Connect with us

News

Nigerians consume 68 million litres of petrol daily, NNPC insists

Published

on

 

The Nigerian National Petroleum Company Limited, on Sunday, insisted that the country consumes 68 million litres of petrol daily.

NNPC Limited, in a statement by its group general manager, group public affairs division, Garba Deen Muhammad, said it imported a total volume of 16.46 billion litres of petroleum into the country between January and August 2022.

This, the company said, translated to an average supply of 68 million litres per day.

It said the combination of various present cost elements has translated to a retail pump price of N462 per litre, adding that the subsidy payment of N297 is to make the product affordable for the country.

The response came days after the Nigeria Customs Service questioned the NNPC’s claim that the country consumes 60 million litres of petrol daily.

The Customs comptroller-general, Hameed Ali, during a session with the House of Representatives Committee on Finance last Thursday, said if the company puts daily consumption of petrol at 60 million litres, why does it allow 98 million litres to be lifted daily.

READ  DSS issues NNPC, oil marketers 48 hours to make fuel available for Nigerians

“If we are consuming 60 million litres of PMS per day, by their computation, why would you allow the release of 98 million litres per day? If you know this is our consumption, why would you allow that release?” Mr Ali asked.

Reacting, the NNPC in its statement said it imported an average of 68 million litres of petrol per day.

Similarly, it said petrol imports in 2021 was 22.35 billion litres, which translated to an average supply of 61 million litres per day.

It said the average daily evacuation (depot truck out) from January to August 2022 stood at 67 million litres per day as reported by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

It added that the daily evacuation (depot load-outs) records of the NMDPRA carry from as low as 4 million litres to as high as 100 million litres per day.

The company said it recognised the impact of maritime and cross border smuggling of PMS on the overall supply framework.

READ  Spain-based father excretes 96 pellets of Cocaine at Abuja Airport

“NNPC also acknowledges the possibilities of other criminal activities in the PMS supply and distribution value chain. As a responsible business entity, NNPC will continue to engage and work with relevant agencies of the Government to curtail smuggling of PMS and contain any other criminal activities,” the firm said.

The company also pointed out in the statement that rising crude oil prices and petrol supply cost above NMDPRA (formerly PPPRA) cap had forced oil marketing companies to withdraw from petrol importation since the fourth quarter of 2017.

“In the light of these challenges, NNPC has remained the supplier of last resort and continues to transparently report the monthly PMS cost under-recoveries to the relevant authorities.

It said the average Q2 2022 international market determined landing cost was US$1,283/MT and the approved marketing and distribution cost of N46/litre.

“The combination of these cost elements translates to a retail pump price of N462/litre and an average subsidy of N297/litre and an annual estimate of N6.5 trillion on the assumption of 60 million litres of daily PMS supply. This will continuously be adjusted by market and demand realities,” it said.

READ  Policemen allegedly invade Lagos house, rob bizman, brother

“NNPC Ltd shall continue to ensure compliance with the existing governance framework that requires the participation of relevant government agencies in all PMS discharge operations, including Nigerian Ports Authority, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian Navy, Nigeria Customs Service, NIMASA and all others.

“NNPC Ltd recognizes the impact of maritime and cross-border smuggling of PMS on the overall supply framework. NNPC also acknowledges the possibilities of other criminal activities in the PMS supply and distribution value chain. As a responsible business entity, NNPC will continue to engage and work with relevant agencies of the Government to curtail the smuggling of PMS and contain any other criminal activities.

“We will continue to deliver on our mandate to ensure energy security for our country with integrity and transparency. We invite any forensic audit of the PMS supply and subsidy management framework of the NNPC,” it said.

News

FCCPC to review new price hike of DStv, GOtv packages

Published

on

By

 

The Federal Competition and Consumer Protection Commission (FCCPC) says the recent price increases in MultiChoice cable subscriptions will reviewed by relevant stakeholders to ensure subscribers in Nigeria get value for their money.

 

The Acting CEO of FCCPC, Adamu Abdullahi, spoke exclusively to Channels Television on its Dateline Abuja programme on Thursday.

 

During the interview, he provided an update on the summons issued to the owner of a Chinese store in Abuja accused of discriminatory and sharp practices.

 

He also commented on the adherence to the order given to the Abuja Electricity Distribution Company, stating that sanctions are imminent for all verified infractions identified by the agency.

 

MultiChoice, a major satellite television service in Sub-Saharan Africa based in South Africa, recently announced fresh increases in prices on the DSTV and GOtv packages, saying the increase was necessitated by the rise in the cost of business operations.

