Outrage As Filling Stations Refuse To Comply With N5 Reduction In Petrol Price
By Idowu Maryam
Despite the order from the Federal Government on December 8th, for a slash in the pump price of Premium Motor Spirit (PMS), known as petrol by N5 from Monday, motorists have continued to express frustration as most filling stations are yet to comply with the order.
The Breaking Times learnt that the two filling stations in front of the headquarters of the Nigerian National Petroleum Corporation in Abuja, Conoil and Total, are selling PMS at N166.5 and N168 per litre respectively.
Other stations like NIPCO, AA Rano and DanOil, sold at prices above N162 per litre as at Monday while NNPC filling stations in Abuja are selling at the new rate.
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Oil marketers, on Monday, failed to adjust the pump prices of Premium Motor Spirit (petrol) at their filling stations to reflect the N5 reduction announced by the Federal Government last week.
After meeting with officials of labour unions in Abuja last week, the Minister of Labour and Employment, Dr Chris Ngige, announced that all parties resolved that the price of petrol be reduced by N5 per litre with effect from December 14.
But filling stations visited by our correspondents in Lagos, Abuja, as well as parts of Niger and Nasarawa states on Monday were still selling the petrol at between N163 and N168 per litre.
AfCFTA: Nigeria to become petroleum products refining hub, says Sylva
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The Federal Government says it will leverage the opportunities provided by the African Continental Free Trade Area Agreement (AfCFTA) to reposition the oil and gas sector.
The government said this action would transform the country into a petroleum products refining hub for the African region with its attendant socio-economic benefits.
Chief Timipre Sylva, Minister of State for Petroleum Resources, disclosed this at the AfCFTA Oil and Gas Virtual Workshop, organised in collaboration with the Federal Ministry of Industry, Trade and Investment, under the theme: “Nigeria – Africa’s Refining and Services Hub under the AfCFTA.”
Nigeria: As New Fuel Price Regime Begins Today allafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from allafrica.com Daily Mail and Mail on Sunday newspapers.
Investors and marketers in the oil and gas sector have also said the federal government is not clear on whether deregulation has been jettisoned with the announcement last week by the Minister of Labour and Employment, Senator Chris Ngige, of N5 cut in a litre of fuel pump price. They urged the government to explain the true situation of things.
After tinkering with the idea for several months, the Muhammadu Buhari-led administration announced in the thick of the coronavirus pandemic that it would no longer pay subsidy on fuel.
The Minister of State for Petroleum Resources, Timipre Sylva, said in May that international crude oil price would be used as the basis for determining pump price in the country, and that marketers would be given the freedom to fix the price however they wanted.