Connect with us

News

Petrol Depot Price: Marketers To Sell At ₦168 – ₦170 Per Liter – NNPC

The Petroleum Products Marketing Company, an auxiliary of the Nigerian National Petroleum Corporation, has increased the ex-depot cost of Premium Motor Spirit, otherwise called petroleum, to N155.17 per liter from N147.67 per liter.

The PPMC revealed this in an inside update with reference number PPMC/C/MK/003, dated November 11, 2020, and endorsed by Tijjani Ali.

The notice, a duplicate of which was seen by our reporter, said the new ex-depot cost would produce results from Friday.

In its PMS value proposition for November, the PPMC put the arrival cost of petroleum at N128.89 per liter, up from N119.77 per liter in September/October.

It said the assessed least production cost of the item lead to an increment of N161.36 per liter from N153.86 per liter.

The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr. Mike Osatuyi, said 

“The ramifications of the expansion in the ex-terminal cost is that there will be an expansion in the siphon cost. We are expecting the siphon cost to go from N168 to N170 per liter.

“Unrefined petroleum cost is going up,”

Petroleum value band had additionally ascended from N121.50–N123.50 per liter in June to N140.80-N143.80 in July and N148-N150 in August.

The Minister of State for Petroleum Resources, Timipre Sylva, said in September that the public authority had ventured back in fixing the cost of petroleum, adding that market influences and unrefined petroleum cost would keep on deciding the expense of the item.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Fubara’s suspension Is Unconstitutional – NBA tells Tinubu

The Nigerian Bar Association (NBA) has reaffirmed that President Bola Tinubu’s decision to suspend Rivers State Governor Siminalayi Fubara is unconstitutional and urged him to reverse the action.

Last Tuesday, the President imposed a state of emergency on Rivers, suspending the governor, his deputy, and state lawmakers due to ongoing political turmoil. He then appointed retired naval chief Ibok-Ete Ibas as the sole administrator.

Speaking on Channel’s Sunday Politics, NBA President Afam Osigwe emphasized that Fubara’s removal had no legal basis and should be overturned.

“That is our belief, that is what we expect the president to do, to restore him (Fubara) back to power having unconstitutionally removed him,” Osigwe stated.

He further questioned the legitimacy of Ibas’ appointment, noting that the Nigerian Constitution does not recognize the position of a sole administrator.

“Even when I saw him taking the oath of office, I was wondering which oath he was taking because he was taking an oath not known to the constitution. The constitution does not recognize an administrator.”

Osigwe also criticized the federal government’s approach to resolving the crisis, comparing it to using extreme force for a minor ailment.

“The measures being taken are overreaching, extensive, undemocratic, and above all, unconstitutional.”

He insisted that a political dispute like this should be addressed through dialogue rather than forceful intervention.

Addressing claims that the President’s decision was justified under Section 305 of the 1999 Constitution, Osigwe dismissed the argument, asserting that the law is clear and does not support such action.

“I do not believe that it (Section 305) is not explicit, I simply believe that we deliberately refuse to apply it the way it is,” he said.

Although the National Assembly has approved the emergency rule, the NBA president argued that this does not make the action legitimate.

“The National Assembly’s approval is like placing something on nothing,” he remarked.

Continue Reading

News

Political Events in Rivers State take dramatic turn as Fubara’s Impeachment Looms

The political crisis in Rivers State has taken a dramatic turn as the State House of Assembly issued a notice of gross misconduct allegations against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu.

In a move that signals a potential impeachment process, the lawmakers, who are loyal to former governor and current FCT Minister Nyesom Wike, resolved to publish the allegations in three national newspapers.

Beyond the impeachment notice, the Assembly also called on the Economic and Financial Crimes Commission (EFCC) to investigate the Secretary to the State Government (SSG), Tammy Danagogo, over alleged extra-budgetary spending.

Speaking on the decision, a lawmaker who preferred anonymity stated, “We cannot turn a blind eye to financial irregularities and constitutional breaches in this administration. The people of Rivers State deserve accountability.”

The rift between Governor Fubara and the Assembly has escalated since he assumed office in 2023.

Tensions worsened last week when lawmakers blocked his attempt to present the state’s 2025 budget, further straining relations.

A government official, reacting to the latest development, dismissed the allegations as a politically motivated attack.

This is nothing but an orchestrated attempt to derail the administration. Governor Fubara remains committed to serving the people,” the official said.

As political uncertainty grips the state, observers fear the crisis could disrupt governance and development efforts.

The coming weeks will determine whether the impeachment process advances or if a resolution can be brokered to prevent further instability.

Continue Reading

News

Former FCT Minister Nasir El-Rufai Dumps The Ruling APC

Former Kaduna State governor, Nasir El-Rufai, has left the ruling All Progressives Congress (APC) and joined the Social Democratic Party (SDP).

El-Rufai announced in a statement on Monday, expressing his dissatisfaction with the APC’s leadership style.

El-Rufai claimed that after voicing his concerns in public and privately about the party’s capricious trajectory in recent years, he has decided to look for another political platform to pursue progressive values.

“As a founding member of the All Progressives Congress (APC), I have fond memories of working with other compatriots to negotiate the merger of political parties that created the APC,” he said.

“It had been my hope since 2013 that my personal values and those of the APC will continue to align up to the time I choose to retire from politics.

“Developments in the last two years confirm that there is no desire on the part of those who currently control and run the APC to acknowledge, much less address, the unhealthy situation of the party.

“On my part, I have raised concerns in private and, more recently, in public regarding the capricious trajectory of the party. Therefore, at this point in my political journey, I have come to the conclusion that I must seek another political platform for the pursuit of the progressive values I cherish.”

El-Rufai also stated that, following discussions with his mentors, colleagues, and supporters nationwide regarding his future, he had written to his ward in the Kaduna North Local Government Area of the North-West state to resign his membership in the APC, effective immediately.

He then declared that he had now decided to join the Social Democratic Party (SDP) and adopt it as the platform for his future political engagements and activities.

“Without prejudice to this decision, as a member of the SDP, I will focus on engaging with and persuading other opposition leaders and parties to join us and congregate under a unified democratic platform to challenge the APC in all elections and bye-elections between now and 2027 by the grace of God.” the former governor added

Continue Reading

Trending