Economy
Kirikiri Depot Owners Deny Hiking PMS Ex-depot Price
The Kirikiri Depot Owners Association on Monday denied hiking the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, amidst the current scarcity of the product across the country. Its Secretary, Mr Simeon Anabor, told the News Agency of Nigeria (NAN) in Lagos that the ex-depot price of petrol was still being controlled by the regulatory agency and had not been increased.
The ex-depot price is the price at which marketers buy products at the depot, and determines how much they sell to motorists.
The News Agency of Nigeria (NAN) reports that some independent petroleum marketers are accused of selling above the approved price band for PMS in Nigeria, which is between N162 to N165 per litre, attributing the increment to an increase of about N10 in ex-depot price by private depot owners.Reacting to the allegation, Anabor said it depended on the axis of the depots the marketers were loading from. He said: “Our association doesn’t operate across Lagos. As it is, the price is still being controlled by the regulatory agency. “Definitely, the depots that have products in Kirikiri are still selling within the approved ex-depot price.” On the availability of products in the state, he said the Nigerian National Petroleum Company Ltd. was making efforts to bring in more vessels into the country. “In my personal observation, the long queues are reducing at the filling stations and I know within one week or thereabout, though subject to other factors, that the queues will be cleared, “Anabor said.
He also explained that aside the issue of the current challenges, the cost of doing the business had not been easy, which might be the reason why some of the depots had no products. “You have to go through the processes of obtaining Proforma Invoice from Petroleum Products Marketing Company Ltd. or NNPC. “Then you still have to raise funds from the banks, and these are the challenges making some depots not to have products,” Anabor said.
However, Mr Chinedu Okoronkwo, National President, Independent Petroleum Marketers Association of Nigeria (IPMAN) , called on the Federal Government to intervene on the issue. Okoronkwo said the ex-depot price was increased with about N10 by some private depot owners which had left those who buy from them with no option than to increase the pump price.
He said: We believe there is no basis for this increment and they are capitalising on the ongoing crisis which is very wrong. “Our members cannot run their businesses on loss. They sell based on how much they buy from the depots. “If private tank farm owners release these products, the forces of demand and supply will drive the price downwards. “Once there is product availability everywhere, the price will go back to the way it was before the scarcity.” Fuel queues returned to filling stations in some parts of the country two weeks ago in the aftermath of importation of off-spec petrol into the country.
The NNPC had moved to resolve the problem with importation of on-spec products which are being pumped into the market. Despite the efforts, fuel queues still persist in some areas, while some filling stations are still not selling the product.(NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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