Tag Archives: PMS

Nigerians Should Expect N165/litre Petrol by January 2017 – Experts

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The retail price for petrol may rise by at least 13.7 percent to N165 per litre by January 2017 from the current price of N145 just as global price crude oil rises.

Industry experts told Business Day that the current petrol price template is predicated on an exchange rate of N285/$ and crude oil price of $45 per barrel, and these have now been overtaken by an exchange rate of N305/$ and oil price of about $55 per barrel.

Although the pricing template had been rendered void since June, following the devaluation of the naira and the up tick in gas prices, petrol marketers sold old stock, hence were able to maintain the N145 set in May.

But as soon as the marketers run out of stock and start importing new cargoes, a new pricing template must evolve and it could see Nigerians pay as high as N165 per litre in January, according to Dolapo Oni, head of energy research at Ecobank.

“As we see higher crude oil prices, let us also expect higher fuel prices. I expect an increase to at least N165 per litre in January,” Oni said in response to Business Day questions.

 

Fuel Price Hike: Technical Committee To Be Inaugurated Thursday

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The Federal Government will on Thursday inaugurate the technical committee constituted to address the grievance of labour over the increase in the pump price of Premium Motor Spirit (PMS) commonly known as petrol, a statement said. said.

The statement was issued and signed by Mr Mohammed Bukar, the Permanent Secretary, General Services Office in the Office of the Secretary to the Government of the Federation (SGF), on Wednesday in Abuja.

According to the statement, the committee will also examine other consequential matters arising from the hike in petrol price.

The 16-member committee comprises representatives of organised labour and that of the government, the statement said.

It identified representatives of the Nigeria Labour Congress (NLC) in the committee as Peters Adeyemi, Amaechi Asugwuni, Ibrahim Khaleel, Igwe Achese and Segun Efan while those of the Trade Union Congress (TUC) include Augustine Etafo, Alade Lawal and Abdullahi Sale.

Leading the government representatives is the Minister of Labour and Employment, Sen. Chris Ngige, who is also the committee Chairman, while a representative of the Office of the SGF will serve as the secretary, the statement said.

Other members of the government team are the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, the Minister of Budget and National Planning, Sen. Udoma Udo Udoma, and the Minister of Finance, Mrs. Kemi Adeosun.

The list of government representatives also include the Minister of Solid Minerals, Dr. Kayode Fayemi, Chief Richard Egbule, Chairman, National Salaries, Incomes and Wages Commission and Prof. Adamu Usman, a representative of the Office of the Head of the Civil Service of the Federation, it said.

 

(NAN)

Fuel Crisis: 39m Litres Of PMS Distributed Nationwide– NNPC

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The Nigerian National Petroleum Corporation, NNPC, said, yesterday, 1,194 truckloads of Premium Motor Spirit, PMS, comprising 39.4 million litres of the products were distributed across the country.

The NNPC, in its Daily PMS Supply and Distribution schedule for Tuesday, April 19, 2016, said the product was loaded from various NNPC and major marketers depots nationwide. In addition, the report disclosed that five NNPC and marketers vessels are currently discharging at various depots/jetties nationwide, while seven NNPC import/shuttle vessels have been programmed to do Ship-to-Ship (STS) operation for onward discharge to inland depots.

The NNPC further stated that 21 import vessels laden with a total volume of 844.1 Million litres of PMS have been confirmed to arrive in the month of April, 2016 for NNPC. Giving a breakdown of trucks dispatched to selected states, the NNPC said 467 truckloads of PMS, comprising 15.41 million litres was dispatched to Lagos; 141 trucks, carrying 4.65 million litres was dispatched to Abuja; while Kano, Port Harcourt and Kaduna received 759,000 litres, 957,000 litres and 1.188 million litres respectively.

Ebonyi, Ondo, Sokoto and Borno got 132,000 litres, 495,000 litres, 264,000 litres and 231,000 litres respectively, while Cross River and Plateau received 528,000 litres and 297,000 litres respectively. The NNPC further stated that it has 17 days sufficiency up from three to four days sufficiency in March at the peak of petrol shortage, while it appealed to motorists not to engage in panic buying.

