The Nigerian Petroleum Products Pricing Regulatory Agency (PPPRA) has on Thursday cleared air on the the speculations alleging increase in pump price of Premium Motor Spirit (PMS), also known as petrol after a publication on it’s website about pump price.
In a statement titled “Press Release on PMS Guiding Price” signed by its Executive Secretary, Abdulkadir Saidu denied that the agency has increased pump price of Petrol and noted that the posted guiding prices indicate market trends, not increase in pump price.
The statement reads:
“The attention of the Petroleum Products Pricing Regulatory Agency (PPPRA) has been drawn to speculations about the increased pump price of PMS.
The PPPRA by this release wishes to state clearly that the Guiding Prices posted on our website was only indicative of current market trends and do not translate to any increase in pump price of PMS.
However, publications by the media to this effect have been misconstrued and thus misleading.
The Agency wishes to remind the general public of the introduction of the Market Based Pricing Regime for PMS Regulation 2020 as gazetted by the Federal Government.
Based on this regulation, prices are expected to be determined by market realities in line with the dictates of market forces.
One of the conditions for the implementation of the Market-Based Pricing Regime for PMS Regulation 2020 is the monthly release of Guiding Price to reflect current market fundamentals.
The PPPRA in line with its mandate to maintain constant surveillance over all key indices relevant to pricing policy, monitors market trends on a daily basis to determine Guiding Prices.
The Agency is not unaware of the challenges with the supply of PMS due to some concerns leading NNPC to be the sole importer of PMS.
PPPRA is also mindful of the current discussion going on between the government and the Organised Labour on the deregulation policy.
While consultation with relevant stakeholders is ongoing, PPPRA does not fix or announce prices and therefore there is no price increase.
The current PMS price is being maintained while consultations are being concluded.
Even though market fundamentals for PMS in the past few months indicated upward price trends, the pump price has remained the same and we are currently monitoring the situation across retail outlets nationwide.
While assuring the public of adequate products supply as the average PMS DaySufficiency as of March 11, 2021 is over 35 days, the PPPRA pledges to continue to perform its statutory function in ensuring that the downstream sector remains vibrant as well as support both government and members of the public.”
In the same development, Nigerian National Petroleum Corporation NNPC has tweeted that there is no increase in the fuel price.
Oche Onu writes
BREAKING: CBN Bows To Pressure, Increases Withdrawal Limit to 500k
The Central Bank of Nigeria (CBN) has revised its cash withdrawal limit policy, stating that individuals and corporate organisations can now withdraw N500,000 and N5 million respectively within a week.
Platforms Africa reports that the apex bank announced this in a letter dated December 21 and signed by the CBN Director of Banking Supervision, Haruna Mustafa. The letter, which was made available to PlatformsAfrica, was addressed to all deposit money banks and other financial institutions.
“The maximum weekly limit for cash withdrawal across all channels by individuals and corporate organizations shall be N500,000.00 and N5,000,000.00 respectively,” the letter read.
Cash withdrawal above the limits shall be subject to a processing fee of 3 per cent and 5 per cent for individuals and corporate organisations respectively.
According to the CBN, the decision to revise the policy was based on feedback received from stakeholders.
Previously, individuals were constrained to N100,000 cash withdrawals weekly and N20,000 daily while corporate organisations were limited to weekly withdrawals of N500,000.
“Third-party cheques above N100,000 shall not be eligible for payment over-the-counter, while the extant limit of N10 million on clearing cheques still subsist,” the letter added.
The CBN said monthly returns on cash withdrawal transactions above the specified limits should be rendered to the banking supervision department, other financial institutions’ supervision and payments system management departments.
Breaking: Ronaldo To Join Al-Nassr For €200m euros per year
Cristiano Ronaldo is close to agreeing on a mega transfer to Saudi Arabian outfit All-Nassr.
In a report published by Spanish publication Marca, Ronaldo has been offered a two-year contract by Al-Nassr, who are able to sign the 37-year-old on a free transfer following his departure from Manchester United.
CR7 left United by mutual consent this month
Available on a free transfer.
Marca reports that Ronaldo has also attracted interest from MLS, but he is very conscious of picking up the most lucrative wage possible if calling time on his illustrious career in Europe.
Al-Nassr are willing to pay the Portugal forward a grand total of €400 million if he agrees on a deal to play for the Saudi Arabian club until 2025.
Ronaldo’s second spell at Old Trafford came to an acrimonious end earlier this month as United announced the termination of his contract by mutual consent. The decision was made following the five-time Ballon d’Or winner’s controversial interview with Piers Morgan, during which he accused the club of betraying him and admitted to having no respect for head coach Erik ten Hag
Should Ronaldo indeed end up joining Al-Nassr, he will link up with another former Premier League star in David Ospina, who played in goal for Arsenal between 2014 and 2019.
The striker is currently starring for Portugal at the 2022 World Cup, and will hope for another start when Fernando Santos’ side wrap up their group stage campaign against South Korea on Friday.
2023: Why I Will Vote For Peter Obi – Sheikh Gumi
Controversial Islamic cleric, Sheikh Ahmed Gumi has revealed what would make him vote for the Labour Party, LP, presidential candidate, Peter Obi in 2023.Gumi assured Obi of his vote if he can restructure Nigeria if elected president in 2023.
He spoke in Kaduna yesterday while playing host to the former Anambra State governor and his running mate, Datti Baba-Ahmed.Obi and his running mate were in Kaduna to attend an interactive session for presidential candidates organised by a joint committee of Arewa groups in the build up to the 2023 general elections. However, Gumi commended Obi for visiting and briefing him about his plan for Nigeria.
According to Gumi: “As you come here (Kaduna) people will like to hear your views about restructuring Nigeria; Nigeria has been restructuring itself from independence to date. It was never static, but I want to know about views on restructuring so that I can write on my Facebook page `this is the presidential candidate who can do this for me; I will assure him of my vote’”. Gumi also asked the LP presidential candidate how he intends to address the issues of agitations and poverty in the country.
“How are you going to deal with the issue of polarity and agitations across Nigeria? Every region is agitating because people are not happy, how are you going to make these people (agitators) happy under one table?“You talked more about the economy; the economy sometimes is more than the figures,” he added.