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Business News

FG gives condition for increase in pump price of petrol

Sylva said that there will be no increment in its pump price until the conclusion of its consultation with the Organised Labour.

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FG estimates that alternative petrol, CNG would cost N97 per litre, New PIB amends royalties by oil firms as Sylva clarifies position on scrapping of NNPC, autogas, FG to establish petroleum depot, oil and gas logistic centre in Akwa Ibom
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The Minister of State for Petroleum Resources, Timipre Sylva, has given the condition under which there will be an increase in the retail pump price of Premium Motor Spirit otherwise known as petrol.

Sylva, in his reaction to the reported increase in the pump price of petrol, said that there will be no increment in its pump price by the Federal Government until the conclusion of its consultation with the Organised Labour.

According to a report from the News Agency of Nigeria (NAN), this disclosure was made by Sylva during a chat with the press on Friday, March 12, 2021, in Lagos.

The minister pointed out that the clarification was necessitated by reports that the price of petrol, had been increased to N212.61 per litre.

READ: Oil marketers say petrol will sell for N230 per litre in March

What the Minister of State for Petroleum is saying

Sylva in his statement said, ”Irrespective of the source of that information, I want to assure you that it is completely untrue. Neither Mr President who is the Minister of Petroleum Resources nor myself who deputise for him as minister of state has approved that the petrol price should be increased by one naira. I therefore urge you to disregard this misleading information.

The minister said that in the past few months, the government has been in consultation with organised labour to find the least painful way to respond to the increase in the global price of crude oil which has inevitably led to increase in petrol prices.

He said it was unthinkable that the government would unilaterally abandon these discussions and act in the manner suggested by the information under reference.

READ: FG says vehicle owners to pay N250,000 to convert from petrol to autogas

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Sylva maintained that cynicism and deceit have never been the trademark of President Muhammadu Buhari’s administration.

The minister said, “I will like to equally assure you that the engagement with the organised labour and other stakeholders will continue even as the calculations to arrive at a reasonable price regime are being done; all in good faith and you will be availed of the final outcome at the appropriate time.

“Until then, all marketers are strongly advised to maintain the current pump price of PMS before the emergence of this unfortunate information.

“Those who may want to take advantage of this unfortunate information to extort Nigerians should not give in to such temptations as there are regulatory mechanisms that government can enforce to protect its citizens.

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“In conclusion, I want to sincerely apologise to all Nigerians for any distress and inconvenience the unfortunate information might have caused,“ he said.

READ: Amid new minimum wage tussle, govt accused of illegal salary deductions

What you should know

  • It can be recalled that Nigerians woke up on Friday, March 12, 2021, to a reported increase in the retail pump price of petrol to N212.61 per litre.
  • According to some media reports, the Petroleum Products Pricing Regulatory Agency (PPPRA) in its memo said that petrol is expected to sell at a lower retail price of N209.61 and an upper retail price of N212.61.
  • However, NNPC in its statement insisted that there will be no increase in the pump price of petrol in March.
  • The PPPRA also bowed to pressure as it deleted the earlier published template announcing the increase

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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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    Business

    Lagos agricultural sector to generate $10 billion in the next 5 years

    The agricultural sector in Lagos state is projected to generate as much as $10 billion within the next 5 years.

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    Lagos, Sanwo-Olu, Businesses that must remain closed after May 4
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    The Lagos State Governor, Mr Babajide Sanwo-Olu, has projected that the agricultural sector in the state could generate as much as $10 billion within the next 5 years.

    This is as the governor noted that Lagos could no longer afford to rely exclusively on other states for its food, adding that it was time to unlock its immeasurable agricultural potential through the implementation of the 5-year roadmap.

    This disclosure was made by the Governor at the formal launch of the state’s 5-year Agricultural and Food Systems Roadmap, on Thursday, adding that most of the investments would be private sector-driven while the government acts as the catalyst and enabler.

