours of supply, standard voltage profile and faster fault clearance timelines.

“While we keep working at ensuring all classes of customers enjoy improved supply, customers who enjoy less than 12 hours of supply will not be affected by the new tariff plan.

“Hours of supply to this class of customers will also not be adversely affected by the implementation of the plan,” Fadipe had said.

Edited By: Donald Ugwu (NAN)

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Oil & Gas

Petrol: Motorists, commuters groan as marketers implement new pump price regime in Lagos



Vehicle owners and commuters in Lagos on Thursday decried the increment in pump price of Premium Motor Spirit (PMS), following the new ex-depot price announced by Petroleum Products Marketing Company (PPMC).


The News Agency of Nigeria reports that the PPMC, a subsidiary of the Nigerian National Petroleum Corporations (NNPC), had on Wednesday announced a new ex-depot price of N151.56k for PMS, also known as petrol.


A NAN correspondent who monitored the development in Ikeja, Agege, Maryland, Egbeda and Iyana Ipaja axis of the state, observed that some major marketers were selling fuel at N161 per litre.


However, some filling stations owned by Independent marketers dispensed the product at between N162 and N164 per litre, depending on their location.


A vehicle owner, Mr Victor Olaniyi, told NAN that the increment caught him unawares and had left him frustrated.


He said: “I usually fill my tank once a week and I was supposed to fill it on Tuesday but I was unable to and I had to buy fuel at N162 today.


“I believe the increment is much, because last week I bought fuel at N148 per litre. Government should please look into this because it will affect everybody,” he said.


Another motorist, Mr Taiwo Balogun, said as a private cab operator, he increased his fares to meet with realities in the country.


He said he usually picked people from Ikeja to G.R.A for N150 but increased the fare to N200 per passenger due to the fuel increment.


A businesswoman, Ms Joy Ibe said she paid N500 from Iyana Ipaja to Oshodi, a journey that usually cost between N300 to N400 depending on the time of the day.


“My fear about the fuel increment was that bus drivers would take advantage of it to hike fares and that is what they have done.


“This is going to affect the cost of goods and services, unless something is done quickly,” she said.


Another commuter, Mr Michael Bamidele, said his plan was to commute with the BRT buses because they were cheaper than the commercial ones.


He said: “I leave very early to work now and join BRT. This morning, they (commercial buses) were carrying Iyana Ipaja to Oshodi at N400 while BRT which is faster is N300.


“The queue is now very long because everybody prefers waiting than being exploited by the commercial buses,” he explained.


NAN reports that the oil marketers had attributed the increment of the ex-depot price from N138.62k in August to N151.56k in September to market forces due to the deregulation of PMS by the government.


Edited By: Ifeyinwa Okonkwo (NAN)



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Reps minority caucus rejects rise in fuel pump price



The minority caucus in the House of Representatives,  has rejected the increase in pump price of fuel from N148 to N151. 56 announced by the Petroleum Product Marketing Company (PPMC) on Wednesday.

The lawmakers, in a statement , said that the increment was unacceptable as it would result in increase in the already high cost of consumer goods and services.

In the statement which was signed by the Minority Leader, Rep. Ndudi Elumelu (PDP-Delta), the legislators said it would worsen the current economic hardship.

Elumelu said that the minority caucus in the house rejected the increment in the pump price of fuel.

“This is because such increase will directly result in more hardship on our citizens, particularly at this critical time when majority of Nigerians, across the country are struggling to survive under the burden of high cost of living and low purchasing power occasioned by the prevailing economic challenges.

“Any increase in the cost of essential commodity like fuel will, therefore, bring more hardship to the people and as such should not be contemplated,” he said.

The opposition lawmakers urged the government  to come up with strategies that would  lead to decrease of pump price rather than increase in the cost of domestic fuel.

They recommended the revamping of the nation’s refineries rather than resorting to price increment to the detriment of Nigerians.

The minority caucus called on the PPMC to immediately rescind its announcement and revert to the former price, with a view to a downward review.


Edited By: Chioma Ugboma/Donald Ugwu (NAN)

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