Economy

Sell petrol at old rate until PPPRA gives directive, IPMAN tells members

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members to sell petrol at the old rate of N143 per litre, pending the new directive by the Petroleum Products Pricing Regulatory Agency (PPPRA).


The National Public Relations Officer of IPMAN, Alhaji Suleiman Yakubu, said this during an interview with the News Agency of Nigeria on Wednesday in Abuja.

Yakubu, who was while reacting to the new ex-depot rate of N138.62 per litre from the previous N132.62 per litre, said that IPMAN would brief its members as soon as it received directive from PPPRA.

NAN reports that NNPC and Petroleum Products Marketing Company (PPMC) had fixed the ex-depot price of premium motor spirit (PMS), known as petrol, at N138.62 per litre.

The PPMC Manager, Sales, Mohammed Bello, had disclosed the new price in a statement in Abuja on Tuesday.

Bello said that that the new price would come into effect from Aug. 5.

NAN reports that the ex-depot price is the price at which depot owners sell the commodity to retail outlets.

Yakubu advised marketers to sell at the old rate, pending when PPPRA would announce its monthly pricing modulation for the product.

A survey conducted by NAN on Wednesday in Abuja indicated that major marketers at Wuse, Gwarimpa, Maitama and Wuye had not adjusted their pumps to reflect the new price.

NAN recalls that the PPPRA had, in the last four months, adjusted its ex-depot price thrice.

Edited By: Joe Idika and (NAN)‘Wale Sadeeq

https://nnn.ng/sell-petrol-at-old-rate-until-pppra-gives-directive-ipman-tells-members/

General news

DPR warns IPMAN against exploitation

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The Department of Petroleum Resources (DPR) has warned Independent Petroleum Marketers (IPMAN) in Osun against exploiting motorists in the sales of Premium Motor Spirit (PMS).


Mr Olusegun Daboh, the DPR Operations Controller in the state, gave the warning on Friday in Osogbo when he received the newly elected IPMAN Executives.

Daboh said the department would continue to monitor all filling stations in the state to ensure that they dispense accurately.

The controller said any marketer caught under-dispensing product would have their filling stations sealed, and pay N100, 000 as fine on each pump discovered to be under-dispensing product.

He described as disheartening the way some independent marketers engage in sharp practices, adding that the DPR would not relent in its surveillance operations in the state.

Daboh, however, assured them of necessary support to succeed and advised them to always abide by all precautionary regulations.

Also speaking, Mr Femi Ogunmuyiwa, DPR Head’s of Operations, appealed to the marketers to always train their attendants on safety practices.

Ogunmuyiwa noted that some of the attendants lack requisite knowledge on safety procedure involved in the sales of oil and gas.

Earlier, Alhaji Bukola Mati, the IPMAN Chairman, solicited for the support of DPR for the new executives and the association at large.

Mati said support of the DPR was necessary for their business to thrive.

Edited By: Johnson Eyiangho/Wale Ojetimi
Source: NAN

 

 

 

https://nnn.ng/dpr-warns-ipman-against-exploitation/
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Oil & Gas

NNPC records ₦20.36bn trading surplus in July — report

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The Nigerian National Petroleum Corporation (NNPC) has recorded increased trading surplus of ₦20.36billion in July, compared to the ₦2.12billion surplus in June 2020 in its operations.


The corporation disclosed this in its July 2020 NNPC Monthly Financial and Operations Report (MFOR),released in Abuja, on Thursday.

It indicated that the 858 per cent overall upswell in performance was largely due to the 178 per cent rise in the surplus posted by the Nigerian Petroleum Development Company (NPDC), NNPC’s flagship Upstream entity.

It noted that the NPDC’s result was bolstered by the continuous improvement in global crude oil demand for the third consecutive month.

Similarly, the report said the corporation’s fortune was further enhanced by the 739 per cent increased profit posted by the Integrated Data Services Limited (IDSL) and a 51 per cent growth in performance by Duke Oil Incorporated, both companies of NNPC.

“Returns from NNPC Retail Limited and Nigerian Gas Marketing Company (NGMC) during the period under review also grew by 28 per cent and 24 per cent, respectively.

“This is due to increased sales and improved debt collection,” it added.

In the Gas sector, Gas production in July increased by 2.19 per cent at 236.34 billion Cubic Feet (BCF), compared to output in June 2020.

This, it said translated to an average daily production of 7,623.98Million Standard Cubic Feet of gas per day (mmscfd).

It noted that the daily average natural gas supply to gas power plants stood at 707mmscfd, equivalent to power generation of 2,421MW.

“For the period July 2019 to July 2020, 3,079.64BCF of gas was produced, representing an average daily production of 7,812.11mmscfd during the period.

“Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 70.88 per cent, 20.37 per cent and 8.75 per cent, respectively, to the total national gas production,” it added.

In the Downstream Sector, the report revealed that 1.02billion litres of Premium Motor Spirit (PMS), also known as petrol, was distributed across the country, translating to 32.95m liters per day supplied for the month.

The July MFOR stated that the corporation had continued to diligently monitor the daily stock of PMS to achieve smooth distribution of petroleum products and zero fuel queue across the nation.

It noted that during the period under review, 36 pipeline points suffered vandalism, representing about 9 per cent increase from the 33 points recorded in June.

It noted that Atlas Cove-Mosimi and Aba-Enugu network accounted for 28 per cent each, while PHC-Aba and the other locations recorded 14 per cent and the remaining 31 per cent, respectively.

NNPC in collaboration with the local communities and other stakeholders continuously have strived to reduce the menace of pipeline vandalism,” it said .

