Tag Archives: New Pump Price

NUPENG, PENGASSAN To Meet In Calabar Over New Pump Price

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The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) will on May 12 and 13 deliberate on the new pump price announced by Federal Government.

Alhaji Tokunbo Korodo, the South-West Chairman of the union disclosed this in an interview with the News Agency of Nigeria (NAN) in Lagos on Wednesday.

According to him, it is too early to make any official statement until the two bodies meet to deliberate on the matter.

He said that the meeting would discuss the new development and come out with a stand on the matter.

Korodo, however, said that no official of the two oil workers labour unions was authorised to speak on the new pump price as announced by the government.

The Federal Government on May 11, announced a new price regime for petrol with the highest price of N145 per litre.

The Petroleum Products Pricing Regulatory Agency (PPPRA) said in Abuja that the new price regime had taken effect from May 11.

The NNPC, however, advised its retail stations on the outskirts of major cities to sell at prices lower than N145 per litre.

 

(NAN)

Balarabe Musa Urges FG To Reverse N145 Petrol Price

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Former governor of Kaduna state, Alhaji Balarabe Musa, has urged the Federal Government to reverse the N145 new petrol pump price introduced on Wednesday.

Musa, who is also a national leader of the Peoples Redemption Party (PRP), made the appeal in an interview with the News Agency of Nigeria (NAN) on Thursday in Kaduna.

He said that the government’s action would inflict more pains on Nigerians.

“We are in trouble; the already bad situation will get worse and it will worsen the poverty level of Nigerians,“ he said.

The politician said that he would support the Nigeria Labour Congress (NLC) planned mass protest to compel the Federal Government to reverse the decision.

He alleged that the proceeds from the new price of the product may only benefit some persons and caucuses within government.

The former governor also urged Civil Society Organisations (CSOs) and well-meaning Nigerians to join in implore the government to reverse the decision “for the sake of the masses”.

NAN recalls that the Minister of State for Petroleum, Dr Ibe Kachikwu, announced the new price of petrol on Wednesday.

He explained that the action was taken to ensure availability of the commodity and reduce the suffering of Nigerians due to lingering scarcity of the product.

 

(NAN)

New Pump Price For Petrol As Announced By PPPRA, See How Much Has Been Reduced From Old Price

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The Petroleum Pricing Regulatory Agency (PPPRA) in Nigeria has announced the implementation of the revised components of the Petroleum Pricing Template for Premium Motor Spirit (PMS).

In a statement by the Executive Secretary of the PPPRA, Mr Farouk Ahmed, the pump price was put at 86.50 Naira per litre, a price the agency said was in line with the prevailing market trend.

“This new price regime is with effect from January 1, 2016,” the statement read.

According to Mr Ahmed, the reversed template was approved by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu.

The statement said that the major components of the pricing template affected by this review were Traders Margin, Lightering Expenses, Nigeria Port Authority, Jetty Throughput, Storage Charges and Bridging Fund.

Other components revised include Retailers’ Transporters and Dealers Margins.

As contained in the breakdown, the Ex-depot price of PMS shall be 77 Naira per litre while the pump price will be 86.50 Naira per litre.

The new price is a reduction of 50 Kobo from the old price of 87 Naira.

Credit: ChannelsTV