Credit: vanguardngr

Nigeria’s 4 Refineries Repositioned To Produce 10M Litres Of PMS Daily – Kachikwu

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The Minister of State for Petroleum, Dr Ibe Kachikwu, said the nation’s refineries had been repositioned to produce not less than 10 million litres of Premium Motor Spirit (PMS), popularly known as petrol, per day.

 

Kachikwu stated this on Sunday during his official visit to Kaduna Refining and Petrochemical Company (KRPC).

 

According to him, the mission of the visit was to ascertain the current state of the refinery and identify areas of challenges for the workers at the refinery.

 

“A lot of work has been done and a lot manpower have been put in place. But a lot still needs to be done in order to put this refinery to work continuously and reliably,” he said.

 

He noted that a lot of progress has been made in terms of availability of fuel in the various cities and towns as the long queues are fast disappearing from the filling stations.

 

While commending the management of KRPC for keeping the refinery working for more than a week now, he however said there was room for improvement so as to move the current production level from 1.5 million litres to 2 or 3 million litres per day.

 

He expressed confidence that with more refineries coming on stream the fuel supply situation will continue to improve in the country.

 

While fielding questions later from newsmen, the minister said the Federal Government was doing all it could do to ensure the subsidy on fuel is resolved without inflicting more pains on ordinary Nigerians.

 

“Everybody is on the same page that we need to get out of it; should we sale product at a certain price or should we let free market rolling so that we can sky rocket prices,” he said.

 

According to him, the President says that product should go for N87 per litre for now and that he has given an approval to look at market trends and make adjustment if need be.

 

He assured that the administration was committed to ensuring adequate supply of petroleum products across the country.

 

The minister, who was received by the Managing Director of KRPC management headed by Mr Saidu Mohammed, was accompanied by top NNPC officials during the visit.

 

 

(NAN)

DPR Supplies 294 Trucks Of PMS In Abuja

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The Department of Petroleum Resources (DPR) said that 149 trucks loaded with petrol were supplied to Abuja and its environs on Tuesday.

Mr Mohammed Saidu, Head, Public Relations of DPR in a statement in Abuja, said that the supply brought the number of PMS supplied to Abuja between Monday and Tuesday to 294 trucks.

Saidu said the measure was to ease off fuel queues at filling stations in the city.

He added that 145 trucks wereearlier supplied on Monday.

Giving the breakdown of the PMS supplied on Tuesday, he explained that 99 trucks were supplied to Abuja city with Forte oil receiving four trucks, while Conoil received 10.

According to him, Mobil has eight trucks, as MRS gets seven, while Nipco and Oando have six and 11 trucks respectively.

He stated that Total plc received 14 trucks, while NNPC retail was allocated 34 as IPMAN had five.

He said that 50 trucks were dispersed to immediate and extended environment of the capital city.

It will be recalled that the DPR Director, Mordecai Ladan, had earlier warned petroleum products marketers against engaging in sharp practices.

He said any station caught would face sanctions,including N2 million fine and licence revocation.

 

 

(NAN)

NNPC Begins 24 Hour Fuel Supply To Curb Scarcity

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The Nigerian National Petroleum Corporation said it has begun a 24 hour fuel supply in its depots nationwide to battle the current scarcity, nationwide.

 

The Corporation’s Executive Director, Commercial of the Pipelines and Product Marketing Company (PPMC), a downstream subsidiary of the NNPC, Mr. Justin Ezeala said it has adopted extended hours of operations where for security reasons or locations it is not feasible to operate 24 hours.

 

He said: “We are going to start from about 5am and sell till about 9/10pm.”

 

Close to 50 trucks loaded with PMS were dispatched today to various filling stations in the FCT.

 

He advised Nigerian against panic buying or hoarding of product because there is enough Premium Motor Spirit (PMS) or petrol to last the country for the next 35 days.

