Filling stations to sell petrol at N170/ltr as NNPC increases ex-depot price  – Newstrends
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Filling stations to sell petrol at N170/ltr as NNPC increases ex-depot price 

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Fuel marketers across Nigeria may increase the pump price of petrol to N170 per litre from today following an increase in the ex-depot price of the product to N155.17 per litre from N147.67 per litre.

The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, gave the indication in its latest memo dated November 11, 2020, confirming that it had jacked up the ex-depot price of petrol with effect from Friday.

The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.

In its PMS price proposal for November, the PPMC put the landing cost of petrol at N128.89 per litre, up from N119.77 per litre in September/October.

It said the estimated minimum pump price of the product would increase to N161.36 per litre from N153.86 per litre.

The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, in a telephone interview with a Punch correspondent, said the over N7 increase in ex-depot price would translate into an increase in pump prices.

He said, “The implication of the increase in the ex-depot price is that there is going to be an increase in the pump price. We are expecting the pump price to range from N168 to N170 per litre.

“Crude oil price is going up,” he said, noting that the Federal Government has fully deregulated petrol prices.

Following the deregulation of petrol prices in September, marketers across the country adjusted their pump prices to between N158 and N162 per litre to reflect the increase in global oil prices.

Petrol price band had also risen from N121.50–N123.50 per litre in June to N140.80-N143.80 in July and N148-N150 in August.

The new pump price is coming against a threat of fuel scarcity in the country precipitated by the industrial action declared by the Petroleum and Natural Gas Senior Staff Association of Nigeria on Monday over the inability of the union and the Federal Government to reach an agreement on the government’s Integrated Personnel Payroll Information System.

Although the NNPC had assured the people that it had enough fuel to dispense and that the strike might not affect fuel distribution per se, PENGASSAN threatened to shut down oil and gas facilities nationwide.

The union also accused the FG of failure to pay arrears owed its members in the Nigerian Nuclear Regulatory Authority.

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Egg price hike caused by feed cost – Poultry farmers

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Egg price hike caused by feed cost – Poultry farmers

The Poultry Association of Nigeria (PAN) has blamed the consistent hike in egg prices on low production and high cost of feed.

The PAN Lagos state Chairman, Mr Mojeed Iyiola, and other stakeholders in the sector disclosed this in separate interviews with the News Agency of Nigeria (NAN) on Wednesday in Lagos.

NAN reports that the price of egg has increased tremendously, making the common source of protein in the past out of the reach of many Nigerians.

NAN also reports that a crate of egg sells between N3,800 and N4,000 from the farm gate and above N4,500 in retail shops and markets against N3,200 to N3,500 it was sold in May.

A tonne of maize currently sells for N800,000 as against N400,000 in January.

Iyiola attributed the persistent hike in the price of eggs to scarcity.

“The reason for the current hike in the price of eggs is that eggs are very scarce now.

“Most farmers have sold off their old layers, and to get new stock is very expensive as the price of a day-old chick is becoming unbearable.

“Farmers able to buy day-old chicks are considered to be well-to-do. Also, a majority of our local farmers have shut down their farms due to the high cost of feed.

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“Presently, a kilogramme of maize costs as high as N850 as against N400 to N500 that was being sold for at the beginning of the year.

“The same thing applies to soya and the groundnut cake, the prices have increased astronomically,” the PAN chairman said.

He, however, said that the increase in the cost of eggs is not commensurate to the rate at which the cost of feed materials are increasing.

“In fact most farmers are running at a loss. That is why the only existing farmers are trying to keep the sector running.

“Even if a crate of egg sells at N5,000, the farmers will only be managing to get by.

“We want to liaise with the food hub at Idi-oro, our farmers are complaining that they can no longer afford to sell at a loss.

“We supply eggs at the farm gate at N3,800 per crate and with the same logistics we still sell at N3,800 at the hub. This means we are running at a loss.

“With all these incurred logistics expenses a crate of eggs should be sold for N4,500 at the food hub,” he said.

According to him, the way things are going if things are not controlled, the sector may collapse entirely.

“It seems consuming eggs have become luxury in our diets.

“We have scheduled a meeting with the government to tackle the situation because there is nothing an individual can do on this issue. We need government intervention,” Iyiola added.

Also speaking, Mr Godwin Egbebe, the National Publicity Secretary PAN, attributed the hike in the cost of raw materials to the reason for the rise in egg prices.

“Early this month, a tonne of maize sold for N720,000 but as of today 12 June, 2024, it sells at N800,000. During the former President Buhari’s administration a tonne of maize was sold at N80,000.

“The increment is over 1,000 per cent, so you can see the reasons for the hike in poultry producers.

“The way forward is that government as a matter of urgency should bring in grains in the short term.

“And in the long term, they should ensure that farmers go back to their farms secured.

“Farmers are not producing enough grains because of insecurity. Palliatives cannot solve the problem, it is like a drop in an ocean. It makes little or no impact,” Egbebe said.

He said that in some supermarkets, eggs are being sold for N5,000 and above.

