Logo
NEWS | Education | DJ MIX | OTHERS | SPORTS |


Logo

Logo

Logo
 
Logo


« | »

Why We Raised Fuel Price To N143.80 Per Litre ― PPPRA


The Petroleum Products Pricing Regulatory Agency (PPPRA) has explained that the increase in its guiding price of Premium Motor Spirit, also known as petrol, to N143.80 per litre was not as a result of the prices of crude oil alone, but mainly as a result of the increase in the price of petroleum products in the international market.

In an interview with Vanguard in Abuja, General Manager, Corporate Services of the PPPRA, Mr. Kimchi Apollo, disclosed that as a result of the gradual opening up of economies worldwide, a surge was recorded in the global demand for Premium Motor Spirit, also known as petrol, which caused the price of the commodity to rise.

He stated that the Federal Government had agreed that subsequently, everything concerning the price of PMS would be based on current market fundamentals and market forces.

According to him, the current guiding price is basically the price of the commodity as it is, and it is normally an average over a period, which was calculated and used in determining what the price is going to be in the subsequent month.

He said, “The current price is reflective of the market fundamentals.

This is because of activities picking up worldwide. There was an increased demand for petroleum products, so the prices went up.“We do not just sit down and fix price; it is based on certain parameters. Also, we did not fix prices, we only gave the guiding prices.“People are only talking about prices of crude oil; that is not the determining factor alone for PMS price. It is the price of the products in the international market.

“Petroleum products price in the international market is not the same thing as crude oil price. So when some people are complaining, they are only just looking at crude oil price, which is just one component.

“When it is refined, we are not buying crude oil from them, but the products being purchased and all the things that accompany it.

“On Wednesday, there were reports that South Africa increased their pump price of petrol. It is driven by the same factor; probably, it is because they have seen, when they went to buy, that the price of the commodity had gone up, the same way that we saw that the price of the commodity had increased.Based on that we now advised, because we are not fixing prices, we now advised that based on the market fundamentals, it would be safe for you to sell at between N140.80 and N143.80 per litre.

“The more profit-conscious marketers would naturally remain at N143.80, while others would go with the N141.80 per litre price range.”

Apollo maintained that the PPPRA would not allow petroleum products marketers to be solely responsible for the determination of the price of PMS, because evidence had shown that majority of the marketers do not have the interest of Nigerians at heart, and would not hesitate to exploit consumers if given the opportunity.

According to him, based on observations from the price of diesel, which the marketers had left unchanged, despite the low price of the commodity in the international price, the government would not put Nigerians solely at the mercy of oil marketers.

He said,

“That is why we keep talking about the issue of marketers agitating that they want to be the ones to fix their prices. If they sell at N140.80 per litre, they would not make a loss, but why would they choose the highest band, if they are truly concerned about the good of Nigerians?

“Most of the marketers would not want to pick the lowest band, mainly because they do not have the interest of the people at heart. Yet, they are agitating that the PPPRA should stop advising them on the price to sell; that they should be allowed to advise themselves.

“No sensible government would allow such things. Just like what is happening in diesel; you cannot control the price because the marketers are fixing it themselves. They made it to remain high.“When the price of crude oil and other petroleum products crashed, they did not reduce the price of diesel.

Now these are the people hiding behind these things to shout that they want to be able to fix their own prices, which are mainly so that they can shortchange Nigerians.

TRENDING SONGS

Song [Music] Billigram – Yo Gyal Song Policeman, Soldier Arrested For Armed Robbery In Ondo Song Award Winning Presenter, Jane Bester Celebrates Her Birthday Today Song [Full EP] International Currency – The Genesis Song Merry Christmas To You All Song [Audio + Video] Yung Shef – Grace Song [Full Album] Tekno – Old Romance Song Congrats To Burna Boy And Wizkid As They Bagged Nominations At The 2021 Grammy Award Song 17-Year-Old Son Impregnates His Younger Sister In Nasarawa Song [Full Album] Timaya – Gratitude

CLICK TO DROP YOUR COMMENT

Share this post with your friends on


17 Responses

    1. movie download

      - 10:36 am

      Great looking website. Think you did a bunch of your very own coding. Teodora Hieronymus Brost

    1. 123movies

      - 2:10 pm

      Wonderful site. Lots of useful info here. I am sending it to a few buddies ans also sharing in delicious. And of course, thanks in your sweat! Nyssa Danie Linus

    1. Best Twitter Services

      - 7:39 pm

      I am glad that I detected this web site, just the right information that I was searching for! .

      https://bonuslikes.com/tag/all-social-media-likes/

    1. Buy Youtube Subscribers

      - 9:42 pm

      There is noticeably a bundle to learn about this. I assume you made certain good factors in options also.

      https://bonuslikes.com/tag/unlimited-number-of-likes/

    1. WWW.XMC.PL

      - 10:40 pm

      Wow, thanks for sharing, I have learned so much here on your site, thought I’d let you know your efforts are appreciated http://www.piano.m106.com

      http://www.xmc.pl

    1. Buy Real Youtube Marketing

      - 9:01 am

      I truly appreciate your work, Great post.

      https://bonuslikes.com/product-tag/500-likes-for-twitter/

    1. WWW.XMC.PL

      - 10:14 am

      Zycie jest tak dobre, jak dobrym pozwalasz mu byc. – Charles Bukowski

      http://www.xmc.pl

    1. WWW.XMC.PL

      - 10:52 pm

      Zwykle, zanim zycie wreczy nam swoje najwspanialsze prezenty, owija je starannie w najwieksze przeciwnosci losu… – Richard Paul Evans

      http://www.xmc.pl

    1. Ronaldbef

      - 3:24 am

      Hi, here on the forum guys advised a cool Dating site, be sure to register – you will not REGRET it https://bit.ly/2MpL94b

    1. shigget

      - 10:43 pm

      https://vsviagrav.com/ – viagra online prescription

    1. shigget

      - 6:38 pm

      http://vslevitrav.com/ – best price on levitra

    1. shigget

      - 1:46 pm

      https://vsdoxycyclinev.com/ – buy doxycycline 100 mg online rx

    1. shigget

      - 2:25 pm

      https://vskamagrav.com/ – kamagra gold 100mg review

    1. shigget

      - 10:11 pm

      https://vsviagrav.com/ – online pharmacy

    1. shigget

      - 11:07 pm

      http://vsdoxycyclinev.com/ – buy doxycycline 100 mg online rx

    1. shigget

      - 11:18 pm

      https://fcialisj.com/ – can you buy cialis online

Leave a Reply

NOTE:- Make your comment a bit long to get it approved.



Go Back To The Top

« | »


Looking for something? Search below





About Djkotech | Always Stay Connected

Akpore Eguono Love (born 04 May 2001), known professionally as Dj Kotech (sometimes stylized as Kotech joor), is a Nigerian disc jockey and a blogger. Dj Kotech signed a record deal with Mighty Men Empire (M.M.E) in 2016. He rose to prominence after releasing “Good Times” followed by “Oga Sars“. In February 2018, Dj Kotech […]more →