Indications of federal government increasing the price of premium motor spirit (PMS) to address the problem of scarcity which has lasted for over three months have emerged. The hint was given yesterday by Bauchi State governor, Mohammed Abubakar, while briefing State House reporters after the National Economic Council (NEC) meeting presided over by Vice President Yemi Osinbajo at the presidential villa, Abuja.

He said the decision was taken following a briefing of the Council on the reason why fuel scarcity persists by the group managing director of the Nigeria National Petroleum Corporation (NNPC), Maikanti Baru. According to him, NEC has set up a committee headed by the Gombe State governor, Ibrahim Dakwambo, which will interact with NNPC with a view to determining the correct price for PMS, considering the price of the product in countries bordering Nigeria.

Continuing, the Bauchi governor said, “The second issue that was discussed was the issue of the scarcity of petroleum products. The problem was addressed by the group managing director of the NNPC.“The issue is of course caused by an inter-play of the exchange rate of the Naira and the Dollar and the price of crude oil at the international market which affects the landing cost of refined products in Nigeria.“And in the process, makes the operation of the current price regime almost impossible without some measure of return for whoever is in the process.

“As at today, most, if not all independent marketers have stopped importing refined products into Nigeria; it is only the NNPC that has been doing it. And the NNPC has been suffering a lot of setbacks – the highest amount of under-recovery.“Under-recovery means the inter-play between the landing cost of a litre of the PMS in Nigeria and the pump price of that product. If the product lands at N170, for example, and you sell at N145, immediately you know that you have an under recovery of about N25 for each litre of fuel.

“So he submitted his report and the National Economic Council has a committee that has been interfacing with all revenue generating agencies of the federal government under the chairmanship of the governor of Gombe State.”“That committee has been charged with the responsibility of interfacing with NNPC with a view to determining the correct price for PMS considering the price of the product, especially in countries that are bordering Nigeria because that is one of the reasons that encourage smuggling of the products to these areas,” he added.

Post Views: 264

Up Next

Army Places 3Million Naira Bounty On Shekau

Don't Miss

Herdsmen Attack: Buhari Okays Rebuilding Of Affected Communities

Click to comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

BIG STORY

JUST IN: Customs Hands Over 21 Stolen Vehicles To Canadian Government

Published

10 hours ago

November 26, 2024

PorscheClassy News

The Nigerian Customs Service (NCS) has transferred 21 stolen “Sport Utility Vehicles” (SUVs) and other assorted vehicles to the Canadian Government, following their recovery from various locations across the country.

More to come…

Post Views: 65

BIG STORY

Former Kogi Governor Yahaya Bello Now In Our Custody — EFCC

Published

10 hours ago

November 26, 2024

PorscheClassy News

The Economic and Financial Crimes Commission (EFCC) has revealed that former Kogi State governor, Yahaya Bello, has been detained in the agency’s custody for allegedly misappropriating over N110 billion in public funds.

The EFCC stated that the former governor appeared at its headquarters after months of ignoring invitations and avoiding court summons related to fraud connected to his administration.

EFCC spokesperson, Dele Oyewale, on Tuesday said that Bello had been detained and would be questioned about the allegations against him.

According to reports, Bello responded to the EFCC’s invitation on Tuesday, arriving at the EFCC office with his lawyers, but without his successor, Governor Usman Ododo, who had reportedly been shielding him from arrest.

Post Views: 72

BIG STORY

Libya Arrests Four Nigerians Over Drug Trafficking, Health Risks [VIDEO]

Published

12 hours ago

November 26, 2024

PorscheClassy News

Libyan authorities have arrested four Nigerians in Sabha and Bani Walid on charges related to drug trafficking and testing positive for infectious diseases.

The arrests were announced on Monday by Migrant Rescue Watch, an advocacy group, through a post on X (formerly Twitter).

In Sabha, the Criminal Investigation Department (CID) conducted a raid at the residence of two Nigerian suspects and seized 1,200 hallucinogenic pills along with other illicit substances. Both suspects were handed over to the Sabha Security Directorate for further investigation.

In a statement, Migrant Rescue Watch confirmed: “CID in Sabha carried out a raid on a reported location and arrested two Nigerian drug traffickers. During a search of the premises, police found 1,200 hallucinogenic pills and other illicit drugs. Both individuals were transferred to the Sabha Security Directorate.”

In a separate incident, two Nigerians, a male and a female, were detained in Bani Walid during a routine health screening after testing positive for infectious diseases.

The Directorate for Combating Illegal Migration (DCIM) in Bani Walid transferred the suspects to Tripoli, Libya’s capital, for further processing and eventual repatriation to Nigeria.

Migrant Rescue Watch’s statement read, “DCIM Bureau in Bani Walid transferred two Nigerian #migrants (female and male) who tested positive for infectious diseases to Tripoli for repatriation.”

Bani Walid, located south of Tripoli, is known as a transit hub for migrants attempting to cross into Europe. Libyan authorities continue to crack down on illegal activities and enforce public health measures within the region.

Watch video below: