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

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.
Railway
NRC, APM Terminals seal Lagos-Ibadan cargo movement pact

NRC, APM Terminals seal Lagos-Ibadan cargo movement pact
The Nigerian Railway Corporation has concluded arrangement with the management of APM Terminals to commence the expansion of cargo movement from Apapa port, Lagos, to the NRC freight yard in Moniya, Ibadan, Oyo State.
This was disclosed after a meeting between the Managing Director of the NRC, Dr. Kayode Opeifa, and the APM Terminals team led by its CEO, Mr Frederik Klinke,
NRC Director of Operation, Mr Akin Osinowo, and CCO APM Terminals Nigeria, Mrs Caroline Aubert-Adewuyi, also attended the meeting.
Klinke highlighted the strategic advantage of Nigeria being surrounded by a number of landlocked neighbouring countries, creating an opportunity to serve as a hub for importation of containerized goods.
APMT assured NRC of greater efficiency in turnaround of cargo at the port and expansion of the use of rail for cargo evacuation and export through APM Terminals.
He reiterated APMT’s position as the foremost transporter of container freight in the country and a major partner to the NRC.
The MD of NRC expressed appreciation for APM Terminal’s close partnership with NRC for decades.
He stated that the collaboration would be of tremendous benefit to both parties.
“We are going to work for the satisfaction of not only the APMT but all customers who intend to do business with Railways.”
The MD said like he reiterated in his maiden speech at the assumption of office, “prioritizing customers’ satisfaction by improving customer experience and ensuring that our services are reliable, efficient, safe and sustainable” remain cardinal to him.
He added that all key stakeholders including the media, would be deployed extensively to encourage people towards greater use of the rail system.
This, he stressed, would invariably translate into drastically reducing the cost of goods and services.
It would also increase the Gross Domestic Product (GDP) by providing food security, which is in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu, he stated.
Railway
Railway workers unions pledge to work with new MD Opeifa

Railway workers unions pledge to work with new MD Opeifa
The two labour unions at the Nigerian Railway Corporation (NRC) say they are prepared to work with the new Managing Director of the corporation, Dr Kayode Opeifa, to achieve the mandate of President Bola Tinubu for the rail sector.
Leaders of the Nigeria Union of Railway workers (NUR) and Senior Staff Association (SSA) met with the NRC management in Lagos.
Opeifa, who disclosed this to newsmen on Wednesday, said the labour leaders passed the resolution after the meeting with the management on Monday, where all their grievances were tabled for discussion.
The MD described the maiden meeting with the workers’ leaders as “productive with mutual understanding of all issues raised”.
He stated that while some matters raised by the unions were assigned for further discussion at directorate level, others such as the medical personnel allowance, were instantly resolved.
He said, “The unions have reaffirmed their commitment to collaborate with the management and provide all necessary support to ensure that train services operate at maximum efficiency, contributing to the growth of rail services in Nigeria as well as reducing the prices of goods and services to achieve Mr. President’s mandate.”
Opeifa expressed happiness at the outcome, adding that with the workforce behind him, he could now begin to work at optimizing railway operations in the country.
He said the management was committed to the welfare of the workers and ensuring that their work as well as living conditions would be adequately catered for under his leadership.
The labour unions had during Opeifa’s resumption indicated their willingness to drop their agitation in deference to the new managing director who they described as a member of the human rights family.
National President of the NUR, Innocent Aji, lauded Opeifa for his frankness.
He appreciated the MD’s willingness to listen attentively to their grievances, adding that the union would hold tenaciously to the promises extracted from him during the meeting.
Corroborating the NUR president, his counterpart at the Senior Staff Association, Marcel Okeke, said their decision to rein in the workers was informed by the human rights pedigree of the new managing director, and his openness during the meeting.
According to Okeke, the union leaders were enamoured by the fact that the managing director was once a comrade, adding that they had no doubt that under him, railway workers would enjoy a new deal and a new lease of life.
They reached the truce just as Opeifa assured them that under him, the NRC management would continue to foster greater collaboration with the unions for the purpose of promoting industrial harmony.
Business
Naira sustains gains, appreciates to N1,595/$

Naira sustains gains, appreciates to N1,595/$
The Naira yesterday appreciated to N1,595 per dollar in the parallel market from N1,610 per dollar on Monday.
Thus the Naira has recorded N45 week-on-week, WoW appreciation from N1,640 per dollar Tuesday last week.
Though the Naira was stable at N1,499 per dollar in the official Nigerian Foreign Exchange Market (NFEM), yesterday, it however recorded N27.3 WoW appreciation from N1,526.3 per dollar last Tuesday.
Consequently, the margin between the parallel market and NFEM rate narrowed to N96 per dollar from N113.7 per dollar Tuesday last week.
The Naira has been on the upward trend since Thursday January 23rd, when it appreciated to N1,665 per dollar in the parallel market from N1,670 per dollar on Wednesday January 22nd.
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Similarly, the Naira in the official market appreciated on Thursday January 23rd, to N1,548 per dollar from N1,553 per dollar on Wednesday January 22nd.
Since then, the Naira had gained N75 and N54 in the parallel and official market respectively.
Currency traders attributed the upward trend of the Naira to weak dollar demand occasioned by the Chinese New Year holiday.
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