Former and present Group Managing Directors of the Nigerian National Petroleum Corporation have expressed fears that the current pump price of N145 per litre is no longer feasible.
They said the amount does not correspond with the price-determining components of the commodity and the fluctuations of the foreign exchange rate.
They stated this after a one-day meeting they held with the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, in Abuja.
The NNPC in its statement said, “They (the GMDs) noted that the petrol price of N145/litre is not congruent with the liberalisation policy especially with the foreign exchange rate and other price determining components such as crude cost, Nigerian Ports Authority charges, etc remaining uncapped.”
The declaration of the NNPC present and past bosses confirmed a report in which oil marketers revealed that the actual or real cost of petrol was N151.87 when all the pricing components are adequately captured.
The marketers had stated that they were struggling to maintain petrol price at N145 per litre because of the stiff competition in the downstream oil sector, but stressed that the practice was not sustainable.
The GMDs, however, commended the NNPC for resolving the fuel supply crisis and urged the corporation to come up with measures that will ensure sustenance of seamless supply of petroleum products nationwide.
According to the corporation, the GMDs expressed concerns about the declining crude oil production level and its consequences on the environment and the nation’s revenue.
They further agreed that if the current situation remains unchecked, it could lead to the crippling of the corporation and the nation’s oil and gas sector which is the mainstay of the Nigerian economy.
The Nigeria Labour Congress, Trade Union Congress, Afenifere, former federal lawmakers, security experts and rights activists, however, warned the President Muhammadu Buhari administration not to contemplate any further increase in the pump price of petroleum products in the country
The General Secretary of the NLC, Dr. Peter Ozo-Eson, who stated this in an interview with newsmen, said Nigerians would not accept further fuel price increment.
Ozo-Eson had warned the government earlier this week against increasing the pump price of petroleum products in the country.
He said, “We had given a warning before that Nigerians cannot take any further increase, that they shouldn’t do it.
“That remains our position, and if they go ahead and do it, it is up to Nigerians to say how they want to respond to it. But we remain opposed to any new increase in the price of petroleum product.” Click to signup for FREE news updates, latest information and hottest gists everyday
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I said this is may when the price of fuel was increased and the determining factor was FX. We were told that in 6 months time, prices will crash.
ReplyDeleteIt was just common sense that the of a clear economic policy by the present government, coupled with greed by the FX marketer's (BDC) to cash in and make huge profits will only result in a hike in price in that six months period.
We are in the 5 month am still getting used to buying fuel at #145 and another price hike is steering us in the face.
Increased pump price of petroleum products at this time around is going to be a problem for nations as a whole. The president should try at all cost to make sure it did not go up or else the Nigerian will bore.
ReplyDeleteWe shall reject any attempt by this most clueless of all governments in the history of the failed Zoogeria to add more burden to the one we are facing now.
ReplyDeletePls I think its time for Nigerians to demand for BALANCE from these crooks(APC) since they have not gotten CHANGE to give us.
Enter your comment...No.....Nigerians refused this,it is fraud.does it means the government has nothing to offer this country?No.
ReplyDeleteThese enemies of progress are at it again.
ReplyDeleteSome filling stations are even selling at N143/litre. How did they come by N151.87/litre?
My brother Ozo Eson, you have said your own. But believe me ,our leaders will still GI ahead and do it because they know we can do nothing, highest we will sulk inside the safest part of our rooms for a few days and carry on with our lives,
ReplyDeleteSomething is,brewing in thid fuel matter. They have hinted us that price increase is the way forward. God help us.
ReplyDeleteDanger signaI. Be warned, Nigerian s would not have choice to say but to say No! Be it far from this. Enough is enough! Our government must give accounts of her stewardship
ReplyDeleteBlame GEJ for this again.
ReplyDeleteThese people can't be serious. Some stations are already selling below the #145/ liter and they are telling us this again. Are those stations selling at loss. All those that came up with the in sustainability theory need to be executed.
ReplyDeleteNLC has since lost it. Petroleum price will continue to fluctuate so long as it is being imported and the exchange rate is unstable.
ReplyDeleteIntelligent Mumus. When fuel sold at N87/ltr with less than N20 subsidy there was no problem. Now fuel sells for N145, NNPC cannot operate successfully. When a goat is pushed to d wall, it has no other option than to fight back. Unrest is where this CraY government is heading.
ReplyDeleteour leaders are all thieves
ReplyDeleteWhat else do you expect from a hopeless govt,am not even surprised...
ReplyDeleteit will be wise if the government uses dollar rate as yardstick for the price of PMS, I mean one liter to sell between 350 naira and 420 naira ONLY. Hahahahahahahahahahaha. The movie is about to start! Sai BABA.
ReplyDeleteRv Fr. E. Mbaka could you please address this matter please.
ReplyDeleteAPC ! Kworshiokor Change!
ReplyDeleteNO, WHY AR WE ANGRY, WE VOTED FOR CHANGE, NOW CHANGE HAS COME, WHY ARE WE ANGRY. AHAHAHAHAHAHAH APC ARE BUNCH OF FOOLS. PDP pls come back we are suffering. PDP pls come back tp power we beg .
