Skip to main content

Nigerian oil marketers refute NNPC’s claim on crash of petrol price

Nigerian oil marketers, under the aegis of the Depot and Petroleum Products Marketers Association (DAPPMA), have refuted the claims made by Nigerian National Petroleum Corporation (NNPC) on the crash of the petrol price.
They argued that the corporation might have reduced petrol price at its stations because of its relative ease of assessing foreign exchange.

The Executive Secretary of DAPPMA, Olufemi Adewole, told journalists yesterday that members of group were still selling petrol at N145 per litre, adding that he was not aware that the price of the product had crashed.

He said, “I’m not aware the price of petrol has crashed. My people are still selling at N145 per litre. So if the NNPC has crashed its price, it doesn’t have the overhead that we have; it is not repaying loans to banks like we are paying and government is not owing the NNPC like it owns us.

“So, we are operating in the same market but different conditions. Maybe they (NNPC) crashed the PMS price in their own petrol stations. Government owes marketers foreign exchange and interest on loan repayment for the past two years. Is it these marketers that will now sell at a price that they cannot get the product?

“My own people in DAPPMA are selling at N145 per litre and that is the official market price. If the NNPC is selling at a lower price, you should know that the NNPC is not being owed by government; it is not going to banks to borrow money that it has to pay interest on when repaying. Also, the NNPC is not buying foreign exchange to import products.”
Labels:

Comments

Post a Comment

Popular posts from this blog

IPOB plans Biafra referendum, to announce date soon – Powerful

The Indigenous People of Biafra (IPOB) has said that plans were at advanced stages in preparation for the first in its three-stage referendum process towards the peaceful, non-violent restoration of the nation of Biafra. IPOB said its decision to hold the first of the three plebiscite later this year has vindicated IPOB’s resilience in sticking to the principles of non-violent agitation for Biafra, in the face of government brutality and treachery from enemies within. A statement by the Media and Publicity Secretary of IPOB, Emma Powerful, said that efforts geared towards the first referendum is gathering unstoppable momentum with dates for the exercise to be announced imminently, adding that 40 million ballot papers were being printed and readied for distribution to every clan and village in Biafraland for all adults over the age of 18 to express their preference. Powerful said, “Through this age old democratic process, IPOB shall return power to the  long suffering...
Post a Comment
Read more

Russian jets make first foray into south-west Syria.

The US has warned Syrian rebels in the south-west of the country they should not expect military support to help them resist a major government offensive. The message from Washington comes as Russian jets struck an opposition-held town on Sunday in the first air cover provided by Moscow to an expanding Syrian army offensive in the strategic area bordering Jordan and the Israeli-occupied Golan Heights. The US message sent to heads of the Free Syrian Army said Washington wanted to make clear that “you should not base your decisions on the assumption or expectation of a military intervention by us”. The Syrian army began ramping up its assault last week in order to recapture the area. Washington had warned the Syrian president, Bashar al-Assad, and his Russian allies that violations of a “de-escalation” zone agreed by the US and Russia last year would have “serious repercussions” and pledged “firm and appropriate measures”. The US ambass...
Post a Comment
Read more

Blockchain Embassy Opens for Business in Panama City

A new location for bitcoin and cryptocurrency enthusiasts, entrepreneurs, activists, iconoclasts, connoisseurs, and the general public has opened in Panama. It is called the  Blockchain Embassy . It is located in the  Balboa Boutiques Strip Mal l  of Balboa Avenue in Panama City.  Information on the Blockchain Embassy The space has crypto clothing and other merchandise for sale. It has a cafeteria, craft beers for sale, hardware wallets on display, a coffee shop, and even a working space. A press release sent to  bitcoin . com , said the  embassy  will also start giving cryptocurrency workshops and presentations. Everyone is welcome to come and engage with the Panama crypto community. The Embassy press release elaborated on how it accepts payment and provided more information: The embassy accepts payments in cash and Crypto, and has become an emblematic tourist site in Panama. It receives visitors from all over the world. It is one of th...
Post a Comment
Read more