Filling stations belonging to the Nigerian National Petroleum Corporation will from January 1, 2016 sell petrol for N86 per litre, while other stations belonging to different groups of marketers will sell the commodity for N86.5 per litre, the Petroleum Product Pricing Regulatory Agency announced on Tuesday after getting approval from the Federal Government.
The agency also announced the approval of the first quarter 2016 petrol import allocation of three million metric tonnes to the NNPC and other oil marketers.
The Executive Secretary, PPPRA, Mr. Farouk Ahmed, stated that the reduction in the price of Premium Motor Spirit (petrol) was due to the revised components of the petroleum product pricing template for PMS and House Hold Kerosene.
Ahmed explained that the revised template would be reviewed on quarterly basis, adding that it was geared towards ensuring an efficient and market-driven prices of petroleum prices that would reflect current realities.
The PPPRA boss said, “Since 2007, while crude oil price has been moving up and down, the template has remained the same. This made it necessary for us to introduce a mechanism whereby the template would be sensitive to the price of crude oil. However, the template is not static, as there will be a quarterly review, and if there is any major shift, the Minister of State for Petroleum Resources will be expected to call for a review, either upward or downward.
“If there is no major shift, the price will continue from January to March 2016. In addition, there will be a Product Pricing Advisory Committee that will be set up to advise the PPPRA concerning movements in the price of crude oil.”
On why the NNPC would sell petrol lower than other marketers, the executive secretary explained that it was due to the fact that it was cheaper for the corporation to import products compared to the independent and major oil marketers.
Ahmed outlined the major components affected by the review in the pricing template to include traders’ margin, lightering expenses, Nigerian Ports Authority charges, jetty throughput and storage charges and bridging fund. Others are retailers, transporters and dealers’ margins.
FG Approves N86.5 For Petrol, filling stations belonging to the NNPC will from January 1, 2016 sell petrol for N86 per litre, while other stations belonging to different groups of marketers will sell the commodity for N86.5 per litre.
He gave a breakdown of the revised template and stated that the lightering expenses had been reduced from N4.07 to N2; NPA charges reduced from N0.77 to N0.36; while the jetty throughput and storage charges were reduced from N0.80 and N3 to N0.40 and N1.50, respectively.
According to him, the retailers’ margin rose to N5 per litre from N4.60; transporters’ cost rose to N3.05 from N2.99; dealers’ margin was reviewed upward to N1.95 from N1.75, while the bridging fund dropped to N4 per litre from N5.85.
On the issue of PMS import allocation to the NNPC and other marketers, Ahmed stated that the PPPRA considered the issue of retail outlet ownership, marketers’ performance for the previous quarterly allocation, as well as the challenges in sourcing foreign exchange.
He said, “Consequently, the NNPC was granted 78 per cent of the total allocated volume for the first quarter, while the balance is to be supplied by other oil marketing companies. Marketers are required to note that there shall be a mid-quarter review of performance where volumes of non-performing marketers shall be withdrawn and reallocated to performing marketers.
“Furthermore, the PPPRA wishes to reiterate that consideration for participation in future allocations shall be on the basis of the attainment of 100 per cent performance in first quarter 2016. Accordingly, the PPPRA hereby warns that any marketer found selling above the PPPRA-approved price shall be appropriately sanctioned. These include, but not limited to, exclusion from future participation in product importation and revocation of licences.”
Although the PPPRA boss was silent on whether the government would still subsidise petrol, he noted that the new template would be reviewed quarterly with respect to the price of crude oil in the international market.
UK Government Has Approved Pfizer-BioNTech COVID-19 Vaccine
The United Kingdom on Wednesday Approved Pfizer-BioNTech COVID-19 Vaccine
British government on Wednesday became the first country to approve Pfizer and BioNTech COVID-19 vaccine for use, according to the UK government.
The vaccine will be rolled out from next week and the first dose could be administered as early as December 7th, stated people familiar with the matter.
Last week, the UK government announced it had ordered 40 million doses of Pfizer and BioNTech COVID-19 and appointed Nadhim Zahawi, the current junior business minister, as the minister responsible for the deployment of the vaccines.
British government on Wednesday morning said, “The Government has today accepted the recommendation from the independent Medicines and Healthcare products Regulatory Agency (MHRA) to approve Pfizer-BioNTech’s COVID-19 vaccine for use”
“The vaccine will be made available across the UK from next week.”
Matt Hancock, Health Secretary, revealed that the programme would commence early next week.
“It is very good news,” Hancock said.
Zabarmari Massacre: Buhari to Provide More Resources for the Nigerian Military
President Muhammadu Buhari has promised to provide more resources to the military in the aftermath of the Zabarmari massacre.
On Saturday, Boko Haram killed 43 people with around 70 people still missing in Zabarmari, a village in Borno State.
Reacting to the massacre, Buhari, through his official Twitter handle @MBuhari said “Nothing is more important than ensuring the security of lives and property of Nigerians. Everything is secondary when security is at stake. I will ensure that more resources are made available to the military and other security agencies to prosecute the war against terrorism.
“As we mourn all the lives lost in Zabarmari, the Armed Forces have been given the marching order to take the fight to the insurgents, not on a one-off, but on a continuous basis, until we root out the terrorists.
“We will intensify our cooperation with neighbouring countries on bilateral and multilateral levels, to ensure that there is no hiding place for the terrorists.
“As I noted earlier, the massacre by Boko Haram in Zabarmari is nothing short of senseless, barbaric, gruesome and cowardly. It reinforces our resolve to root out all forms of insurgency and insecurity not just in Borno but everywhere across Nigeria.”
Boko Haram Kills Rice Farmers in Borno State, Northeast Nigeria
Rice farmers were killed on Saturday morning in the Northeast Nigeria by suspected Islamist militants, Boko Haram, according to a Reuters Report.
The report also noted that 30 of the people killed were beheaded while over a dozen others were still missing.
However, resident of the Zambarmari Village where the attacks took place said a total of 70 people were feared dead.
Another resident and Amnesty International were quoted as saying at least 10 women were among those missing.
In another statement by Edward Kallon, the United Nations’ humanitarian coordinator in Nigeria, it was armed men on motorcycles that led the brutal attack on civilians harvesting their fields.
“Armed men on motorcycles led a brutal attack on civilian men and women who were harvesting their fields,” Edward Kallon stated.
“At least 110 civilians were ruthlessly killed and many others were wounded in this attack,” he added, noting that several women are believed to have been kidnapped.
“The incident is the most violent direct attack against innocent civilians this year. I call for the perpetrators of this heinous and senseless act to be brought to justice,” Kallon said.
On Sunday, Governor Babaganan Umara Zulum of Borno State, who was at the burial told journalists that at least 70 farmers were killed on Saturday.
The Governor, therefore, called on the Federal Government to recruit more Civilian Joint Task Force members, Soldiers and civil defence fighters to protect farmers in the region.
He added that people are facing desperate choices.
“In one side, they stay at home they may be killed by hunger and starvation, on the other, they go out to their farmlands and risk getting killed by the insurgents,” he said.
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