    Governor Sanwo-Olu opined that the Roadmap would also lead to wealth generation, value creation, food security, the industrialisation of the agricultural sector and the entrenchment of inclusive socio-economic development of the state.

    He said that the roadmap essentially focuses on 3 pillars, which are: growth of the upstream sector, growth of the midstream and downstream sectors as well as improvement of private sector participation.

    What the Lagos State Governor is saying

    Sanwo-Olu, in his words, said, “Our strategies for sustainable Agricultural Development shall focus on three pillars. First, we will grow the upstream sector through interventions by leveraging technologies that are capable of lowering the cost of production of value chains; Focus on growing the midstream and downstream sectors that are of value and lastly, we will improve on private sector participation by developing and initiating policies that will encourage more private investments in agriculture.”

    The projection is that the total investment in the Agricultural Sector from the government, private sector, donor agencies and development partners will run into over $10 billion in the next five years. While we expect most of the investment to be private sector-driven, the government will continue to provide the needed infrastructure while the private sector will be encouraged to lead the key projects.’

    The governor pointed out that the state had already started the revamping of its Agricultural Land Holding Authority (ALHA) to support investment in agriculture, giving assurance that the coconut belt would also be strengthened with increased private sector involvement.

    Sanwo-Olu listed some State’s landmark investments that will aid smooth delivery of the Roadmap to include the Lagos State Aquatic Centre of Excellence (LACE) that would boost fish production from 20% to 80%, the Imota Rice Mill, the Lagos Food Production Centre Avia, Igborosu-Badagry as well as other statewide agriculture-focused initiatives.

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    He said, “I am greatly encouraged by the interest already generated in the Five-Year Agricultural Roadmap and I hope it will be sustained and backed with concrete action on the part of our development partners and the international community. I assure you that the Lagos State Government is putting in place deliberate incentives to make your investment safe, secure and profitable.’

    Sanwo-Olu, therefore, urged potential and established stakeholders in the agricultural sector to partner with the state in order to transform the agricultural sector for food security, wealth generation, poverty eradication, economic diversification, rapid industrialisation and accelerated socio-economic growth.

    Bottom line

    This is a very laudable initiative from the Lagos State Government especially at a time the country is looking at diversifying its economy. The successful implementation of this programme with the expected benefits from the value chain will contribute significantly to the economic development of the state and the country in general.

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    The investment in the transformation of agriculture to agribusiness is one way of achieving the dream of attaining self-sufficiency in food production and creating more wealth.

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    Business News

    NNPC, SEEPCO sign gas development agreement for domestic market

    The execution of the deal is to help reduce gas flaring in the country and a show of NNPC’s commitment to facilitating the country’s transformation into a gas-powered economy.

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    The Nigerian National Petroleum Corporation (NNPC) and an indigenous oil exploration and production firm, Sterling Exploration and Energy Production Company (SEEPCO), both partners in the Oil Mining Lease (OML) 143, have signed a Gas Development Agreement (GDA).

    The execution of the deal is to help reduce gas flaring in the country and a show of NNPC’s commitment to facilitating the country’s transformation into a gas-powered economy.

    According to a tweet post from NNPC on their official Twitter handle, the agreement between both parties was signed at NNPC’s head office, NNPC towers, on Thursday, April 22, 2021.

    The statement says that this latest milestone provides the terms for the development of OML 143 Gas, providing gas for the domestic market which aligns perfectly with the Federal Government’s National Gas Expansion Programme (NGEP).

    What this means

    The execution of this project will not only help to support the Federal Government’s effort in reducing gas flaring by monetizing it but will also play its part in the government’s effort in the expansion of gas utilization in the country as a cleaner, cheaper and more reliable alternative form of energy.

    This is coming at a time when the Federal Government is shifting focus to gas utilization as an alternative source of energy especially with the increase in the retail pump price of petrol. This is one of the various initiatives by the government as represented by the NNPC towards providing alternative sources of energy.

     

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