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Breaking News: Petrol hits N212 per litre days after NNPC denied price hike

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Eleven days after the Nigerian National Petroleum Corporation (NNPC) promised there would be no price hike for Premium Motor Spirit, popularly known as petrol in March, the price has hit N212 litre.

On February 28, NNPC spokesman, Kennie Obateru, gave the assurance in a statement, in reaction to the long queues in some states.

“Contrary to speculations of an imminent increase in the price of PMS in the country, the NNPC has ruled out any increment in the ex-depot price of petrol in March”, he noted.

But on Thursday night, the Petroleum Products Pricing Regulatory Agency (PPPRA) released the latest guiding retail price.

Breaking News: Petrol hits N212 per litre days after NNPC denied price hike
In a template published on its website, the agency explained that the increment was due to the market determinants and importation costs.

PPPRA fixed the lower band of the new fuel price at N209.61 per litre and upper band at N212.61 per litre.

The price was calculated on the approved average importer & exporter (I&E) Naira exchange rate per dollar of N403.80. The crude oil price at the international market is currently $70/barrel.

PPPRA said the average price per ton of the commodity is about $561.96, or N169.22 per litre, while the average freight rate cost $21.63 per ton, or N6.51 per litre. The ex-coastal price is N175.73 per litre.

For component charges, the average littering expenses cost N4.81 per litre; Nigerian Ports Authority (NPA) charge N2.49 per litre; NIMASA charge N0.23 per litre.

Jetty Through Put charge is N1.61 per litre; Storage charge is N2.58 per litre, and average finance is N2.17 per litre, translating to an expected landing cost per litre of N189.61.

There is the wholesale margin of N4.03 per litre; administration charge of N1.23 per litre; transporters’ allowance (NTA) of N3.89 per litre; Bridging Fund cost of N7.51 per litre and Marine transport average (MTA) of N0.15 per litre.

The expected ex-depot price for wholesale products marketers now stands at N206.42 per litre. The addition of retailers’ margin of N6.19 per litre would bring the expected retail price (lower band) N209.61 per litre and expected retail price (upper band) N212.61 per litre.


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1 Comment

1 Comment

  1. Adegbite Adedolapo

    March 12, 2021 at 8:20 am

    Nigeria which way 😭😭😭
    NEPA too brings crazy bills every month
    There’s no revolution at all
    May God help us

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NEWS

Don’t accept wike’s deceptive Financial bribe- IPOB warns IMO communities

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IPOB

The Indigenous People of Biafra, IPOB has warned the people of Ohaji Local Government Area of Imo State against ceding their land to Governor Nyesom Wike of Rivers State.

IPOB cautioned the people of Ohaji against accepting Wike’s alleged satanic and deceptive financial inducement.

Emma Powerful, the spokesman of IPOB, issued the warning in reaction to an alleged illegal and undocumented ceding of communities in Ohaji Local Government Area to Wike.

Powerful warned that ceding their communities to Wike would affect their children’s future; hence such a deceptive move should be rejected.

He urged the communities to treat whoever is persuading them to change their state of origin as a criminal.

Powerful noted that accepting to change their state of origin for the sake of N150,000 monthly is evil.

A statement by Powerful reads partly: “Following an illegal undocumented treaty to cede communities of Ohaji Egbema LGA from Imo State to Rivers State via a crooked financial inducement by current Governor Nyesom Ezenwo Wike.

“We the global family and movement of the Indigenous People of Biafra (IPOB) under the command and leadership of our great leader Mazi Nnamdi KANU wish to warn that such project is called to a halt to avert inevitable consequences.

“We suggest to the communities that fall into this deceptive venture masterminded by Nyesom Wike to retrace their steps, considering that this singular act could attract futuristic destructive effects.

“IPOB was intimated with the information regarding Governor Wike’s plan, which includes conditional future promises and haven gone through these moves realized that Wike will abandon them in future because governor Wike cannot be in charge of Rivers State beyond his tenor as a current Governor.

“It is a known fact that the Imo State government failed in their obligations as it concerns the predicaments they are facing in that area, but they must forget Wike with his satanic offer. Wike’s deceptive offer would harm them and their children in the future as such may not be sustainable by successive governments. Moreover, the Biafra restoration approaches hastily.

“IPOB is advising them to retrace their steps and watch what God Almighty has in stock for them; changing God Almighty’s plans for children will harm the communities in the future, for God to have placed you where you are today does not mean that he has abandoned you.

“The communities or anybody persuading them to change their State of origin identity and be acquired like slaves with cash value of N150 (One Hundred and Fifty Naira Only) is evil and must be treated as criminal because we don’t see where old men and women, youths and educated people would allow such an undocumented territorial treaty due to hunger and abandonment.”


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2023 elections: Pastor David Ibiyeomie tells Nigerians who to vote

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Pastor David

Pastor David Ibiyeomieof Salvation Ministries has addressed Nigerians on those to vote ahead of the 2023 general elections

Ibiyeomie urged Nigerians to vote for politicians with a vision for the country and not a politician.

He gave the remark while addressing his members at the church’s headquarters in Port Harcourt, Rivers State.

Pastor David Ibiyeomie noted that anyone who collects money to vote in the forthcoming election sold their conscience, stressing that electorates should vote for a statesman.

According to Ibiyeomie: “If you take money to vote, then you have sold your conscience. When we are shouting, you people will say I don’t shout. I am shouting now. Don’t collect bribes to vote, vote for your conscience.

“Don’t vote party again in Nigeria; vote for someone who has a vision. Nigeria is in the woods; she needs someone who has a vision.

“No politician should be voted; vote for a statesman instead. A statesman thinks of the next generation, a politician thinks only of the 2023 general elections.”


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Interpol arrests three Nigerians for international scam

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Interpol

The International Police (INTERPOL) has arrested three Nigerians over alleged global scam.

The trio were arrested in a sting operation conducted simultaneously in a Lagos suburb, Ajegunle and in Benin City, 300 km to the East of the commercial capital.

One of the scammers, Hendrix Omorume has been charged and convicted and now faces a 12-month prison sentence.

The three men, aged between 31 and 38, were each arrested in possession of fake documents, including fraudulent invoices and forged official letters.

The investigation was conducted in conjunction with the Economic and Financial Crimes Commission (EFCC).

The operation is part of a global operation codenamed “Killer Bee” involving INTERPOL National Central Bureaus (NCBs) and law enforcement in 11 countries across Southeast Asia.

According to INTERPOL’s Director of Cybercrime, Craig Jones, the organisation had “to alert Nigeria to a serious security threat where millions could have been lost without swift police action.”

The laptops and mobile phones seized by EFCC during the arrests, were examined by the INTERPOL to help confirm the systematic use of “Agent Tesla” malware to access business computers and divert monetary transactions to their own accounts.


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