Random Pagan Verse:
It is not forbidden to say, "There is Witchcraft in the land", for the Christians say so themselves
and have made it heresy not to believe so; but always say, "I know nothing of it here, though it may be elsewhere." If any person speaks about the Craft outside of the Circle, say,
"Do not speak of such things -- it frightens me. It is bad luck to talk about such things." Say this for this reason: the Christians have their spies everywhere. These spies have been
known to talk as if they were drawn to the Craft and as if they would want to come to our meetings, and they say such things as, "My fathers and forefathers worshipped the Old Ones, and my mother; I
would like to worship in this way myself." To all of these, tell them that you do not know what they are talking about, and that you wish they would stop. But to others, say,
"It is silly to talk about Witches flying around in the air; they would have to be lighter than feathers or thistle-down. Besides, everyone knows that Witches are all bleary-eyed old hags;
what fun could they possibly have at their meetings, and why should I want to participate? And besides, you know we were taught in school that there are no such things as Witches."
Always make fun of the subject, that we may worship in peace when the persecution ends: let us all work for that happy time. May the blessing of the God and the Goddess be upon all who keep this law.

Author Topic: NNPC reacts to alledged plans by FG to increase petrol pump price  (Read 174 times)

Offline jchima14 (OP)

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NNPC reacts to alledged plans by FG to increase petrol pump price
« on: September 06, 2016, 09:50:04 AM »


The Federal Government yesterday dismissed a possible hike in the price of petroleum products.

The Group Managing Director (GMD), National Petroleum Corporation‎ (NNPC), Maikanti Kachalla Baru, after a closed-door meeting with President Muhammadu Buhari and the Minister of State for Petroleum Resources, Ibe Kachikwu, yesterday, dismissed the speculation.
He said: “There is nothing like that,” and directed journalists to “go to PPPRA.”

Speculations of another round of fuel price increase became rife when former NNPC GMDs noted: “The PMS price cap 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 and Nigerian Ports Authority (NPA) charges.”

Ironically, oil marketers, for the first time, are saying pump price increase “doesn’t make sense at this point, as long as it is not open to market fundamentals.”

Making clarification on the Saturday meeting by the former NNPC chief executives, one of the former GMDs, who spoke with The Guardian, said: “At no time did we say there should be price increase. Our business is not to prescribe one.

“What we did was to note that if the Federal Government wanted to deregulate the downstream petroleum sector, it should do so holistically. We noted that if NNPC subsidy had been removed from crude and NNPC is now paying international market rate for crude supplied to it, you couldn’t regulate the pump price.

“Looking at the exchange rate and the cap of N145/litre, NNPC refineries will not be efficient, as they will not be able to generate enough money to fix the refineries, which are in dire need of turnaround maintenance. They won’t be able to recover their costs and operate efficiently.

“Also, government is not supposed to give NNPC money to run its operations. It is supposed to generate such money itself. But NNPC cannot at this time approach any bank for facility, since price is capped, whereas if the market is fully deregulated, NNPC will have a bankable proposal.”

The former NNPC boss also noted that since the last price cap, “domestic demand for PMS has fallen from 40 million to 30 million litres daily, as a lot of cross border trading activities were stopped, since the product was no longer very cheap.”

One of the marketers, who spoke to The Guardian in confidence, said marketers’ problem, now, is how to offset $1.2 billion outstanding letters of credit (LCs).

“Even with the partial deregulation, you can see that some filling stations are selling at N143 per litre or less. So, deregulation does not necessarily mean price increase; it means price will find its own level based on the market situation.”

Source: http://latestnigerianews.com.ng/nnpc-reacts-to-alledged-plans-by-fg-to-increase-petrol-pump-price/


 

 

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