 

“We currently have within our depot 66m litres of PMS, we have our partner depot which is the private depot 118m litres of PMS, marine stock 428m litres and then the major marketers have about 44m litres. These gives us a total of 657m litres and based on our daily consumption estimate of 40m litres we are looking at about 16-and-half days sufficiency”.

 

Credit : PM News

Subsidy Debt: FG Approves Payment Of N413bn To Oil Marketers

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The Federal Government has approved the payment of N413 billion to petroleum products marketers being the outstanding payment for subsidy claims?, even as marketers insist they are owed about N470billion.
The Nigerian National Petroleum Corporation, NNPC, in a statement in Abuja, also said it has injected additional volumes of Premium Motor Spirit, PMS?, or petrol across the country to boost supply of the product and eliminate the long queues that have resurfaced in many parts of the country.
The statement, signed by the Group General Manager, Group Public Affairs Division?, NNPC, Mr. Ohi Alegbe, noted that the payment of the outstanding N413 billion subsidy claims to oil marketers is part of the Government’s initiative of zero tolerance to fuel queues nationwide.
?Alegbe said: ?”It is our belief that with the outstanding payment due to oil marketers now assured, the marketers and other downstream players will join hands with the NNPC to guarantee that the nation remains wet with petroleum products all year round.”
The Department of Petroleum Resources, DPR, had earlier in the week lamented the fuel supply situation in some states in the country, warning that that any petroleum products depots and filling stations owners engaged in sharp practices would be fined heavily and also prosecuted for economic sabotage.
Director of the DPR, Mordecai Ladan, had in a statement in Abuja, warned oil marketers against products diversion, hoarding, pump manipulation and selling products above government approved prices.
According to Ladan, any petroleum products marketer found to be under-dispensing or selling products above government regulated prices shall be suspended for a minimum of two months.
He said, “Marketers caught diverting or hoarding the products for profiteering shall be sanctioned with a fine of two million naira and have their operating License revoked and prosecuted for national economic sabotage.”
Ladan also stated that the DPR is collaborating with the Petroleum Equilisation Fund (PEF) and the Petroleum Products Pricing Regulatory Agency, PPPRA, to ensure that defaulters are sanctioned accordingly.
To this end, he stated that all DPR offices nationwide have been directed to step up their monitoring activity and ensure full compliance by marketers.

Buhari set to bar marketers from importing fuel

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The Buhari-led government is set to bar marketers from importing fuel while ensuring that only the Nigerian National Petroleum Corporation (NNPC) imports petroleum products.

 

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele revealed this in an interview with Financial Times of London recently.

 

“The president came on board and said that we will work very hard to reduce importation of petroleum products by ensuring that our refineries work. Our refineries are working now. Warri and Port Harcourt have started producing, they have not obtained the optimal capacity but they will. Kaduna refinery will start working this month.

 

 

“Now, there are other actions that the presidency is putting in place to ensure that we reduce importation of petroleum products where the NNPC will solely, almost solely be responsible for procuring refined petroleum so those who are importing petroleum products will only just need to go to the NNPC and pick up petroleum products.

 

“So in that area I would say that we are already moving in the direction of reducing the import of petroleum products. And we will achieve it,” Emefiele said.

 

On the president’s efforts to recover stolen oil monies deposited in banks, Emefiele said “as the central bank, we will also assist in drilling them once we get to that stage, and we will be happy to have that money back because it will improve our reserves.”

 

Speaking on Buhari’s order that revenue-generating agencies operate a Treasury Single Account, the CBN boss explained that, “once they receive the revenues, the revenues must come to the centre, and that means those revenues will come to the Central Bank of Nigeria.”

 

“We had instances where some of those revenues were trapped outside the central bank. The president came on and he insisted that all revenues come to the centre and that’s what we are saying, and it’s the reason why you are seeing some improvements in the reserves position,” he noted.

 

 

Emefiele also commented on the gap between the parallel market and the inter-bank rate.

 

“The gap is closing and I imagine that foreign investors should be happy that we are doing everything possible to close the gap. Based on that, they will believe us when we say that the parallel market is a shallow market, and that there is no need to use the parallel market as the benchmark for determining the real value of our currency.”

 

-NAN