Monday, 24 September, 2018


FG, Marketers Agree To N145 Pump Price, Eliminate Middle Men

Kachikwu Baru appear before senate committee over petrol scarcity FG, Marketers Agree To N145 Pump Price, Eliminate Middle Men
Bennie Garza | 13 January, 2018, 05:10

"One, is for the Central bank of Nigeria (CBN) to allow the marketers access forex at the rate of N204 to a dollar as against the official rate of N305 to keep the pump price of fuel per litre at N145".

The Chairman, Depot and Petroleum Products Marketers Association, Dapo Abiodun, disclosed these to State House correspondents at the end of the meeting.

On his part, President of the Independent Petroleum Marketers Association of Nigeria, Chinedu Okoronkwo, said the meeting reached a resolution that would see the fuel supply problem resolved once and for all. The marketers can not import the PMS because of the cost of the crude oil.

The minister disclosed further that as a result of the N26 difference per litre between the current landing cost of the product ( N171) and pump price of N145, NNPC which had been singularly importing the product at the volume of 25 million litres per day since October past year, has been incurring a daily loss of about N800-N900million, cumulatively reaching N85.5billion today, in just three months.

Four sub-committees were constituted at the meeting, chaired by the Minister of State for Petroleum Resources, Ibe Kachikwu, at the ministry's headquarters in Abuja.

A source close to yesterday's meeting said: "We have already told them that it is only the NNPC that will be able to import the PMS".

It was also decided that the Nigeria National Petroleum Corporation (NNPC) will sell petroleum products directly to marketers thereby eliminating the middlemen in the chain in one of the moves to combat fuel scarcity. "To discuss and address the issues, we have to seek approval from the President", the Minister said. But by the month of October, marketers completely stopped importing because there is no more subsidy so we can't sell for profit so we have to stop importing. "From our point of view as marketers, we made our submissions known to government and we emphasized the fact that this was not a marketer-related problem". So you can imagine a situation where NNPC was importing in part and marketers were importing in part and then suddenly NNPC begins to import 100%.

He explained that crude prices had remained relatively stable from January to December until his members lost the ability to import and sell at N145 per litre when the prices went up due to the hurricane Katrina in September/October. And this business is a partnership between marketers and NNPC. The government believes Nigerians should not be made to buy fuel for more than N145.

His statement read in part: "NNPC warns marketers not to hoard products as law enforcement agencies, working with industry regulators, have been detailed to take appropriate measures against any defaulter".

" Two, to give room for modulated deregulation where NNPC would be allowed to continue selling at N145 per litre in all its mega stations across the country while the independent marketers should be allowed to sell at whatever price is profitable to them in all their outlets".

On how close the government is to that lasting solution, the minister responded: "We are going to sit down and find lasting solution".

Recommended

loading...
...
  • New THE HANDMAID'S TALE Pics Make Season 2 Look Apocalyptic

    New THE HANDMAID'S TALE Pics Make Season 2 Look Apocalyptic

    But at a certain point, you can't spend all your time second-guessing things. Sometimes while writing the scripts, I just really wanted to surprise her.

    Republicans are trying to clean up Trump's "shithole" comments

    John Cornyn of Texas, the No. 2 GOP senator, and other Republicans have derided the group of six senators as having little clout. This morning, President Trump said he did use profanity, but the specific phrased he's accused of saying - really was NOT said.

    A Groundbreaking Football News: How do Footballers And Dementia Relate?

    Finally, I think we can hope that the experts would look into the matter in a cautious way in the near future. As per Shearer’s words ‘At least now people have started to look for answers’.
  • Critical Comparison: Cirrus Logic, Inc. (CRUS) vs. Ultra Clean Holdings, Inc. (UCTT)

    It has outperformed by 304.16% the S&P500.The move comes after 5 months positive chart setup for the $786.82 million company. Meeder Asset Mngmt stated it has 294 shares or 0% of all its holdings. 8,448 are held by Legal General Grp Inc Public Ltd.

    INTU) — Intuit Inc. (NASDAQ

    Trend Direction of Twenty-First Century Fox, Inc. (NASDAQ: FOXA ) has declined 2.90% since January 11, 2017 and is downtrending. Jefferies maintained the stock with "Buy" rating in Thursday, December 21 report. (NASDAQ:AAPL) was sold by SCHILLER PHILIP W.

    Latest News on the Global Online Gaming Industry

    The company is showing signs of making a comeback, as competitors are forced to merge and consolidate in order to survive. The industry can be broken down further between mobile gambling and desktop gambling (which includes laptops and PCs).
  • Aetna Inc. (AET): What's the Story?

    Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. The company reported $1.63 earnings per share for the quarter, topping the Zacks' consensus estimate of $1.44 by $0.19.
    Trump lawyer arranged $130000 payment for adult-film star's silence

    Trump lawyer arranged $130000 payment for adult-film star's silence

    Trump's surrogates have also adopted a "deny everything" approach when it comes to sexual misconduct allegations. Daniels" but that "attorney-client privilege prohibits me from commenting on my clients' legal matters".
    The Early 2018 World Series Favorites

    The Early 2018 World Series Favorites

    People expected this young Yankees team (which still has more significant talent on the way from AAA) to start competing in 2018. Taking into account a few articles and odds listings that are already out there, here’s our look at the top contenders. 1.
  • Harvest Capital Strategies LLC Increases Position in Ascena Retail Group INC (ASNA)

    Finally, Texas Permanent School Fund boosted its holdings in shares of Ascena Retail Group by 0.9% in the 2nd quarter. The firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion.
    NRF: Holiday Sales Exceed Expectations

    NRF: Holiday Sales Exceed Expectations

    Compared with a year ago, retail sales were also up in nearly every category, with some doing very well indeed. Total sales for the October 2017 through December 2017 period were up 5.5% from the same period a year ago.
    Q4 PC sales up for first time in six years

    Q4 PC sales up for first time in six years

    However, Gartner analysts said there were some signs for optimism. "PCs are no longer popular holiday gift items", Kitagawa said. Currently, Western Digital sports a Zacks Rank #1 (Strong Buy), while Seagate carries a Zacks Rank #2 (Buy).