“Everyday we go to buy feeds, the price changes. As we speak, farmers are actually selling at a loss.

“Most farmers are not breaking even, so they are folding up, it is not funny anymore,” he said.

On her part, Mrs Theresa Muyi, a poultry farmer in Alimosho, decried the situation and the helplessness of local farmers to the persistent hike in feed prices.

“Poultry feed has gone up and we now sell a crate of egg from the farm gate between N3,800 and N4,000. The retailers sell from N4,500 and above.

“The price is still unstable because almost every week there is an increase in feed prices.

“Eggs seem to have become luxury to the common man as a piece of egg now sells at N200 and above,” Muyi said.

Egg price hike caused by feed cost – Poultry farmers

NAN

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My refinery will begin petrol supply next month, says Aliko Dangote

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President of Dangote Group, Aliko Dangote

My refinery will begin petrol supply next month, says Aliko Dangote

The Dangote refinery has said its plan to release premium motor spirit into the market this month will no longer be possible, sparking reactions from Nigerians.

The President of Dangote Group, Aliko Dangote told newsmen during a tour of the facility with Governor Babajide Sanwo-olu of Lagos State on Sunday that the petrol from the 650,000 barrels per day capacity refinery would be out in July.

Dangote said this was due to some minor challenges, stating that the product would be out by July 10 to 15.

“We had a bit of delay, but PMS will start coming out by 10 to 15 of July. But then we want to keep it in the tank to make sure that it settles. So by the third week of July, we’ll be able to come out to take it into the market,” Dangote had said.

Reacting to the update from Dangote, some Nigerians held different views on what could have been the reason for the recurrent postponement.

A Facebook user, Anthony Ihenyen, said it was not easy to have such a huge investment.

“You are trying, sir, and it will fly. We need more people like you to do more here in Nigeria, not abroad. Nobody is a saint.

On his part, Emmanuel Ose expressed concern, saying “Anything that will make an average Nigerian happy is always a problem to get in Nigeria”.

Another commenter, Adeola Orukotan, said, “When you know your refinery isn’t ready, why rush to declare it open? Now it’s over one year with story upon story.”

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An X user, @ajagunsegun, stated, “Nigerians were told that the Dangote refinery was due for operation when it was commissioned by Buhari in May 2023, but up until now, we’re still waiting. Well, Dangote has the right to run his private business however he wishes. But what about the four Nigerian refineries? When President Tinubu came into power, he promised that the Port Harcourt refinery would begin operation by December last year, this is June 2024, and we’re still waiting. Sincerely, there’s no way you’ll reside in Nigeria without developing the tendency to lie. There are too many lies and government propaganda everywhere.

But Michael Chibuzo remarked that a refinery is not a “barbecue business.”

“It is complex. You have to pass a lot of tests and carry out many test runs. Commercial production is always the last stage of the entire process. Let’s be patient,” Chibuzo advised.

@Selomsarl stated, “Thank you for the update, Mr. Dangote. We appreciate your commitment to ensuring the quality of the petrol before releasing it into the market. Your dedication to producing high-quality products is commendable. Questions, sir: How will the new refinery’s production affect the current fuel scarcity in the country? Will the petrol produced by the refinery be subsidised, or will it be sold at the current market price? How will the distribution of the petrol be handled to ensure it reaches all states and regions equally?”

In all of these, a netizen, Stanley Omoyemi, submitted, “We are waiting patiently.”

The PUNCH recalls that Dangote, last month, disclosed that it would begin the sale of PMS in June, saying his refinery would end the importation of petrol into Nigeria.

Speaking at the recent Africa CEO Forum Annual Summit in Kigali, Rwanda, Dangote expressed optimism about transforming Africa’s energy landscape.

“Right now, Nigeria has no cause to import anything apart from gasoline and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of a litre,” he declared

“We have enough gasoline to give to at least the entire West Africa, diesel to give to West Africa and Central Africa. We have enough aviation fuel to give to the entire continent and also export some to Brazil and Mexico.

“We have started producing jet fuel, we are producing diesel, and by next month, we’ll be producing gasoline. What that will do, it will be able to take most African crude,” Dangote told the panel.

The words of Dangote appeared to have come as a soothing balm to marketers and Nigerians who are hopeful that the Dangote would crash the price of petrol from around N700 to N500 or below.

My refinery will begin petrol supply next month, says Aliko Dangote

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Naira appreciates further to N1,473/$ at official market

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Naira-dollar

Naira appreciates further to N1,473/$ at official market

The Naira on Tuesday further appreciated at the official market trading at N1,473.66 to the dollar. Data from the official trading platform of the FMDQ Exchange showed that the Naira gained N9.96.

This represents a 0.67 per cent gain when compared to the previous trading date on Monday when it traded at N1,483.62 to the dollar.

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However, the volume of currency traded increased to $385.91 million on Tuesday up from $161.69 million recorded on Monday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Nigerian currency traded between N1,495 and N1,415 against the dollar.

Naira appreciates further to N1,473/$ at official market

(NAN)

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