Politics
Minister Orders NNPCL to Adjust PMS Price to Over N1000
Minister Orders NNPCL to Adjust PMS Price to Over N1000
The Minister of State for Petroleum Resources, Heineken Lokpobiri, has instructed the Nigerian National Petroleum Company Limited (NNPCL) to sell petrol at a price higher than the current landing cost of N1,117 per litre to combat smuggling……..CONTINUE READING ....KINDLY READ THE FULL STORY HERE▶
Lokpobiri revealed this directive in Abuja, emphasizing that the involvement of security agencies in smuggling activities necessitates this measure. He warned that without this price adjustment, smugglers will continue to divert petrol to neighboring countries.
Previously, NNPCL’s Group Chief Executive Officer, Mele Kyari, met with the Comptroller General of the Nigeria Customs Service (NCS), Bashir Adewale Adeniyi, to discuss the impact of “Operation Whirlwind” in curbing petrol smuggling. Kyari noted that the evacuation of Premium Motor Spirit (PMS) to border states had decreased from 32 million litres per day to about 25 million litres within two months.
Following the federal government’s removal of the petrol subsidy in May 2023, the price of petrol increased from around N197 to about N650 per litre. While petrol averages N701.99 per litre in Nigeria, it costs about N1,672.05 in the Republic of Benin and N2,061.55 in Cameroon. Prices in other neighboring countries range from N1,427.68 in Liberia to N2,128.20 in Mali, averaging N1,787.57.
Lokpobiri stated that by selling imported fuel above the landing cost, NNPC will address the profit margin disparity and help reduce smuggling activities.
Drama In National Assembly Debate As Farotimi Slams Akpabio’s Leadership Credentials
Tension Sparks As CAN Disowns Invitation Claim Involving Sultan Of Sokoto
Political Earthquake: Ibrahim Shekarau Dumps Peoples Democratic Party, Returns To All Progressives Congress
Ize Iyamu’s Continuous Stakeholder Consultations Reshape Political Dynamics in Edo South
Sh*ckwaves In Opposition Camp As Peter Obi Speaks On Atiku’s Exit Strategy
Abba Kabir Yusuf Declares: ‘I Am APC Leader In Kano, Ganduje Can’t Give Me Orders
Here’s What Happened” — Ex-Army Chief Buratai Speaks On Borno Airstrike Tragedy
Succession Buzz: Olusi Reveals Who May Replace Sanwo-Olu In 2027
Amaechi Sparks Debate: Atiku’s Electoral Strength May Be Confined To The North
