News
Cross-border fuel smuggling dropped after subsidy removal – NNPCL boss
By Francesca Hangeior.
The removal of fuel subsidies in Nigeria has significantly reduced cross-border smuggling of Premium Motor Spirit.
This is according to the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mr. Mele Kyari.
Kyari explained that the subsidy created a price disparity between Nigeria and neighbouring countries, making smuggling highly profitable.
Before the subsidy removal, Kyrari stressed the price difference was substantial, incentivising smugglers to transport fuel across borders.
However, “the removal of the subsidy has effectively calibrated fuel prices, eliminating the profitability of smuggling”, he said.
Kyari noted that the cost disparity between legitimate and illegal transportation of PMS is now significant, with legal transportation being much less profitable.
In addition to reducing smuggling, the subsidy removal has also brought about price parity and equalisation with the cross-border prices of PMS.
Kyari said, “The removal of fuel subsidy in Nigeria has been a game-changer in the fight against cross-border smuggling.
“For decades, the subsidy created a lucrative opportunity for smugglers to profit from the price difference between Nigeria and neighbouring countries.
“This is a positive development for Nigeria’s energy sector, as it can help to ensure that consumers are paying fair prices for fuel.”
News
BREAKING! FG delegation in meeting with NLC, TUC
By Kayode Sanni-Arewa
The Federal government delegation is currently meeting with the leaders of organised labour at the Presidential Villa in Abuja.
The meeting is centred on the state of the nation, especially the petrol pricing system.
The meeting is taking place at the Secretary to the Office of the Government of the Federation, SGF, George Akume.
At the meeting are Mallam Nuhu Ribadu, the National Security Adviser, NSA; Nkeiruka Onyejeocha, the Labour Minister; and Wale Edun, Minister of Finance and Coordinating Minister of the Economy.
Others are the Information Minister, Petroleum Minister, State Minister of Gas, and representatives of the Nigerian National Petroleum Corporation, NNPC, Limited.
News
Reps Ask FG To Reverse Petrol Pump Price Hike, Cooking Gas Price
News
PMS Prices Determined By Market Forces, No Price Deal With IPMAN – NNPC
By Kayode Sanni-Arewa
The Nigerian National Petroleum Company (NNPC) Limited has debunked claims that it reached an agreement with the Independent Petroleum Marketers Association of Nigeria (IPMAN), on the price of Premium Motor Spirit (PMS), commonly known as petrol, saying fuel prices are now determined by market forces.
Reports credited to IPMAN President, Abubakar Maigandi had stated that NNPC agreed to reduce the ex-depot price of petrol for its members from N958 per litre to N955 per litre.
Refuting the claim in a statement on Wednesday, the Chief Corporate Communications Officer of the national oil company, Olufemi Soneye, emphasised that under the current deregulated regime, fuel prices are determined by free market forces, as provided for in the Petroleum Industry Act (PIA), 2021 rather than by agreements.
Refuting any form of price deal with Marketers, Soneye said NNPC had only provided a one-time N3 discount to marketers with funds deposited at NNPC to facilitate fuel lifting and prevent shortage, saying the initiative “was a temporary measure”.
Maintaining that prices are still determined by market forces, not by NNPC Ltd, Soneye said, “The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd.
“There is no price agreement between IPMAN, NNPC, or any marketer. The market forces determine prices under the current deregulated regime.”
-
Opinion11 hours ago
NCC, Starlink tariff feud rattles telecom industry
-
Politics11 hours ago
PDP Govs Broker Truce, Instruct All Members to Revert to Status Quo
-
News12 hours ago
Rivers Assembly Boots Fubara’s Key Allies, Declares Seats Vacant Over 152-Day Absence
-
News9 hours ago
Reps Condemn Inhumane Treatment Of Super Eagles In Libya, Call For Investigation
-
News7 hours ago
Ugochinyere in hot soup, faces recall as Constituents insist he’s pursuing only personal matters
-
News12 hours ago
PDP Governors Shoot Down Rebellion, Pledge United Front
-
News12 hours ago
Peter Obi Abandons Convoy, Intervenes As Police, Lorry Drivers Clash On Kogi Highway
-
News12 hours ago
Peter Obi Decries Power Grid Collapse as Sign of Leadership Failure