The Nigerian National Petroleum Corporations (NNPC) has not increased the ex-depot price of Premium Motor Spirit (PMS) also known as petrol.
This assurance came from the Group General Manager, Group Public Affairs Division of the corporation, Dr Kennie Obateru today in Abuja.
Ex-deport price is the price at which oil marketers buy products at the depots. The price is what determines the price at which petrol stations will sell to motorists.
He spoke while reacting to new PMS pricing template released by the Petroleum Products Pricing Regulatory Agency (PPPRA) that projected N212.61k as the pump price for the month of March.
Obateru urged Nigerians and motorists not to engage in panic buying of the products as the corporation had no plans to increase its ex-depot price.
“NNPC stands by that statement that we issued on March 1 that we are not increasing the ex-depot price in the month of March and that is what it is.
“There is no need for panicking and I can tell you from our own point of view that we will not increase the pump price of petrol and we are still standing by that March 1 decision.
“We have sufficiency of product in the country and there is really no need for the public to panic. Like I have stated, the ex-depot price for the NNPC is still at it is, it has not increased and it will not increase in this month of March,’’ he said.
Meanwhile, PPPRA on its website on March 11, had fixed the pump price of petrol, at N212.61 per litre, for the month of March in its PMS guiding price template and said it would run from March 1 to March 31.
According to the PPPRA, based on the average cost for the period, Feb. 1st to Feb. 28th 2021, and an average FMDQ Importer and Exporter (I& E) Naira/US Dollar Exchange Rate of N403.80, the expected retail price of PMS for March 2021, stands at N209.61 per litre and N212.61 per litre.
This, it said remained the lower and upper band respectively. Giving a breakdown of the cost elements of the commodity, the PPPRA put the expected ex-coastal price at N175.73 per litre, comprising average gasoline price (FOB Rotterdam barge), and average freight rate of N169.22 and N6.51 per litre respectively.
It also put the expected landing cost of the commodity at N189.61 per litre, comprising the addition to the ex-coastal price, of average lightering expenses, Nigeria Port Authority Charges, NIMASA charges, jetty throughput charges, storage charge and average financing cost of N4.81, N2.49, N0.23, N1.61, N2.58 and N2.17 per litre respectively.
It added the wholesalers’ margin of N4.03 per litre; administrative charge of N1.23 per litre; transporters’ allowance of N3.89 per litre; bridging fund of N7.51 per litre and Marine Transport Average of N0.15. It noted that various margins brought the expected ex-depot price, that is the price at which the commodity is sold to petrol stations, to N206.42 per litre.
The PPPRA further stated that the inclusion of retailers’ margin of about N6.19 per litre, would bring the pump price of the commodity, the price at which it is sold to motorists, to N212.61 per litre.
Meanwhile a check by the News Agency of Nigeria (NAN) revealed that most petrol stations were selling petrol at the old price of between N162 and N168 per litre. Some NNPC petrol stations visited are dispensing to motorists at N162 per litre.
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Kyari Remains NNPC GCEO As Tinubu Appoints New Board, Management
President Bola Tinubu has approved the appointment of a new Board and Management team for the Nigerian National Petroleum Company Limited (NNPCL) with Mele Kolo Kyari remaining as the Group Chief Executive Officer ( GCEO) . The appointment takes effect from December 1, 2023:
According to a statement by Ajuri Ngelale, Special Adviser to the President
(Media & Publicity),below are the members of the board and management:
(1) Pius Akinyelure — Non-Executive Board Chairman
(2) Mele Kolo Kyari — Group Chief Executive Officer
(3) Umar Isa Ajiya — Chief Financial Officer
(4) Ledum Mitee — Non-Executive Director
(5) Musa Tumsa — Non-Executive Director
(6) Ghali Muhammad — Non-Executive Director
(7) Mustapha Aliyu — Non-Executive Director
(8) David Ogbodo — Non-Executive Director
(9) Eunice Thomas — Non-Executive Director
Also, President Tinubu approved the appointment of two Permanent Secretaries:
Okokon Ekanem Udo — Permanent Secretary, Federal Ministry of Finance
Gabriel Aduda — Permanent Secretary, Federal Ministry of Petroleum Resources
“President Tinubu anticipates the fullest measure of compliance with the performance-driven and results-oriented mandate of his Renewed Hope administration in the implementation of energy policy that will monetize all available oil and gas resources of today while paving the way for the total exploitation of new and cleaner energy sources of tomorrow by this distinguished team”, the statement added.
