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Marketers are not allowed to fix fuel pump price – PPPRA

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petrol subsidy, PPPRA, Pump price

The Petroleum Products Pricing Regulatory Agency (PPPRA) has said that contrary to recent publications, the marketers were not allowed to fix pump prices of petroleum products, particularly the Premium Motor Spirit (PMS), commonly known as petrol.

The agency stated this through a statement issued by its Executive Secretary, Abdulkadir Saidu on Sunday in Abuja, and made available to NAN.

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Saidu explained that the removal of PMS pprice cap and implementation of a market-based pricing regime was first announced by the Minister of State for Petroleum Resources, Chief Timipre Sylva, in March 2020, after which the PPPRA issued a publication announcing the regulation on the market-based pricing regime.

Saidu noted that the publication created a legal framework for the policy, adding that PPPRA will continue to advise oil marketers on the fuel pump price.

READ MORE: ‘Sanction directors not companies’, Investors urge NSE

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“The published regulation does not confer on marketers, the power to fix prices for the product as they deem fit. A guiding price will always be advised by the PPPRA according to market realities.

“The agency shall monitor market trends and advise the NNPC and Oil Marketing Companies on the monthly market-based guiding price which shall include the indicative retail price at which the product shall be sold across the country,” he said.

He assured that the monthly guiding prices would still allow reasonable returns to operators while ensuring consumers paid fair prices in line with market reality, without being overcharged

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“The minister, in his statement, further stressed that the government’s role in a deregulated economy was to provide, through the operation of the petroleum products pricing regulatory agency, a pricing mechanism to create a market-driven price regime.

“For the avoidance of doubt, it is instructive to state that no private individual or group has the mandate to fix prices of petroleum products” Saidu stressed.

Every deregulated market, he said, needs a regulator to monitor and regulate activities and this is the role to be played by the PPPRA in the petroleum sector.

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Patricia

Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career. As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via [email protected]

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Energy

BUA cement to build power and cement plants in Adamawa state

BUA Cement’s newest plant in Sokoto is expected to be operational in 2021.

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NPA Decommissioning of Port Harcourt Terminal: We'll vigorously defend, protect our rights - BUA Group, NPA and BUA Group dispute to affect 1000 jobs, $500,000 monthly revenue, Terminal closure: BUA clears air on NPA’s claims , Forbes 2020 world’s richest rankings released: Only 4 Nigerians make exclusive billionaires list

BUA Cement has announced plans to build a 50 megawatts power plant and 3 million metric tonnes cement plant in Lamurde and Guyuk local governments in Adamawa States.

BUA Cement which is Nigeria’s second-largest cement producer by volume with plants in Sokoto and Edo States, with the projects wants the boost the country’s power supply and increase the local production capacity for cement.

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This was disclosed by the Chairman of BUA Cement, Abdul Samad Rabiu, in a press statement on Sunday, July 5, 2020, in Lagos.

The BUA Cement Chairman who led the company’s management team on a courtesy visit to the Adamawa State Governor, Ahmadu Umaru Fintiri, after preliminary findings showed that Guyuk and Lamurde areas had quality limestone.

According to Rabiu, “Preliminary findings show that the two local governments of Guyuk and Lamurde are reputed to have good quality limestone deposits and BUA Cement is ready to begin the investment in the state.

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“BUA will use new technologies to supply power to the proposed cement plant and communities of Guyuk and Lamurde in addition to providing three thousand direct and five thousand indirect jobs.

“Guyuk Cement Plant will be a major investment in the North-East by BUA, while we solicit the support of Gov. Umaru Fintiri to set up the factory in Guyuk.”

READ MORE: 10 fantastic things Aliko Dangote has done in the last 10 years

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He added that while the company has invested billions of dollars in various sectors across Nigeria, it has taken a decision to source its raw materials locally and therefore urged the Adamawa state government to support BUA to actualize the GUYUK Cement project.

The Adamawa State Governor, Ahmadu Fintiri, in his response assured the Chairman and management team of BUA, that the state government would provide all the necessary support and make available whatever was needed to make the projects a reality.

BUA Cement’s newest plant in Sokoto is expected to be operational in 2021 and expects that its total production capacity will get to 14 million metric tonnes of cement per annum upon the completion of Guyuk Cement Plant.