General Overview of Cisco CCNA R&S Questions and Answers In addition to this, they will also build their skills and knowledge levels required to implement WLAN in a small/medium network. At the end of the course, they will also be able to resolve regular issues with EIGRP, STP, and OSPF in IPv4 and IPv6 networks.

The First Offline Date After Online Relationships The First Offline Date After Online Relationships The Date Day: How To Behave When you meet your date offline for the first time, there are many things that can go wrong. That is a very responsible step that will either empower or destroy the already formed relationships.

Gustav Klimt Could Challenge For 2,000 Guineas Gustav Klimt Could Challenge For 2,000 Guineas However, Gustav Klimt bounced back with a fine performance at the Barronstown Stud Irish European Breeders Fund in June last year. Gustav Klimt moved to the inside down the final furlong and found just enough speed to beat out his compatriot Nebo by a head .

Seeyouatmidnight to serve the Scots a Grand National double Seeyouatmidnight to serve the Scots a Grand National double He was runner-up behind Big River in the Edinburgh Gin Handicap Hurdle at Kelso and he then placed third at Newbury in March. Those having a bet on the Grand National will find him available at 16/1 with Paddy Power in the ante-post list.

Irish masters Elliott and Mullins set for three-pronged attacks in Grand National Irish masters Elliott and Mullins set for three-pronged attacks in Grand National As for Elliott, his Grand National trio this year are headed by three-time Cheltenham Festival winner Tiger Roll . The 2018 renewal has a typically wide-open feel and that’s certainly evident from a betting perspective.

(UNP) Holdings Cut by Tokio Marine Asset Management Co. Ltd. The institutional investor owned 536,709 shares of the railroad operator's stock after selling 2,272 shares during the period. The railroad operator reported $1.50 EPS for the quarter, beating the Thomson Reuters' consensus estimate of $1.49 by $0.01.

Destiny 2 - Where Is Xur for January 12, 2018? Destiny 2 - Where Is Xur for January 12, 2018? Also new as of December 12, Three of Coins is a four-hour buff that increases the odds of Exotic engrams dropping in the wild. Bungie clarified their effectiveness , and they don't seem particularly worth the steep Legendary Shard cost at the moment.

Blue Jays ink record deal for Donaldson Blue Jays ink record deal for Donaldson Kela's salary is $1.2 million, up from $543,210, and Profar will make $1.05 million, an increase from $1,005,000. Still, he managed to hit 33 home runs and drive in 78 runs in under 500 plate appearances.

This Bitcoin KFC Bucket Is An Abomination This Bitcoin KFC Bucket Is An Abomination The LTO is available in Canada and is making a good deal of news around cryptocurrency websites globally. KFC considers other cryptocurrencies as well and mentions it on Twitter.

Chandigarh stalking case: Vikash Barla released from jail Chandigarh stalking case: Vikash Barla released from jail Speaking to NDTV in August previous year , Ms Kundu had said she would like to see a change in the status of women in India. Vikas Barla, 23, and his friend Ashish were arrested arrested for allegedly harassing daughter of an IAS officer in August.

Activision Blizzard, Inc. (ATVI) Position Lowered by Jaffetilchin Investment Partners LLC Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in Activision Blizzard by 0.4% in the 2nd quarter. Parkside Bancorp & reported 0.01% of its portfolio in Activision Blizzard, Inc . (NASDAQ: ATVI ) on Monday, August 7.

Who cares? Liverpool unfazed by Coutinho departure claims Oxlade-Chamberlain Who cares? Liverpool unfazed by Coutinho departure claims Oxlade-Chamberlain He is a player of Leipzig, that's what I know and will be here in the summer, that's what I know as well. "We go with open eyes. He has not been able to sign anything - he has been totally cut off from the world of football.

(CSCO) Shares Sold by Smith Chas P & Associates PA Cpas Pacific Crest maintained the stock with "Overweight" rating in Wednesday, January 13 report. $578,740 worth of Cisco Systems, Inc. According to their observations and findings, the stock could provide a high EPS of $0.61/share and a low EPS of $0.58/share.

B&M emerges as Christmas victor B&M emerges as Christmas victor In its United Kingdom market, sales shot up by 12.9 per cent to £837.3 million with like-for-like sales up by 3.9 per cent. B&M posted a 22.7% rise in sales to £969.8mn in the 13 weeks to December 23, with like-for-like sales growing 3.9%.

Emerson Electric (EMR) Lifted to Buy at Vertical Research The investment managers in our partner's database now possess: 432.93 million shares, down from 440.67 million shares in 2017Q2. Eagle Global Advisors LLC's holdings in Emerson Electric Company were worth $708,000 as of its most recent filing with the SEC.