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Business News

Update: FG approves reduction in pump price of petrol to N125

The FG has approved the reduction of the pump price of PMS petrol from N145 per litre to N130 per litre.  

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Petrol prices, Closure of border petrol stations lowers fuel consumption by 30% - Customs Boss, BREAKING: FG approves reduction in pump price of petrol

The Federal Government (FG) has approved the reduction of the pump price of Premium Motor Spirit (PMS), popularly referred to as petrol, from N145 per litre to N125 per litre with immediate effect.

The order from FG to the Nigerian National Petroleum Corporation (NNPC) for the reduction is coming against the backdrop of the crash in crude oil prices globally.

The President also ordered NNPC to immediately reduce the ex-coastal and ex-depot price of the premium motor spirit to reflect the current market realities.

The President said that it was part of the measure put being put in place by the Federal Government to help provide relief to Nigerians and provide a framework for the sustainable supply of the product.

Given the directive on behalf of the President, the Minister of State for Petroleum Resources, Mr Timipre Sylva, said that enforcement of compliance by petroleum marketers is to be enforced by NNPC and the Petroleum Product Pricing Regulatory Agency (PPPRA). The price reduction is expected to affect all petroleum products.

The minister also said that the ministry is going to adopt a price modulation mechanism so that the price of petroleum product can be regulated as the market dictates.

The minister also assured Nigerians that the ministry will continue to encourage Nigerians to make use of compressed natural gas to complement PMS utilization as a transport fuel.

Nairametrics had reported last week that the Federal Government was considering the reduction of the pump price of fuel as a result of crash in crude oil prices globally. Nigerians became hopeful of eventual cut in the price of PMS when the Minister disclosed that the Federal Government was consulting with stakeholders to determine the new price of the product.

The bonny light crude sold for $33.63 which is below the $57 2020 budget benchmark.

READ ALSO: Why kerosene price fluctuates – NNPC

 

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Spotlight Stories

Tip Jar, Twitter’s new giveaway feature that lets users send money to you

Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

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US Elections: Twitter, Facebook suspend several news accounts

Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

According to the blog post, “Tip Jar is an easy way to support the incredible voices that make up the conversation on Twitter. This is a first step in our work to create new ways for people to receive and show support on Twitter – with money.”

The new feature utilizes different payment platforms like PayPal, Venmo, Patreon, CashApp, and others.

Users can link their Twitter accounts with Tip Jar to any of these payment providers. Twitter takes no cut.

READ: Facebook is creating an audio chat product similar to Clubhouse

You’ll know an account’s Tip Jar is enabled if you see a Tip Jar icon next to the Follow button on their profile page. Tap the icon, and you’ll see a list of payment services or platforms that the account has enabled. Select whichever payment service or platform you prefer and you’ll be taken off Twitter to the selected app where you can show your support in the amount you choose.

Twitter has released series of features this year as part of its efforts to grow Twitter’s user base to 315 million daily active users by the end of 2023.

The company also launched Twitter crop where images don’t get crop again on Twitter for Android or iOS. Standard aspect ratio images (16:9 and 4:3) will now display in full without any cropping and images will look just like they did when you shot them.

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READ: Does YouTube stand a chance against TikTok?

Lauren Alexander, a Twitter spokesperson said, “Today’s launch is a direct result of the feedback people shared with us last year that the way our algorithm cropped images wasn’t equitable, The new way of presenting images decreases the platform’s reliance on automatic, machine learning-based image cropping.”

Twitter has tested several features and more will be rolled out soon.

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Business

Customs Apapa Command generates revenue of N65.4 billion in April

This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

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Border closure: Amid N5bn daily revenue, Customs officials lament allowance slash  

The Nigerian Customs Service (NCS) Apapa Area Command has announced a revenue of N65,463,398,355.85 for the month of April—an increase of N25,585,561,139.92 compared to the same period last year.

This was disclosed by Comptroller Ibrahim Yusuf, Area Controller of Apapa command, in a press briefing on Thursday.

What Ibrahim Yusuf is saying

“This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

In line with the provision of extant laws, trade guidelines, and enforcement of government fiscal policy measures, the command was able to further strengthen its anti-smuggling operations against economic saboteurs through credible intelligence-driven operations.

READ: Customs revenue rises by N200 billion to hit N1.5 trillion in 2020

This led to the seizure of 4×40 feet containers laden with unregistered pharmaceuticals (674 cartons of tramadol tablets in 225mg and 120mg, and 805 cartons of codeine syrup in 100ml) at APMT and SIFAX 3 bonded terminal respectively.

Other items seized in the period under review include: two containers of unprocessed wood and one container of scrap copper wire,” he said.

He added that the progress the Apapa Command made in the month of April was possible due to the resilience of the officers, citing that the Command had taken steps to ensure efficient revenue collection by creating an enabling environment for legitimate businesses to thrive.

What you should know

Recall Nairametrics reported that the Nigeria Customs Service (NCS) Apapa Command stated earlier that it generated a revenue of N159.58 billion in the first quarter of 2021.

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