Kerosene is N150 per litre from NNPC depots, says NUPENG

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) says the Nigeria National Petroleum Corporation (NNPC) has fixed N150 per litre as the official depot price of kerosene.
Alhaji Tokunbo Korodo, the South-West Chairman of the union, disclosed this in an interview with the News Agency of Nigeria (NAN) in Lagos on Saturday.
According to him, the price will encourage more importation of the product by the marketers.

He said that most of the filling stations selling kerosene between N200 and N220 as the pump price was as a result of additional money on transportation of the product and some other levies paid by marketers. The chairman said that at present, NNPC was the only importer of kerosene and was using private depots to sell the product.
“The NNPC has fixed N150 per litre as the new depot price of kerosene and has directed all its depots and private depot to comply with the directive.
“This did not include the transportation of the product or several levies and bank interests paid by marketers.
“Consequently, marketers will now add all these expenses to the depot price to arrive at N190, N200 or N220 depending on their locations.
“The advantage of this is that it will open door for more marketers to commence importation of kerosene just like petrol,’’ he said.
Korodo, however, commended Federal Government for its transparent policy in oil and gas sector.
He urged NNPC to commence loading of its products from depots nationwide, adding that the System 2B oil pipelines were saved from being vandalised.
NAN reports that the Federal Government han on Jan. 24 increased the price of kerosene to N83 per litre from N50 per litre thereby officially removing subsidy from the product.

Join our BBM channel for instant updates : C0030863D

Comments

Alert: Naira Gains A Massive 5% Against the Dollar

The exchange rate rebounded on Friday to close at N308 at the official interbank market. The local currency gained about 5.2% reversing the N325 it closed with on Thursday. According to reports, the gains was mostly due to a sale of forex by the Central Bank of Nigeria providing enough liquidity to meet the demand currently in the market. The naira has closed at an all time low of N364 to the dollar on Thursday following a surge in demand. The central bank has been selling dollars almost daily to boost liquidity and support the naira. Join our BBM channel for instant updates : C0030863D

Collapsed banks in Ghana recovered only $142 million out of $2 billion loans, Bank of Ghana Governor reveals.

The Governor of the Bank of Ghana, Dr Ernest Addison says out of the $2 billion (GHS10.1 billion) worth of loans taken by the receivers of some nine banks which collapsed in the country, only $142 million (GHS731 million) has been received. The Governor of the Bank of Ghana (BoG), Dr Ernest Addison The nine banks were UT Bank, Capital Bank, Sovereign, Unibank, Construction Bank, The Royal Bank, Heritage Bank, Premium Bank and Beige Bank. According to him, the receivership process has been painstakingly slow with other loan defaulters and shareholders of the defunct banks engaging in frivolous legal cases to sabotage the process. “The process has progressed slowly as out of the total loans of $2 billion (GH¢10.1 billion) taken over by the Receivers, total recoveries so far is in excess of $142 million (GH₵ 731 million) and this has been achieved through loan repayments by customers; repayment of placements; sale of vehicles; liquidation of bonds; and from...

How OPEC Agreed A 1.2Mbpd Production Cut

After months of wheeling and dealing, the member nations of the Organization of Petroleum Exporting Countries (OPEC) have finally agreed an average drop in production level of 1.2 million barrels per day, effective January. The agreement exempted Nigeria and Libya, but gave Iraq its first quotas since the 1990s, Bloomberg reports. Iran seems to be the greatest winner, as OPEC agreed for the country to raise output to about 3.8 million barrels a day as the country sought special treatment as it recovers from sanctions. However, Iraq OPEC’s second-largest producer, agreed to cut by 210,000 barrels a day from October levels despite its previous push for special consideration based on the urgency of its offensive against Islamic State. Saudi Arabia, which raised oil production to a record this year, will reduce output by 486,000 barrels a day to 10.058 million a day. The United Arab Emirates and Kuwait will reduce output by 139,000 barrels a day and 131,000 a day while ...

The Finance Dude

Search This Blog