Oye To Speak At 2023 ADR Conference In Abuja
The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Oye Esq., is set to deliver a keynote address at the 2023 ADR Conference scheduled for Tuesday, November 28, 2023.
The event taking place at the International Trade and Convention Centre in Abuja is themed, “The Role of Commercial Mediation in Africa’s Emerging Markets: Opportunities and Threat.”
At the conference, Oye will share insights on commercial mediation’s role in navigating challenges and harnessing opportunities in Africa’s emerging markets.
The forum will bring together thought leaders, legal experts, and stakeholders to engage in insightful discussions and exchange ideas on the transformative potential of commercial mediation in Africa and provide a comprehensive understanding of the dynamics shaping the continent’s business landscape, focusing on both opportunities and threats.
Oye, an experienced lawyer and astute entrepreneur with over 33 years of practice in litigation, will be leveraging his experience in charting a path for commercial mediation in Africa at the conference.
With a deep understanding of the legal and regulatory frameworks that govern businesses and high-level skills in providing strategic advice to help businesses navigate complex challenges, Oye is well-positioned as an authority on the subject matter.
Dele Kelvin Oye is a 1988 graduate of Obafemi Awolowo University and was called to the Nigerian Bar in 1989. He is a Lawyer and founder/partner of Dele Oye & Associates Law Firm, partner in Consolidated Legal Practice.
He currently holds several professional and business positions, of which are the National President of NACCIMA; Nigeria-Turkey Business Council (NTBC) Chairman; Standards Organisation of Nigeria (SON) Governing Council Member; Institute of Chartered Mediators and Conciliators (ICMC) Fellow / Governing Council Member and the Nigerian Bar Association (NBA) Member of the National Executive Committee.
Apart from ownership and board membership in several successful conglomerates in the real estate and oil and gas industry, amongst others in Nigeria, Mr. Oye has also previously held several prestigious positions, of which are Conference of Alumni Association of Nigerian Universities (CAANU) National Chairman, CAANU 2001 – 2003; Nigerian Bar Association (NBA) Chairman, National Conference Planning Committee, NBA 2004 & 2015; Abuja Chamber of Commerce and Industry (ACCI) President, ACCI 2008-2011; Council of Legal Education/ Nigerian Law School Member, Governing Council 2012 – 2016; Body of Benchers Member 2016 – 2019 and Petroleum Products Pricing Regulatory Agency (PPPRA) Member, Governing Council 2021 – 2022.
Ogun Commences 2nd Phase Disbursment Of Dapo Abiodun’s N1bn Grant To Micro, Small Enterprises
The Ogun State Government has commenced the second phase of the disbursement of the N1 billion grant to micro and small enterprises (MSEs).
The initiative aims to alleviate poverty and mitigate the impact of COVID-19 on businesses in the state.
Commissioner for Industry, Trade, and Investment and a member of the Ogun State COVID-19 Action Recovery and Economic Stimulus (OGUN CARES) Steering Committee,
Mr. Adebola Sofela, in a statement on Monday,
announced that Governor Dapo Abiodun has directed the immediate commencement of the disbursement process for the second phase of the grants.
This phase will benefit entrepreneurs across the state.
He said that a stakeholder engagement session will be held for legitimate business owners in the Ogun Central Senatorial District at the Obas Complex Hall, Ministry of Local Government and Chieftaincy Affairs, Oke-Mosan, Abeokuta, on Tuesday, November 21, 2023, to kick-start the second phase.
The objective of the sessions, according to the commissioner, is to provide participants with information about the application process and criteria for eligibility.
Sofela added that the date and time for the stakeholder engagement sessions in Ogun West and East Senatorial Districts will be communicated at a later date.
In the first batch, over N120 million was disbursed by the state government to more than 1,000 micro and small entrepreneurs across the twenty (20) local government areas of the state, with the beneficiaries expressing their gratitude in an appreciation letter addressed to the governor.
Trade associations, representing the beneficiaries, including the Nigerian Association of Small Scale Industrialists (NASSI), Association of Small Business Owners of Nigeria (ASBON), Joint National Association of Persons Living With Disabilities (JONAPWD), Artisans Groups, and Market Men and Women, all commended the governor for his support during the challenging time.
They highlighted the significant increase in operational expenses and the struggle to pay workers’ salaries, as well as the costs of operational gadgets, utilities, and renting shops.
“We believe that this grant will provide much-needed relief to businesses in our state. We appreciate your continued support and encourage you to stay informed about future updates regarding the disbursement process,” Sofela added. Pool
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