Connect with us

Trending

BREAKING: Fuel Depot Price Of Petrol To N108, Desel To N164/Litre – PPMC

Published

on

 The Petroleum Products Marketing Company (PPMC), Wednesday, slashed the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, to N108 per litre for the month of May.
In a memo to oil marketers and other stakeholders in the petroleum marketing business, dated May 5, 2020, with the subject: ‘Re: PPMC Petroleum Products Prices for May 2020,’ the PPMC also slashed the ex-depot price of Automotive Gasoline Oil, also known as diesel, N164 per litre for depots in Lagos and N166 per litre for depots in Oghara, Calabar, Port Harcourt, among others.

The PPMC, in the memo to the marketers and stakeholders, disclosed that the new prices would take effect from May 5, 2020. The ex-depot price is the price at which the depot owners sell the commodity to retail outlets across the country.

HOT  44 Boko Haram Members Found Dead In Prison

Though, the PPMC did not state the Expected Open Market Price of the commodity, which is the pump price of the price, but over the years, the difference between the ex-depot price and the pump price of petrol is usually around N9 per litre.
This means that at an ex-depot price of N108 per litre, the pump price of PMS should be around N115 per litre, N10 lower than the current highest price band of N125 per litre. The current retail price of petrol is N123.50 per litre at NNPC Retail outlets and N125 per litre at private petrol stations, while diesel is sold around N200 per litre.

The responsibility of fixing petroleum products prices lies solely with the Petroleum Products Pricing Regulatory Agency (PPPRA), but the agency is yet to release the pricing templates for May 2020, as against its promise that the templates would be released on a monthly basis, to serve as guide for products pricing for each of the month.
Attempt to get the reactions of the PPPRA as to the reasons behind its failure to publish the pricing templates for May proved abortive, as General Manager, Corporate Services of the agency, Mr. Kimchi Apollo, failed to respond to enquiries sent to his phone.

HOT  30% Of The Poor Families Paid To By Nigeria Are In The President’s Hometown

Group Managing Director of the NNPC, Mallam Mele Kyari, had few days ago, hinted of a possible deregulation of the Nigerian downstream petroleum sector, stating that the Federal Government had eliminated subsidy and under recovery in the industry.
In an interview in Abuja, Kyari had said,
“There is no subsidy and it is zero forever. Going forward, there would be no resort to either subsidy or under recovery of any nature. NNPC will play in the marketplace; it will just be another marketer in the space. But we will be there for the country to sustain security of supply at market price.”

Trending

Video: Mojisola Oduola -Kabiyesi

Published

on

At last the long awaited video is out . KABIYESI The unquestionable God.

watch and make sure you subscribe to my YouTube channel. May God bless you as you do so.

This will surely serve as my birthday gift from my love ones.
Click on the link below

CLICK TO DOWNLOAD

Continue Reading

Comedy

Funny tweets, memes and videos from Twitter NG for “Happy 420”

Published

on

Today’s date, April 20, stylised as 4/20 is a day worldwide commemorated by stoners or smokers of weed to celebrate marijuana. In short, it is treated as a public holiday for weed/marijuana and termed—Happy 420.

Twitter NG i.e users of Twitter in Nigeria, as it is the yearly custom are trending “Happy 420” as the number one topic in the country. While many really used the medium to share their unwavering love for weed, others have taken it upon themselves to make funny tweets, memes, skits and share several videos in relation to weed smoking and “Happy 420” as an entity.

While some tweeps take jab at those who don’t smoke weed but indulge in the “woke” culture by wishing stoners a “Happy 420”, others in their own way intentionally misinterpret certain scriptural verses for comedic purpose in order to aid and bait their smoking habits, still others take it upon themselves to disperse various memes which for sure will bring a smile upon your face. That’s not all, though, for we have some tweeps who did brainstorm to form some of the best puns concerning weed and stoners jokes ever. Well we can say irrespective of the way they passed their message regarding “Happy 420”, they all ended on a high note. Enjoy!

Continue Reading

Trending

FG to extend fuel subsidy for 6 months

Published

on

By

The Nigerian Government may have suspended plans to end its subsidy payments as reports indicate that the FG plans to spend N720 billion for the next 6 months on Premium Motor Spirit (PMS) subsidies.

This was disclosed in an exclusive report by The Guardian on Sunday, citing that President Muhammadu Buhari ordered that the subsidies remain in place for the next 6 months.

“Specifically, President Buhari has asked the Nigeria National Petroleum Corporation (NNPC) to suspend any idea on subsidy removal for five to six months so that a plan that does not harm ordinary Nigerians is evolved if the deregulation must go on,” a Government official said.

What you should know

NNPC GMD, Mele Kyari disclosed last month that the “NNPC may no longer be in a position to carry that burden because we cannot continue to carry it in our books,” after reports of fuel imports under-recovery revealed the FG was spending N120 billion a month on subsidy.
Kyari also hinted that they may soon start selling PMS at market prices saying: “NNPC importing PMS at market price and selling at N162/L. The actual market price should be between N211 and N234/L. Meaning is that consumers are not paying the market price.
“NNPC is currently the sole importer of PMS, and we’re trying to exit the underpriced sale of PMS. Eventual exit is inevitable, when it will happen I cannot say, but engagements are ongoing because the government is cognisant of the implications.”

Continue Reading

Trending