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Nairaland Forum / Nairaland / General / Politics / NNPC May Reduce The Price Of Fuel Soon (31281 Views)
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NNPC May Reduce The Price Of Fuel Soon by dre11(m): 2:33pm On Nov 21, 2016 |
NNPC May Adjust Petrol Pump Price on Falling Cargo Rates *$120m worth of gas flared daily in Nigeria, says OPTS Chineme Okafor in Abuja NNPC had recently adjusted the pump price of petrol at its outlets, thus raising fears of a possible hike. The development also followed claims in August by its former Group Managing Directors that the government’s pricing modulation framework was not economical for the downstream petroleum business. The source however stated that the cargo price is one of the key elements often considered by the Petroleum Products Pricing and Regulatory Agency (PPPRA) in its calculation of the template for petrol pump price. This, he noted, has been on the downward trend and could necessitate the corporation reviewing its pump price to reflect the market realities. The other key element being the foreign exchange has been left floating by the Central Bank of Nigeria (CBN). He also explained that the corporation has spent a lot of energies securing its petrol supplies and distribution networks to keep the country from what he described as system sabotage during the yuletide season by some marketers. “One of the things we wanted to achieve is to ensure that we do not have queues in this time of the year and a lot of the energies have been spent on securing that. If you look at the market trend at the moment, we have been fortunate. Historically, it is this time of the year that cargo prices are about $500 to $600 per metric tonne, and this is one of the two key elements on the PPPRA templates that nobody controls – it is down to market forces,” he said. According to him, “The cargo price is usually between $500 and $600 per metric tonne, but this year, we have even had cargoes for $440. The pricing has been good. Our network is a mix of the NNPC and others, because of the open market forex policy, the cost of doing business for others is higher. What NNPC retail has done is to adjust the price to accommodate the additional expense of doing business around this time of the year. “The N145 per litre is not just the margin but includes freights and all sorts of other expenses; we did that to accommodate the expenses and as we get cheaper and cheaper cargoes, we will adjust our prices in accordance.” Meanwhile, the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI) has said about 50 million standard feet per day (mscuf/d) of gas which translates to $120 million revenue potential and 150 to 200 megawatts (MW) of power is being flared at oil fields in Nigeria. A representative of the OPTS at the recent consultative session for the draft National Gas Policy, Mr. James Ajaifi disclosed this during a panel discussion on the policy. OPTS is the sectoral group for local and foreign-owned companies registered in Nigeria and holding an oil prospecting or oil mining licence. The group said the government would have to address the issues of gas flaring in the policy document to enable the country maximise its gas resources for development. http://www.thisdaylive.com/index.php/2016/11/20/nnpc-may-adjust-petrol-pump-price-on-falling-cargo-rates/ 1 Like 1 Share
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Re: NNPC May Reduce The Price Of Fuel Soon by SillyMods: 2:34pm On Nov 21, 2016 |
This will be a very soothing news. Better days ahead of us in Nigeria. In a properly deregulated market, pump price changes from one month to another month, depending on prevailing variables. For example, I paid about $0.32 per liter in July. It was $0.36 in August and $0.3 in September per liter of petrol. In October, we bought it at $0.38 per liter. So, it's not supposed to be permanently fixed if we do proper deregulation. It can go up or come down depending on many factors. 19 Likes 3 Shares |
Re: NNPC May Reduce The Price Of Fuel Soon by yeyeboi(m): 2:36pm On Nov 21, 2016 |
Seeing Is Believing Until I see with my 2 naked eyes wey tie wrapper before I go believe 14 Likes 1 Share |
Re: NNPC May Reduce The Price Of Fuel Soon by RoyalBlak007: 2:38pm On Nov 21, 2016 |
How soon? Please stop scamming us 17 Likes 1 Share |
Re: NNPC May Reduce The Price Of Fuel Soon by Atiku2019: 2:40pm On Nov 21, 2016 |
Continous Scam Atiku2019 12 Likes 1 Share |
