The Petroleum Products Pricing Regulatory Agency (PPPRA) has revealed that the non-availability of foreign exchange was the reason why many marketers were yet to start importation of petroleum products.
This disclosure was made by the Executive Secretary of the PPPRA, Saidu Abdulkadir, during a press briefing on the deregulation of the downstream oil and gas sector, on Tuesday in Abuja.
The PPPRA boss, who was represented by the General Manager, Administration and Human Resources of the agency, pointed out that although the Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), is still the sole importer of petroleum products, PPPRA will continue to monitor development to check profiteering by marketers.
The PPPRA boss said, “The PPPRA as a regulator will continue the role of a watchdog in this deregulation regime. We will continue to maintain our role as a regulator and ensure that Nigerians are not short-changed in any way in this process.’’
“You know how things are globally with the impact of COVID-19 on the global oil market. Accessing forex remains a challenge for marketers.’’
“We are hopeful that in a few months to come, Nigerians will understand what the government is doing to stabilize the downstream sector.’’
Going further, the PPPRA Executive Secretary revealed that going forward, the price of premium motor spirit (PMS) popularly referred to as petrol, will be determined by the forces of demand and supply together with the international price of crude oil.
He reiterated that the government was no longer in the business of fixing the pump price of petrol, but would monitor marketers to avoid profiteering.
He also disclosed that the PPPRA may no longer provide the monthly price band for petrol as that would run contrary to the deregulation policy.
TCN breaks transmission record again in 2021, hits 5,584.40 MW
The TCN has broken its transmission record once again, after hitting a record of 5,584.40 MW.
The Transmission Company of Nigeria has announced it has broken its transmission record once again, after hitting a record of 5,584.40 MW.
This was disclosed by the Minister of Power, Engineer Sale Mamman in a social media statement on Sunday evening.
Sale tweeted, “A New National Transmission Peak and Maximum Daily Energy at 8:15pm on Friday, February 26, 2021.
“5,580.40 MW at 116,891.14 MW per hour.
“Impressive from everyone at the Transmission Company of Nigeria. We will do better for Nigerians.
A New National Transmission Peak and Maximum Daily Energy at 8:15pm on Friday, February 26, 2021.
5⃣,5⃣8⃣4⃣.4⃣0⃣Megawatts 💡⬆️ 🇳🇬
Impressive from everyone at the Transmission Company of Nigeria.
We will do better for Nigerians.
— Engr. Sale Mamman (@EngrSMamman) February 28, 2021
In case you missed it
NNPC says it does not plan to increase ex-depot price of petrol
The NNPC has said that it has no plans to increase the ex-depot price of petrol in March 2021.
The Nigerian National Petroleum Corporation (NNPC) has said that it has no plans to increase the ex-depot price of Premium Motor Spirit (PMS), otherwise known as petrol, in March 2021.
This was disclosed in a press release by the NNPC and signed by its Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, on Sunday, February 28, 2021.
NNPC, in the statement, warned petroleum products marketers against engaging in arbitrary price increases or hoarding petrol, so as to avoid artificial scarcity and undue hardship for Nigerians.
The statement from NNPC partly reads, “Contrary to speculations of an imminent increase in the price of Premium Motor Spirit (petrol) in the country, the Nigerian National Petroleum Corporation (NNPC) has ruled out any increment in the ex-depot price of petrol in March 2021.
“The Corporation was not contemplating any raise in the price of petrol in March in order not to jeopardize ongoing engagements with organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.
“NNPC also cautioned petroleum products, marketers, not to engage in an arbitrary price increase or hoarding of petrol in order not to create artificial scarcity and unnecessary hardship for Nigerians.”
The statement further stated that the corporation had enough stock of petrol to keep the nation well supplied for over 40 days and urged motorists to avoid panic buying.
It also called on relevant regulatory authorities to step up monitoring of the activities of marketers with a view to sanctioning those involved in products hoarding or arbitrary increase of pump price.
What you should know
- The ex-depot price is the price at which depot owners sell petroleum products to retail outlet owners and petrol marketers across the country.
- It is a major determining factor in fixing the retail pump price of petroleum products.
- Since the increase in the global price of crude oil, there has been a lot of speculation that the retail pump price of petrol would increase to between N190 and N200 per litre as against the present N162 per litre, following the removal of petrol subsidy and the announcement of full deregulation of the downstream sector of the oil industry.
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