The July NNPC MFOR is the 60th edition in the series meant to sustain effective communication with stakeholders.( NAN)

Edited By: Emmanuel Nwoye/Wale Ojetimi
Source: NAN

https://nnn.ng/nnpc-records-%e2%82%a620-36bn-trading-surplus-in-july-report/
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Oil & Gas

Autogas : DPR boss says only rich will use petrol cars by 2022

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Mr Sarki Auwalu, Director, Department of Petroleum Resources (DPR), says the Federal Government is committed to ensuring that majority of vehicles in Nigeria are fueled by autogas in the next few years.


Auwalu made the assertion on Wednesday, during the oversight visit of the House of Representatives Committee on Petroleum Resources (Upstream) to the DPR headquarters in Lagos.

He said with the current move being championed by the Federal Government to convert vehicles to be able to use Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG), only rich individuals would be using petrol for their cars in two years time.

The DPR director said that gas was a cheaper and cleaner alternative to Premium Motor Spirit (PMS), also known as petrol, stressing that deepening gas utilisation would mitigate the impact of the recent deregulation of the PMS sector.

“Nigerians should have a choice of energy they want to use. That is price freedom. We want motorists to switch to autogas (CNG, LPG, or LNG) because it is cheaper and cleaner than petrol.

“In the next two years, PMS will be for people who have money. We believe that this will reduce the cost of transportation, which will positively affect other sectors of the economy, “the DPR boss said.

Auwalu said that engagements with stakeholders had already started on the conversion and colocation of autogas at existing petrol stations across the country.

He said that with a proven gas reserve of 203TCF, Nigeria was a major gas country, but unfortunately, gas utilisation was only about 5.5 per cent, which was still very low despite the progress made in the last 10 years.

The DPR helmsman said that apart from autogas, government was also committed to utilisation of gas for industries, power, agriculture and cooking, and it had demonstrated this commitment through various initiatives and policies.

“President Muhammadu Buhari declared the year 2020 as the Year of Gas, and programmes are being implemented towards achieving this, such as the Nigeria Gas Flare Commercialisation Programme (NGFCP) and flag-off of the National Gas Transportation Network Code (NGTNC).

“It also includes the ongoing Marginal Field Bid Round,  flag-off of the construction of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline and Committee on Gas Sector-Wide Review of the Domestic Gas Pricing Framework,” Auwalu said.

He said that with the deregulation of PMS, more investors were showing interest in establishing modular refineries in addition to the seven refineries already at various levels of completion.

Auwalu said: “By 2022, Nigeria will become a net exporter of petroleum products because all these refineries under construction will come on-stream.

“We are looking at about 750, 000BPD and that is excluding the four refineries owned by the government.”

He noted that the 10 per cent contribution of the petroleum sector to Nigeria’s Gross Domestic Product (GDP) was unacceptable, as it had the potential of contributing more.

In his remarks, the Chairman of the Committee, Mr Musa Adar, said that the purpose of the visit was to familiarise the lawmakers with the activities of the DPR and its impact on the nation’s economy.

Adar said that the DPR needed to be strengthened to effectively discharge its regulatory duties and called for more cooperation between the committee and the agency.

Edited By: Oluyinka Fadare/Oluwole Sogunle
Source: NAN

https://nnn.ng/autogas-dpr-boss-says-only-rich-will-use-petrol-cars-by-2022/
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Metro

PMS hike: Market chairman canvasses for citizens input in policy

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Mr Chris Eze, Chairman, GSM Village, Handsets and Accessories Dealers’ Association, Abuja said government should have sought citizens’ input before the hike in electricity tariff, pump prize and other essential services.


Eze disclosed this during an interview with the News Agency of Nigeria , on Wednesday in Abuja.

According to him, in implementing such policies that will have direct impact on the masses, it is necessary to have citizens’ input.

“Government should make plans for the poor masses, when it wants to bring any policy at all, the masses should be included.

“Another issue is that of lawmakers, if they are making laws for the masses, there should be a debate to know exactly what the people want.

“If it is very necessary for them to do it, let them do it in a way that people will not feel it, they could plan it in phases, if they want to peg it at N180 they can do it in such a way that people will not feel it.

“We are coming out of a pandemic, why should they increase the price of PMS (Premium Motor Spirit), they should have waited till next year let people recover from the effects of the pandemic.

“In Nigeria you know that anything that affects fuel price will definitely affect everything else, transportation, food stuff, virtually everything,’’ Eze said.

The market leader called on government to have a plan for the country that would affect the people positively.

“Government should have a plan of action, it could be in long term, medium term or short term, but there must be a plan and the people should be carried along.

“Let them involve the masses; people should know what they want to achieve by their actions so that all of us will be carried along, not planning without letting the people know.

“Before you know it now another issue will come up and all these money that government is trying to get from this subsidy, they will divert it to another thing and people will still suffer.

“That is not solving the problem, it is even creating more problems; every country has a future plan.’’

Speaking on lessons learnt from the pandemic, Eze said he had learnt the necessity of saving for the future.

“As an individual, I have learnt a very big lesson, I did not believe it that one day everybody will be indoor, no going out, no religious activities, it taught me a lesson that I should save for tomorrow.

Eze said the pandemic exposed the country’s lack of preparedness to handle disasters and urged the government to prepare adequately for such eventualities.

Edited By: Benson Iziama/Nyisom Fiyigon Dore
Source: NAN

https://nnn.ng/pms-hike-market-chairman-canvasses-for-citizens-input-in-policy/
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