Re: NNPC May Reduce The Price Of Fuel Soon by littlewonders: 2:41pm On Nov 21, 2016 |
I've stop reading news on Nigeria matters, my quest is how to leave this country to Ondo local government. 45 Likes 2 Shares |
Re: NNPC May Reduce The Price Of Fuel Soon by SillyMods: 2:41pm On Nov 21, 2016 |
RoyalBlak007: yeyeboi:But if it was a report on possible increase, you guys will shout on top of your voice to curse, wail and gnash your teeth. Who has done this to you guys? 24 Likes 3 Shares |
Re: NNPC May Reduce The Price Of Fuel Soon by SillyMods: 2:42pm On Nov 21, 2016 |
Atiku2019:Keep deceiving yourself. Atiku CAN NEVER be president in Nigeria. Take that statement to the bank. 57 Likes 5 Shares |
Re: NNPC May Reduce The Price Of Fuel Soon by littlewonders: 2:43pm On Nov 21, 2016 |
Atiku2019: I pity you. Me want to vote for you, make sure you change this moniker. E no hold water. 8 Likes 1 Share |
Re: NNPC May Reduce The Price Of Fuel Soon by talktonase(m): 2:44pm On Nov 21, 2016 |
littlewonders:I dey your back abeg,I wan travel over seas reach port Harcourt 11 Likes |
Re: NNPC May Reduce The Price Of Fuel Soon by yeyeboi(m): 2:45pm On Nov 21, 2016 |
Na sufferhead dey worry u SillyMods: 9 Likes
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Re: NNPC May Reduce The Price Of Fuel Soon by SillyMods: 2:46pm On Nov 21, 2016 |
yeyeboi:OK. Noted. 1 Like |
Re: NNPC May Reduce The Price Of Fuel Soon by Nobody: 2:46pm On Nov 21, 2016 |
lalasticlala ohhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh prices are falling fast come fast ohhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh So if i follow this logic, then retail prices would hit N100 - N110/per litre |
Re: NNPC May Reduce The Price Of Fuel Soon by leighcon(m): 2:48pm On Nov 21, 2016 |
Per gallon you meant though.... SillyMods: |
Re: NNPC May Reduce The Price Of Fuel Soon by SillyMods: 2:51pm On Nov 21, 2016 |
leighcon:I got my arithmetic wrong. Was trying to convert.It's corrected. |
Re: NNPC May Reduce The Price Of Fuel Soon by Funlordjnr: 2:59pm On Nov 21, 2016 |
Atiku2019: May you receive abundant sense in 2017, it's obviously too late for you this year! Amen! 15 Likes 2 Shares
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Re: NNPC May Reduce The Price Of Fuel Soon by Nobody: 3:11pm On Nov 21, 2016 |
I hate the word 'may' in government speeches, that word is too complicated 11 Likes 1 Share |
Re: NNPC May Reduce The Price Of Fuel Soon by blackpanda: 3:14pm On Nov 21, 2016 |
Abeg they shld reduce it ooo |
Re: NNPC May Reduce The Price Of Fuel Soon by Nobody: 4:05pm On Nov 21, 2016 |
Don't raise people's hope for nothing. Tell NNPC to check my signature |
Re: NNPC May Reduce The Price Of Fuel Soon by Nobody: 4:20pm On Nov 21, 2016 |
They should not reduce it. They should rather save the gain in a special account. Reducing it now and increasing later when price of cargo goes up will create a big uproar. Nigerians are yet to see petrol like every other commodity whose price can go up and down. 1 Like |
Re: NNPC May Reduce The Price Of Fuel Soon by policy12: 5:24pm On Nov 21, 2016 |
To the Op who open this thread... 1 Share
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Re: NNPC May Reduce The Price Of Fuel Soon by Nobody: 5:33pm On Nov 21, 2016 |
Re: NNPC May Reduce The Price Of Fuel Soon by cocoberry(f): 5:33pm On Nov 21, 2016 |
May ni June ko 1 Like |
Re: NNPC May Reduce The Price Of Fuel Soon by mmb(m): 5:34pm On Nov 21, 2016 |
Really?
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Re: NNPC May Reduce The Price Of Fuel Soon by yinkslinks(m): 5:34pm On Nov 21, 2016 |
Reduce or not, buhari must not be allowed in 2019. 3 Likes |
Re: NNPC May Reduce The Price Of Fuel Soon by IYANGBALI: 5:35pm On Nov 21, 2016 |
once they do that i will get married |
Re: NNPC May Reduce The Price Of Fuel Soon by hayatulimisticor(m): 5:36pm On Nov 21, 2016 |
won jebi... |
Re: NNPC May Reduce The Price Of Fuel Soon by engrflames: 5:37pm On Nov 21, 2016 |
All na scam, government of lies and propagandas |
Re: NNPC May Reduce The Price Of Fuel Soon by kokosin: 5:38pm On Nov 21, 2016 |
hiss in French 3 Likes 1 Share
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Re: NNPC May Reduce The Price Of Fuel Soon by Progressive01(m): 5:38pm On Nov 21, 2016 |
God i pray. |
Re: NNPC May Reduce The Price Of Fuel Soon by honestivo(m): 5:39pm On Nov 21, 2016 |
We have to celebrate today, a lot of good news including 200000 selected for npower, reduction of fuel price etc we expect more of these. |
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