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BUA Cement has been having a running battle with Dangote Cement over the ownership of 3 mining sites in Obu and Okpella in Edo State. The mining sites have been subject of legal tussle between the 2 biggest cement companies in the country.

 

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Energy

Just in: NNPC announces top management appointments as top official resigns

The NNPC has effected a major shake-up to enable the corporation to live up to its expectations.

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The state-owned oil giant, the Nigerian National Petroleum Corporation (NNPC) has effected some major reorganization in the firm. They have announced some new appointments and redeployments as part of the ongoing efforts to strengthen and reposition NNPC for greater efficiency, transparency and profitability in line with the next level agenda of President Muhammadu Buhari’s administration.

This was disclosed in a press release by NNPC on Sunday, July 5, 2020, and signed by the corporation’s Group General Manager Public Affairs Division Dr Kennie Obateru.

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In the statement released by the oil giant, Mr Adokiye Tombomieye, the Group General Manager, Crude Oil Marketing Division (COMD), is now the new Chief Operating Officer (COO), Upstream while Mr Mohammed Abdulkabir Ahmed, the Managing Director of the Nigerian Gas Marketing Company (NGMC), has been appointed the new Chief Operating Officer, Corporate Services, following the retirement of Engr. Farouk Garba Sa’id, last week.

READ ALSO: NNPC to consolidate footprint in shipping business

Dr Kennie Obateru stated that reorganization includes the redeployment of Engr. Adeyemi Adetunji, the Chief Operating Officer, Upstream, to the Ventures & Business Development Directorate as COO, following the voluntary resignation of Mr Roland Onoriode Ewubare, from the position last week.

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The top-level staff movement also affected Sir. Billy Okoye who has been redeployed from the NNPC Downstream Company, NNPC Retail Limited, as Managing Director, to replace Mr Tombomieye as the Group General Manager, Crude Oil Marketing Division; while Mrs Elizabeth Aliyuda, the General Manager, Sales and Marketing NNPC Retail Limited, takes over from Sir Okoye as Managing Director.

Similarly, Mr Usman Farouk, Executive Director Asset Management and Technical Services at the Nigerian Gas Marketing Company (NGMC) takes over from Mr Ahmed as Managing Director.

READ MORE: 7 female executives under 40 in FinTech

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The statement from NNPC also explained that President Buhari has accepted the resignation of Mr Roland Ewubare, who was the immediate past Chief Operating Officer, Ventures and New Business Directorate of the National Oil Company while the retirement of the immediate past Chief Operating Officer, Corporate Services, Engr. Farouk Garba Said had also received the approval of President who thanked the two former COOs for their meritorious service to the corporation.

The Group Managing Director of NNPC, Mele Kyari, said the new appointments would enable the corporation to live up to the expectation of her shareholders, Nigerians, and give impetus to the ongoing restructuring within the Corporation, which, he said, was in line with the corporate vision of Transparency, Accountability & Performance Excellence (TAPE).

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Energy

NNPC quells fears over leaking Lagos pipeline

The Corporation says it was on the last stage of completing repairs which includes hydro testing.

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The Nigerian National Petroleum Corporation (NNPC) urged Nigerians to ignore reports of a possible fire outbreak from a vandalized pipeline at Aboru Canal in Alimosho Local Government Area of Lagos state. 

“There is no such hazard as the line in question has since been shut down for repairs and presently contains only water,” NNPC said. 

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READ ALSO: Abule-Ado explosion: Lagos State Government presents cheques to survivors

NNPC said that the Atlas Cove-Mosimi stretch of the system 2B pipeline was shut down on June 25, 2020, to enable the comprehensive maintenance of some segment of the pipeline. 

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READ MORE: NNPC states why it failed to fix refineries, to build 200,000 capacity refinery

The Corporation says it was on the last stage of completing repairs which includes hydro testing (a process of pumping water through the entire pipeline to leak detection and for integrity tests). 

Revealing that they stopped pumping water 9:27 am Thursday morning to enable necessary repairs after patrol team made a report about leakage at a point in the Aboru Canal. 

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NNPC urges residents of the community to remain calm “as there is no possibility of a fire erupting from the leakage point”. 

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