NNPC to sell PMS at N86 per litre from Jan. 1
The Federal Government says as from Jan. 1, 2016, all retail stations of the NNPC will start selling petrol at N86 per litre.
Mr Farouk Ahmed, the Executive Secretary, Petroleum Products Pricing Regulatory Agency (PPPRA), announced this at a news conference on Tuesday in Abuja.
Ahmed also said that other oil marketers would sell at N86.50k per litre.
Ahmed stated that the reduction in the price of the commodity was due to an implementation of the revised components of the Petroleum Products Pricing Template for PMS and Household Kerosene.
According him, the revised template, which will be reviewed on quarterly basis, is geared towards ensuring an efficient and market-driven price that will reflect current realities.
“Since 2007, while crude oil price had been moving up and down, the template remains the same.
“This made it necessary for us to introduce a mechanism whereby the template would be sensitive to the price of crude oil.
“However, the template is not static, as there would be a quarterly review and if there is any major shift, the Minister of State for Petroleum Resources would be expected to call for a review, either upward or downward.
“If there is no major shift, the price would continue from January to March 2016.
”In addition, there would be a Product Pricing Advisory Committee that would be set up to advise the PPPRA concerning movements in the price of crude oil.”
The executive secretary further stated that the NNPC would sell lower than other oil marketers, due to the fact that it was cheaper for it to import, compared to both the independent and major oil marketers.
He listed the major components affected by the review in the pricing template to include Traders Margin, Lightering Expenses, Nigerian Port Authority (NPA) Charges and Jetty Throughput and Storage Charges, as well as Bridging Fund.
Other components, he said, included Retailers, Transports and Dealer margins.
Giving a breakdown of the revised template, Ahmed disclosed that Trader’s margin, which was the amount paid to traders for bringing the commodity into Nigeria, had been eliminated, from N1.47 per litre previously.
He said that ‘Lightering’ expenses reduced from N4.07 per litre to N2 per litre; NPA reduced from N0.77 to N0.36 per litre; while Jetty Through and Storage charges were reduced.
Ahmed said the Ex-depot price of PMS stood at N77 per litre, compared to N77.66 per litre, while the pump price for oil marketers would be N86.50 per litre.
He said the agency reviewed PMS import allocation to the NNPC and other marketers.
Ahmed stated that the PPPRA, in a bid to guarantee uninterrupted fuel supply nationwide, considered the retail outlets ownership, marketers’ performance of previous quarterly allocation and the challenges in sourcing foreign exchange.
“Consequently, the NNPC was granted 78 per cent of the total allocated volume for the first quarter, while the balance is to be supplied by other oil marketing companies.
“Marketers are required to note that there shall be a mid-quarter review of performance where volumes of non-performing marketers shall be withdrawn and reallocated to performing marketers.
“Furthermore, the PPPRA wished to reiterate that consideration for participation in future allocations shall be on the basis of attainment of 100 per cent performance in first quarter 2016,” he said.
Ahmed, however, said that any marketer found selling above the PPPRA approved price shall be appropriately sanctioned by the agency.
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2 Comments
Sterling Homes ltd selling Plots and Acres of Land
,,.,..
Hebron garden estate is owned by Sterling homes Ltd and it’s
completely free from “omo-onile” and government acquisition. Land
mass: more than 10acres. Land type: dry, sandy and leveled. Location: Lekki,
about 6minutes drive to Eleko beach and 15minutes drive to Lekki free trade
zone. There are several notable Landmarks before the estate. These include, The
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School and Shares immediate environment with Mayfair Gardens and Beechwood
Estate & lots more. PAYMENT PLAN FOR A PLOT: *Smart plan: Outright payment
#2.8m. *Easy Plan: #3m. Spread #210,000 for 10months after the initial deposit
of #900,000. Contact Yemi Amodu at Sterling Homes LTD for more information:
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Havilah park and garden is an estate located about 6mins
drive off the Lagos-Ibadan expressway. It’s about 25mins drive to Berger
bus-stop. The estate is fenced with a gate house, and our ultra- modern borehole
is already in place. The price of a plot is #630,000 outright, and we still
have other installment plan also. For more information and site inspection call
Yemi Amodu at Sterling Homes LTD: Plot 2, River Valley Estate, Ojodu Berger,
Lagos. Mobile: 07084546154, 08136119495….
Moriah park is situated at Agbowa, Ikorodu. The estate is
facing the Lagos state housing scheme popularly called Fashola estate. It’s
fenced round with a gate house and an industrial borehole has been constructed
at the site as well. It’s selling for a promotional offer of #630,000 outright,
though we still have other installment payment option. For more information and
site inspection, call Yemi at Sterling Homes LTD: Plot 2, River Valley Estate,
Ojodu Berger, Lagos. Mobile: 07084546154, 08136119495
Gibeon park is located at Gberigbe
area of Ikorodu Lagos. The estate is situated off Ijede road Gberibe close to Lagos
state model college Igbokuta, The estate is fenced and gated in a serene
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Factory, barachel Park and Garden and numerous estate. For Full Plot (648sqm),
PRICE: #600,000 outright. Flex
plan = #150,000 initial deposit then spread #100,000 for 6months at #750,000
total Easy
plan = #50 monthly for 17months at #850,000 total or get an instant allocation
at #750,000 (50% of total invoice, balance spread for 3months) For Half Plot (324sqm): #350,000
outright payment
TITLE: Registered Survey and Approved Layout plan. Contact
Adeyemi Amodu at Sterling Homes Ltd for more information and site inspections
while it’s still available. Office
address: STERLING HOMES LIMITED; Plot 2, River Valley Estate, Ojodu Berger,
Lagos. Mobile: 07084546154, 08136119495
Mirage cabinet. I expect you, Kachiku, or Buhari to deny this tmrw. Which way Nigeria?? This is real one chance. At 87 we buy at 130-300, on queues, what has changed this time around that makes us believe this fiasco govt this time around. The devil is a liar.
We will review and take appropriate action.