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SPECIAL REPORT: How Nigerian National Petroleum Commission Frustrated Revenue Generation By Oversupplying PMS Market

SPECIAL REPORT: How Nigerian National Petroleum Commission Frustrated Revenue Generation By Oversupplying PMS Market
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Fuel marketers flout FG's directive, adopt different prices NEWS

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Despite assurances from the Federal Government and the Nigerian National Petroleum Corporation (NNPC) at the weekend that the price of Premium Motor Spirit (PMS), popularly called petrol, has not changed, some recalcitrant marketers across the country are stilling selling above the approved retail price of N162/N165.
Investigations on Sunday showed that some filling stations in Irrua and Ekpoma both in Edo State and Ikot Ekpene in Akwa Ibom State sold a litre of petrol at N212.37 and N175 per litre respectively.
At a Danco filling station in Ekiadolor, in the outskirt of Benin, it was long queues of vehicles as petrol sold for N168 per litre. ....

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Queues resurface in Lagos, Abuja, others

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•Motorists queue for Premium Motor Spirit on the outer northern expressway in Abuja. on Friday. Photo: NAN
Published 13 March 2021
Panic buying of Premium Motor Spirit, popularly known as petrol, and long queues of vehicles were witnessed at many filling stations across many states in the country on Friday after a reported increase in pump price from N162 to N212.16 by the Petroleum Products Pricing Regulatory Agency.
The PPPRA had early Friday published the expected new lower and upper prices for PMS at retail outlets, putting the rates at N209.61/litre and N212.61/litre respectively. ....

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Nigerian Newspapers: 10 things you need to know this Saturday morning

Daily Post Nigeria
Published
Good morning! Here is today’s summary from Nigerian Newspapers:
1. Nigerians, yesterday, woke up to yet another hike in the price of petrol from N165 naira per litre to N212.61. But the Minister of State for Petroleum Resources, Mr Timipreye Sylva asked Nigerians to disregard the increase, saying it was a mix-up.
2. The National Security Adviser, Major General Babagana Monguno (retd.), yesterday alleged that $1bn funds meant to purchase arms to tackle insurgency during the ex-service chiefs’ tenure got missing. This comes over a month after the ex-service chiefs’ resignation and replacement by President Muhammadu Buhari. ....

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Petrol subsidy removal will save N1trn, boost govt revenue – Experts

Vanguard News
Petrol subsidy removal will save N1trn, boost govt revenue – Experts
On
By Obas Esiedesa
Experts have warned that unless the downstream sector of the petroleum industry is fully deregulated and libralised, Nigeria would pay almost N1 trillion as subsidy on premium motor spirit, petrol, this year,
In March 2020 when the Federal Government took advantage of very low crude oil price at the international market to announce full deregulation of the downstream sector of the petroleum industry, the challenge then was always going to be what would happen when crude oil price goes up.
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Especially given that Nigeria imports all its petroleum product needs despite being a major crude oil exporting country. ....

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