ReplyDeleteI have been an unabashed supporter of this administration,but u can't possibly justify increasing d price of fuel in this current climate where inflation is so rampant,and salary doesn't commensurate with d current climate.Pls let's not blame Jonathan for this,his administration screwed up big time and was riddled with corruption just like his predecessor,however this is purely the current administration's mess and they need to clean it up.I don't think we have d right brain steering d economy.Buhari was right in the beginning by saying he was against d naira devaluation,he however succumbed to pressure and hence d yo-yo fluctuation of foreign exchange rate.He should have been strong in his convictions;that's the mark of a great leader who takes unpopular decision but yet soldier on knowing the end results will be felt later on,long after he might have left office.It is one blunder after the other,okonjo was much better than the current one in charge.I believe buhari meant well,he just doesn't have the right brain to navigate d current difficulties;too many voice in his ear and he need to whistle it down.He is an astounding man among band of thieves.He would have made a great leader if the military were in power,I am not sure he is dishonest enough to handle the leeches that have a strong grab on key areas of our society.
ReplyDeletethis as really helped me goo.gl/MCoA74
ReplyDeleteam very very happy every body is crying now bcos of this BUHARI. wen we say NO to buhari they said is bcos is muslim, now both christians and muslims are crying nw, i love the pains so that we will learn. 2019 is coming, we will still make this mistake again. mark my word.
ReplyDeleteEnter your comment...nigerians are not fools. That could be the end of the regime. High cost of living is killing so many people already!
ReplyDeleteWhile recession may not be an ideal economic experience for any nation or the citizens, it is sometimes unavoidable, because it is a part of normal economic cycle. Experts warn that once in every five years or, at best, every eight years, the economy melts down and recession sets in. It is no longer news that the Federal Government has declared that Nigeria is officially in recession. But while the government works to reposition the economy and return the nation to the path of prosperity, what can you do as an individual to better your lot under this harsh economy? Read on…
ReplyDeleteEnhance your skills: During a recession, jobs are hardly secure; yet, should job loss happen, it could be had to get a new one. Therefore, enhance your skills, even on the job; work extra hours and work a little harder.
Prepare for layoffs: On the average, the normal worker does everything to keep his job; but even then, layoffs still happen. Whether or not you’re going to experience this, please update your CV, and be on the lookout for possible job openings.
Create an emergency fund: In general, most people don’t have emergency funds anywhere. But if you are still lucky to be employed, start one today by setting aside certain sum of money every month. Decide how much money you want to add to it every month. Keep the money in a savings account and let it stay there.
Pay off your debt: If you are gainfully employed, you must learn to live on your income and avoid going into debts as much as possible, especially during a recession such as this. If you are in debt, focus on paying off your debts as soon as you can, as this will also help in lowering your spending and enable you to have more money to save.
Identify and streamline your monthly expenses: How much do you spend on your phone lines? Must you sustain that pay-per-view TV? What about the money spent on electricity — such as diesel/petrol for your generator, even when you still pay electricity bills? Is it cheaper to cook or eat out? Which is cheaper: putting your car on the road daily, or taking public transport? The overall goal is to reduce expenses with minimal impact on lifestyle. Be wise about it.
Boost your income: If there are opportunities to make extra cash, once it is legitimate, go ahead and do it. Can you baby-sit? Do you know how to make hair or apply make-up? Events decoration? Do you know how to bake, knit, or do repair works? Cash in on it and earn some extra naira by so doing.
Establish a budget: When you get paid, don’t pay all your expenses without something left to save. Rather, discuss with your creditors and agree on realistic payment plans. Also, involve your family members because the impact will affect them.
Cut down on expenses: There are many ways to cut expenses during a recession. In many cases, you can maintain your same quality of life while focusing on living lean and cutting out extravagant and unnecessary expenses. For instance, buy nothing if you don’t need it to live. Resist sales pitches. Don’t accept offers of ‘soft loan’ from your bank or any lending agency, etc.
Transportation: If you live in the same geographical area with some fellow workers, you can agree to carpool to work, such that each of you will only have your car on the road less than thrice a week, thus saving money on fuel and maintenance.
Housing: If your rental fee is high, you may consider changing accommodation and moving into smaller, cheaper accommodation that will still be reasonably comfortable.
Keep saving........to be cont'd...
.... If you can, fit saving into your budget, even during a recession. If you don’t have the money to contribute, consider cutting out other expenses to make it work. When you come out of the recession, you’ll be glad you kept up with saving and your bank account will reflect the interest you’ve earned during that time.
ReplyDeleteEnjoy life: In order to avoid recession depression, don’t let fear control you. An intense feeling of paranoia can make you an inflexible employee and also strain your relationships. Be thankful for what you have, and make sure to have fun. Accept difficult times as a challenge for your fortitude and adaptability. Stop blaming Buhari! Don't waste Ur time making blinding arguments please!