₦airaland Forum

– The NNPC increased its price of petrol to N145 per litre

– The station had maintained a price below the general price

– Its spokesperson insists it is not compelled to sell below the general price

The Nigerian National Petroleum Corporation (NNPC) has increased the price of petrol at its retail outlets by N4 from N141 to N145 per litre.

Daily Trust reports that this is the first time the NNPC will be selling at N145 per litre although this is within the maximum price fixed by the federal government since May.

Although independent station shave been selling at N145, NNPC stations and its affiliates’ prices have been hovering between N143 and N141 per litre. In major cities and even less at stations in the hinterlands, the price has been less.

It was reported that the new price was fixed on Tuesday, November 1 after it was sold for less for a few months.

Garba Deen Muhammad who is the spokesperson of the NNPC said there was no rule preventing marketers from selling within the range stipulated.

“A price regime was introduced between N135 and N145. So, you can sell anywhere within that range. What you are seeing is interplay of market forces.”

However, Dr. Ibe Kachikwu maintains that the government has not increased the pump prices of petrol. Read more http://newsland.zohosites.com/nnpc-increases-the-price-of-petrol-checkout-the-new-price.html

– President Muhammadu Buhari says he felt like “absconding” after seeing the enormity of the challenges facing the country when he assumed office

– The president says he was bewildered to notice there was nothing was left for him to start off his administration

– President Buhari blames the Peoples Democratic Party (PDP) for Nigeria’s economic woes

President Muhammadu Buhari
President Muhammadu Buhari after seeing the enormity of the challenges facing the country when he assumed office in May 2015 said he felt like “absconding”, The Cable reports.

The president said he was utterly bewildered to notice that despite the rising cost of crude oil from which Nigeria made a fortune, nothing was left for him to start off his administration.

Speaking on Thursday, November 3, during a parley with participants of the Senior Executive Course 38 of the National Institute for Policy and Strategic Studies (NIPPS) at the state house in Abuja, President Buhari blamed the Peoples Democratic Party (PDP) for Nigeria’s economic woes.

President Buhari said: “For 16 years and eight consecutive governments of the other party… there was unprecedented revenue realised, the oil projection which can be verified was 2.1 million barrels per day. From 1999-2015 the average cost of each Nigerian barrel of oil was $100 per barrel.

“When we came it fell to less than $30 per barrel and is now between 40 and 50. Actually I felt like absconding because 27 out of 36 states in Nigeria cannot pay salaries and and we know they have no other source than to depend on salaries.” read more> http://newsland.zohosites.com/i-nearly-resigned-said-buhari.html