 

According to the company, the increment would take effect on May 1, 2024.

READ  RACKETEERING: NNPC, marketers inflated imported petrol figures under Buhari, Jonathan – Sanusi

 

The Premium package on DSTV which used to cost N29,500, would now go for N37,000, while the Compact Plus which currently goes for N19,800, has been increased to N25,000.

 

See full list of price changes below:

DStv Package Old Price New Price (monthly)
Premium 29,500 37,000
Compact Plus 19,800 25,000
Compact 12,500 15,700
Confam 7,400 9,300
Yanga 4,200 5,100
Padi 2,950 3,600
HDPVR Access Service 4,000 5,000
Access Fees 4,000 5,000
XtraView 4,000 5,000

 

 

GOtv Package Old Price New Price (monthly)
Supa+ 12,500 15,700
Supa 7,600 9,600
Max 5,700 7,200
Jolli 3,950 4,850
Jinja 2,700 3,300
Smallie 1,300 1,575

Continue Reading

News

BREAKING: Air Peace to commence Abuja-London flights, says Keyamo

Published

on

By

AIR PEACE

 

Local airline operator Air Peace will commence its Abuja-London route very soon, the Minister of Aviation and Aerospace Development, Festus Keyamo, has said.

 

Keyamo, who stated this on Channels Television’s Politics Today programme on Thursday, said he has given the approval for Air Peace to add Abuja to its London route.

 

On March 30, 2024, Air Peace reciprocated the lopsided Bilateral Air Service Agreement (BASA) between Nigeria and the United Kingdom when the local airline began direct flight operations from Lagos to Gatwick Airport in London.

 

The development has been applauded by many industry observers with more local airlines being encouraged to commence international flights to profitable routes.

 

The price of international flight ticket on the Lagos-London route was as high as N3.5m but with Air Peace pegging a return economy class ticket for N1.2m, foreign airlines such as British Airways, Virgin Atlantic, and Qatar Airways have been forced to slash their prices to stay competitive.

READ  FG spends N541b on petrol subsidy in six months

 

 

Continue Reading

News

Despite irregularities, 2023 poll reflected will of Nigerians – US report

Published

on

By

 

The 2023 Country Reports on Human Rights Practices says the last general election in Nigeria reflected the will of the populace despite widespread irregularities.

 

The report published by the bureau of democracy, human rights, and labour, US Department of State, highlights human rights practices and violations in different countries, including Nigeria.

 

The report stated that supporters of the All Progressives Congress (APC) suppressed votes in Igbo-dominated areas during the March 2023 governorship election in Lagos.

 

“National elections were widely reported to have reflected the will of voters, despite technical and logistical difficulties, and some irregularities,” the report reads.

 

“Many independent observers assessed the results of the presidential, legislative, and state-level elections during the year reflected the will of voters, despite reports of voter suppression and vote buying, campaigning at polling stations, lack of ballot secrecy, violence, and intimidation.

 

“During the March 18 state election in Lagos, All Progressives Congress (APC) supporters reportedly intimidated and
suppressed voters in Igbo-dominated areas, which Labour Party presidential candidate Peter Obi won in the February 25 national election.

READ  FG spends N541b on petrol subsidy in six months

 

“Viral videos on social media showed APC supporters in Ojo (a LGA in Lagos) threatening to attack ethnic Igbo voters presumed to be pro-Obi.

 

“In Eti-Osa, APC supporters also attacked journalists and, in some cases, shut down voting and prevented non-Yoruba voters from accessing polls. They similarly destroyed property and physically blocked voters in Amuwo-Odofin.

 

“According to videos posted on social media, police officers were present but failed to respond to attacks.”

 

The report said there was no evidence that individuals who perpetrated violence in Lagos during the election were arrested or prosecuted.

 

‘CORRUPTION IN GOVERNMENT‘

The report stated that the Nigerian government has not “consistently” implemented anti-corruption laws.

 

It said there was “widespread” corruption across the country, including in the judiciary.

 

“In August, President Tinubu appointed former Governor Abubakar Bagudu, the Minister of Budget, despite Bagudu’s widely reported history of helping then-President Sani Abacha steal hundreds of millions of dollars from the government in the 1990s,” the report said.

READ  We Didn’t Print N60bn Pistributed at FAAC, Obaseki Lied – FG

 

“Police arrested former Central Bank Governor Godwin Emefiele on June 10 and charged him and a co-defendant with defrauding the government of 6.5 billion naira ($10.4 million), later reduced to 1.6 billion naira ($2.5 million).”

Continue Reading

Trending News