Economy

FG, Marketers Agree To N145 Pump Price, Eliminate Middle Men

FG, Marketers Agree To N145 Pump Price, Eliminate Middle Men

"Everybody gave ideas, everybody was collaboratively finding solutions".

On whether erring marketers had been identified for an appropriate sanction, the minister said there was no evidence against anyone.

Even though minister said that he doesn't want the information to leak until he informs Mr. President. "This is a democratic government".

"But the greatest hard in Nigeria is that people make allegations but when you ask for evidence even one, everybody now goes back into the safety nets".

"You can not prosecute except you have evidence".

"I'm 30 years old as a lawyer".

"Final one is that the refineries should work".

"How close are we to that lasting solution". Like you know, for over two years, we have been out of this fuel crisis.

He said a committee had been constituted that would meet on Wednesday under the chairmanship of Kachikwu to further go into the details and forestall a recurrence.

More news: Fog delays flights, trains in Delhi

Another IPMAN leader, Aminu Abdulkadir, said he was optimistic that there would be full disclosure on plans and ways of augmenting marketers shortfall, to enable them resume importation of products, since NNPC alone did not have all the capacity to handle the situation.

Because it will not be easy for them to manage them.

"Independent marketers would not be able to import the product at the current foreign exchange rate, saying the marketers were able to sell for N145 per litre when the exchange rate was N285 per Dollar".

On his part, IPMAN President, Chinedu Okoronkwo, said he was hopeful that the committee would arrive at the way forward, to allow the major and independent marketers participate in importing the products.

It was, however, learnt that in the months of November and December, some of the companies converted their DSDP contracts into diesel, as they could not bring back petrol owing to the high cost of the product in the global market. The situation from our point of view is that from January to December, the price of crude remained relatively stable.

Briefing State House correspondents after a meeting between the oil stakeholders and government representatives on the instance of the Chief of Staff to the President, Abba Kyiari, Chairman of Depot and Petroleum Marketers Association of Nigeria, DAPMAN, Dapo Abiodun explained that marketers were finding it hard to import the petroleum products because of the increase in the price of crude. Marketers can not import and sell at N145. And this business is a partnership between marketers and NNPC. Marketers being in a certain volume and NNPC also brings in a certain volume. "So, government has to find a way and ensure that marketers import alongside NNPC and still sell at N145", Mr. Abiodun said. But by the month of October marketers completely stopped importing because there was no more subsidy so we can't sell for profit so we have to stop importing.

Our correspondent gathered that the oil traders engaged by NNPC were meant to import petrol into the country after shipping crude oil to worldwide refiners.

The meeting, presided by the Chief of Staff to the President, Abba Kyari, on behalf of President Muhammadu Buhari, had in attendance the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Maikanti Baru, and Director General of the State Security Service, SSS, Lawal Daura.


  • Alabama Linebacker, Anfernee Jennings Out for National Championship

    Alabama Linebacker, Anfernee Jennings Out for National Championship

    In 11 games this season, Jennings tallied 41 tackles, six tackles for loss and two forced fumbles. Jennings was a big part of Alabama being able to hold Clemson to 1.9 rushing yards per carry.
    Eminem takes headlining spot in Governors Ball lineup

    Eminem takes headlining spot in Governors Ball lineup

    Grammy Awards' Best New Artist nominee Khalid will join fellow R&B breakthrough acts such as Kelela and 6lack in the lineup . The Governors Ball Music Festival takes place from June 1-3, 2018, at Randall's Island Park in New York City.
    DeMarco Murray Out For Wild-Card Matchup With Chiefs

    DeMarco Murray Out For Wild-Card Matchup With Chiefs

    I have been working hard this week and trying to get better than I was last week and looking forward to the game on Saturday. The Titans (9-7) will take the field this Saturday against the Kansas City Chiefs (10-6) in an NFL Playoff Wildcard game.
  • NBC says Hoda Kotb to replace Lauer as 'Today' co-anchor

    NBC says Hoda Kotb to replace Lauer as 'Today' co-anchor

    Somebody did the math on social media and concluded that Kotb is getting only $0.28 for every $1.00 Lauer was getting. An official from NBC did not respond to a request for comment about the salaries of Today show anchors.
    At Least 9 People Hurt By Carbon Monoxide In Yonkers

    At Least 9 People Hurt By Carbon Monoxide In Yonkers

    Symptoms of carbon monoxide poisoning can include nausea, shortness of breath and other flu-like traits. Officials say that they have not yet found the source of the carbon monoxide leak.
    Yemen Rebels Say They Fired Missile at Saudi Military Camp

    Yemen Rebels Say They Fired Missile at Saudi Military Camp

    More than 8,750 people have been killed since the coalition's intervention in Yemen, according to the World Health Organization. Earlier in November, Yemen's Houthi rebels launched a missile targetting King Khalid International Airport.
  • Hoda Kotb is making way less than Matt Lauer - here's why

    Hoda Kotb is making way less than Matt Lauer - here's why

    Her arrival at NBC hasn't been a monster success; it's been marked by several guest controversies and struggling ratings. Kotb now appears a couple of times in many of these banners, appearing with Gifford as well.
    United States  sanctions Iranian entities over ballistic missile program

    United States sanctions Iranian entities over ballistic missile program

    The sanctions come amid deadly protests in Iran, where thousands of people have demonstrated against the country's government. The US has imposed sanctions on five Iranian legal entities for their involvement in Iran's missile program, the BNR said.
    Three backpackers critically ill after snorting date-rape drug

    Three backpackers critically ill after snorting date-rape drug

    Two men and a woman were taken to Sir Charles Gairdner Hospital, where two of them are also in intensive care. Within minutes they suffered extreme symptoms, including seizures, paralysis, overheating and hallucinations.
  • BSF Jawan killed in Pak. sniper fire

    BSF Jawan killed in Pak. sniper fire

    A senior BSF officer said Pakistan started the unprovoked fire with small arms, which later was accompanied with mortar shellings. An Indian soldier was killed in Pakistani firing in Nowshera's Rumli Dara area on December 31.

    Avoid eating romaine lettuce after E. Coli outbreak in US, Canada

    The infections are thought to be tied to leafy greens, mainly romaine lettuce. In the US , 17 cases are being investigated as part of the outbreak.
    Rumble main events locked in as AJ Styles fumes at Daniel Bryan

    Rumble main events locked in as AJ Styles fumes at Daniel Bryan

    The US Championship tournament also continued on Smackdown as Xavier Woods bested Aiden English to advance to the next round. Also on Smackdown , Tag Team Champions The Usos defended their titles against the team of Shelton Benjamin and Chad Gable.