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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.

Aviation

No plane crashed in Lagos – FAAN, NEMA

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Two government agencies, the Federal Airports Authority of Nigeria and National Emergency Management Agency, have dismissed reports of a fresh plane crash in the Ikeja area of Lagos.

An internet user who saw a plane being towed away had sent the picture to the social media, concluding that it was the wreckage of a fresh plane crash in Lagos.

The aircraft, which had missing wings, was spotted on Ikeja-Agege road, causing gridlock along the route on Tuesday as the news went viral on the social media.

But FAAN in a terse statement posted on its social media handles, said Nigerians should disregard the news.

It stated, “The Federal Airports Authority of Nigeria would like to inform the general public to disregard the news making the rounds on social media about an alleged crash at Ikeja Airport.

“The aircraft was sold by the owner to a buyer, who was taking it to its final destination.”

Also, Ibrahim Farinloye, the zonal coordinator, South-West, NEMA, said after due consultations with all critical stakeholders and tracking of all incoming and outgoing flights in Lagos, there was no plane.

An aviation analyst, Daniel Dikio, had also tweeted his observation of the viral video.

“It is an Airbus A319, hasn’t flown domestically in years. I can see traces of a green logo; it likely belonged to First Nation Airways in its time.

“The wings are separated cleanly; this wouldn’t happen in a crash. The separation is a sign of dismantling.

“There is no damage to the fuselage, almost impossible given the purported circumstances”, Dikio noted.

 

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Business

FG targets 1.4mbpd domestic refining before 2027

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Minister of State for Petroleum Resources, Chief Timipre Sylva

The Federal Government has disclosed plans to actualise 1.4 million barrels per day, mbpd, domestic refining of crude oil in the next five years.

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Business

Nigeria’s GDP grew by 3.11% in Q1 – NBS report

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The National Bureau of Statistics has said the nation’s gross domestic product (GDP) grew by 3.11 per cent in the first quarter of 2022.

The NBS said this on Monday in its new Gross Domestic Product Report, showing the sixth consecutive quarter of positive growth.

It stated the first quarter 2022 growth rate further represented gradual economic stability due to strong growth posted by the non-oil sector.

Part of the report read, “The Q1 2022 growth rate was higher than the 0.51% growth rate recorded in Q1 2021 by 2.60% points and lower than 3.98% recorded in Q4 2021 by 0.88% points. “Nevertheless, quarter-on-quarter, real GDP grew at -14.66% in Q1 2022 compared to Q4 2021, reflecting a lower economic activity than the preceding quarter.

“In the quarter under review, aggregate GDP stood at N45,317,823.33 million in nominal terms.

“This performance is higher when compared to the first quarter of 2021, which recorded aggregate GDP of N40,014,482.74 million, indicating a year-on-year nominal growth rate of 13.25%.

“The nominal GDP growth rate in Q1 2022 was higher relative to the 12.25% growth recorded in the first quarter of 2021 and higher compared to the 13.11% growth recorded in the preceding quarter.”

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