Kachikwu sets April 7 deadline to end fuel scarcity

TVC E, NEWS - The minister of State for Petroleum Resources, Ibe Kachikwu has  announced April 7 as deadline to end the ongoing fuel scarcity. Kachikwu, who appeared before the Senate Committee on Petroleum Resources (Downstream) noted particularly that his comment that he is not a magician to cause fuel queues to disappear overnight was not meant to insult Nigerians. The minister said the “I’m not a magician” comment was made jocularly and never intended to slight Nigerians. The comment attracted the ire of Nigerians, including All Progressives Congress (APC) National Leader Asiwaju Bola Ahmed Tinubu, who insisted he must apologise to Nigerians. Kachikwu said he shared the pains Nigerians are going through to get fuel. He is  working round the clock to resolve the problem, he said, but rejected the call for him to resign. The fuel queues will disappear by April 7, Kachikwu promised. He also explained reasons for the scarcity and the plans...

NLC rejects kerosene price hike

TVC E, BUSINESS - The President of the Nigeria Labour Congress, Comrade Ayuba Wabba says the increment in the price of kerosene was not transparently implemented and labour rejects the hike. The Petroleum Products Pricing Regulatory Agency (PPRA) announced the increment from N50 to N83 last week. PPPRA‎, in its product pricing template, stated that the N83 per litre price applies only to the Nigerian National Petroleum Corporation (NNPC). Wabba, in a chat with The Nation, said  with the dip in global oil prices, Nigerians should be paying less for petroleum products, including kerosene. "But the truth is that with the current global price of crude oil, we should even be paying lower than what they have come up with at the moment," he was quoted as saying. He further said: "So, it’s clear that it is just a price increase and what we have kept on saying is that there is still a lot...

Price of kerosene jerked up to N83

TVC E, BUSINESS - The Petroleum Products Pricing Regulatory Agency (PPRA) has announced an increment in the price of Household Kerosene from N50 to N83. PPPRA‎, in its product pricing template released over the weekend, stated that the N83 per litre price applies only to the Nigerian National Petroleum Corporation (NNPC). This means that other petrol stations and dealers can sell higher than the stipulated amount. The template also showed that at N83, the Federal Government will be making a gain of N10.72 on every litre. It further puts the expected open market price, which is the landing cost plus total margins at N72.28 per litre. The expected open market price is the prevailing open market rate for the product in Nigeria, after taking certain costs into consideration. Giving a breakdown of the price, the PPPRA template put the landing cost of ‎the product at N57.98 per litre, while the total margin due‎ middlemen was put...