Naija News
Petrol Pump Price Could Further Drop By N8 per litre
Petrol Pump Price Could Further Drop By N8 per litre
The pump price of petrol could drop further by between N5 and N8 per litre, operators in the downstream oil sector have said. According to oil marketers, the crash in crude oil price warranted the recent slashes in petrol price by the Petroleum Products Pricing Regulatory Agency.
They noted that the current PMS cost of N123.5/litre to N125/litre could drop further when other operators join the Nigerian National Petroleum Corporation to start importing products.
Senior officials of the Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association of Nigeria, however, noted that this would happen when every downstream petrol importer begins to access the dollar at the same rate with NNPC.
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The Chairman, Board of Trustees, IPMAN, who doubles as Group Executive Director, Nipco Plc, Aminu Abdulkadir, said that the price band for petrol would go down as far as crude oil prices stayed low.
Abulkadir, who said this in a television interview monitored by our correspondent in Abuja, noted that PPPRA would always provide a band because the price of the commodity was not definite.
He said, “Dealing with pump products is something that is not definite and that is why the PPPRA provides a band. A band is a range.
“Today, as the price is at N123.5/litre, I believe that by the time the market is totally free for marketers to import on their own, the band could still come lower than what it is by at least N5 to N8.”
On whether PPPRA would still determine the price of petrol for all dealers, he stated that the agency would mainly be saddled with the duty of providing a price band.
The IPMAN boss observed that the fluctuation in global crude oil prices would cause changes in petrol price in Nigeria.
Abdulkadir said, “They (PPPRA) will always partake in determining a band and not to give a fixed price. As the price of crude oil increases, the price of petroleum products will also increase but not as sharply as in an under-deregulated market.
“Different filling stations will sell at different prices and that is the essence of freeing the market. Definitely you will not get a fixed price but as the deregulation matures, the difference in the prices of retail outlets will not be up to N1.
He added, “By the time the industry understands the deregulation very well, you will find out that the difference between one retail outlet and the other will not be more than 50k to 80k because efficiency will come to play.”
On his part, the National President, PETROAN, Billy Gillis-Harry, told our correspondent that marketers would also want to see policy stability as the downstream sector sets for full deregulation.
Gillis-Harry, who admitted that petrol price would drop in a fully deregulated market, canvassed the domestic refining of petroleum products as against the massive dependence on imports.
He further noted that it was important for marketers to have access to loans in order to ensure the availability of products in all geographical zones of Nigeria to drive economic development.
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Kogi state governor, Yahaya Bello, has approved the implementation of N30,000 as minimum wage for the workers in the state.
The secretary to the state government, Folashade Ayoade disclosed this on Tuesday after an extensive meeting with the organized labour in Lokoja
She blamed the delay in the implementation on the inability for the committee to meet regularly due to the covid-19 pandemic which has been overcome.
The SSG equally commended the organised labour for their understanding and patience, which she said has resulted into the signing of the implementation of the new minimum wage.
Read Also: FCTA Set to Implement Minimum Wage for FCT Workers
Author: Eunice Johnson, Abuja
The Central Bank of Nigeria (CBN) has put Deposit Money Banks (DMBs) on notice that it will stop selling forex to them by the end of 2022. CBN Governor Godwin Emefiele made this known in Abuja on Thursday at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.
Emefiele said the time had come for the banks to go out there and source for forex by funding entrepreneurs with ideas. The CBN, Emefiele said, will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.
He also disclosed that the apex bank’s policies and measures have led to a significant improvement in diaspora inflow from an average of US$6 million per week in December 2020 to an average of over US$100 million per week by January 2022. He added that the CBN would be reviewing these intervention programmes going forward to ensure that they continue to achieve the desired results.
He said international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.
Read Also: CBN Encourages Nigerians to Accept E-Naira
Author: Gift Wada, Abuja
The Comptroller General of Customs Col. Hameed Ibrahim Ali (Rtd.) has approved the deployment of 37 Comptrollers to various Units, Departments and Commands across the country.
This was disclosed in a release signed on Tuesday by the Customs Deputy National, DC Timi Bomodi for the Comptroller General of Customs.
Among those deployed are the present National PRO of Customs Comptroller Joseph Attah who will assume the office of Area Controller of Kebbi Command, Comptroller AAS Oloyede who shall be moving from ICT/MOD to Tin Can Island Port Command, while Comptroller SI Bomoi to FCT Command. Other postings are Comptroller BA Jaiyeoba to Oyo/Osun Command, Comptroller A Dappa-Williams to Eastern Marine Command, Compt. MA Umar Kano/Jigawa, Compt. KC Egwuh ICT/MOD, Compt. LM Mark Enugu/Anambra/Ebonyi, Compt. T Tachio CTC Kano, Compt. AA Umar Western Marine, Compt. M Dansakwa North Eastern Marine, Compt. AC Ayalogu T & T and Compt. KD Ilesanmi will assume duty as Comptroller Board among others.
Ali in postings released on 7th of February, charged the newly posted Comptrollers to justify the confidence reposed in them by NCS Management by bringing to bear their years of experience and training in trade facilitation and anti-smuggling activities on their new assignment.
Given the enormous expectations of government regarding revenue generation in the current year, the Comptroller General reiterated the need for all Area Controllers and Unit heads to take full charge of the affairs of their Commands by ensuring absolute compliance with extant fiscal policies while leveraging on the efficient management of data to optimize trade facilitation and revenue collection.
Furthermore, the CGC directed all officers to be extremely vigilant in protecting the lives and wellbeing of Nigerians by ensuring the full fortification of our borders against the incursion of smugglers and other cross border criminals.
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