No Result
View All Result
Saturday, June 25, 2022
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    CBOD calls for a more structured supply of Forex for petroleum products

    Economy grows by 3.3% in Q1 of 2022; slowest since Q3 of 2020

    Ghana International Bank reaches agreement with UK’s FCA over £5.8m fine

    UK watchdog fines Ghana International Bank for poor anti-money laundering systems

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Node 8, Ghana Tech Lab partner on Pathways to the adoption of Digital technologies in e-commerce

    Government is committed to stabilizing cedi – Ofori-Atta

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

    #CitiBusinessFestival: Forum on surviving uncertainties of consumer markets comes off today

    A law that will compel banks to lend to Agric sector players being considered – Min. of Agric

    National Unemployment Insurance Scheme training launched

  • TECHNOLOGY

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Take control of financing on the continent – Ofori-Atta to AfDB

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    CBOD calls for a more structured supply of Forex for petroleum products

    Economy grows by 3.3% in Q1 of 2022; slowest since Q3 of 2020

    Ghana International Bank reaches agreement with UK’s FCA over £5.8m fine

    UK watchdog fines Ghana International Bank for poor anti-money laundering systems

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Node 8, Ghana Tech Lab partner on Pathways to the adoption of Digital technologies in e-commerce

    Government is committed to stabilizing cedi – Ofori-Atta

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

    #CitiBusinessFestival: Forum on surviving uncertainties of consumer markets comes off today

    A law that will compel banks to lend to Agric sector players being considered – Min. of Agric

    National Unemployment Insurance Scheme training launched

  • TECHNOLOGY

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Take control of financing on the continent – Ofori-Atta to AfDB

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Nigeria Set to Fully Deregulate Downstream, Petrol to Sell for Over N100 a Litre

bycitibusinessnews
May 9, 2016
in Africa, West Africa
Share on FacebookShare on TwitterShare on Whatsapp

Barring any last-minute change in plans, the federal government will, in a few days, introduce policy changes heŕalding the full deregulation of the downstream sector of the Nigerian petroleum industry, officials well briefed on the matter have told PREMIUM TIMES.

Nigerians may have to brace up for a minimum of 27.17 per cent hike in fuel price nationwide, the officials said.

The policy, they say, is likely to push the pump price of petrol to about N110 per litre at NNPC-owned filling stations and higher at other independent outlets.

ADVERTISEMENT

Amid fears of a possible backlash reminiscent of the reaction by Nigerians in January 2012 when former President Goodluck Jonathan attempted to introduce a similar measure, PREMIUM TIMES learnt that no formal announcement of the policy would be made by government.

Industry sources familiar with the plan said government was on the verge of discreetly giving permission to petroleum products marketers to gradually adjust their pump prices as early as midweek to signal the formal take-off of deregulation in the country.

The sources, who asked not to be named because of the sensitive nature of the matter, said government resorted to that drastic decision to end the vicious cycle of fuel scarcity crises and avoid subsidy payments.

Unlike the situation in 2012, the sources said government appeared to have successfully wooed organised labour and its affiliate unions to its side.

That claim could not be independently verified by PREMIUM TIMES. The General Secretary of the Nigeria Labour Congress, NLC, Peter Ozo-Eson, said he was unable to respond to the reporter’s enquiries, as he was in a meeting. He did not also respond to the text message sent to his telephone on Sunday.

Also, , the acting Executive Secretary, PPPRA, Sotonye Iyoyo, did not respond to calls, and a text message.

Insiders well briefed on the matter said top level secret meetings had been going on all week to weigh the security implications of the possible fallouts of the policy.

One of the meetings was held at the headquarters of the State Security Service in Abuja where the Minister of State for Petroleum Resources, Ibe Kachikwu, and his counterpart in the Ministry of Labour and Employment, Chris Ngige, met with heads of security agencies to finetune possible security response should Nigerians pour into the streets to protest the policy.

Official spokespersons for key petroleum industry agencies were evasive when asked for comments Sunday afternoon.

NNPC spokesperson, Garbadeen Mohammed, said reports of the planned introduction of deregulation by government was new to him.

Full deregulation policy, which involves opening up the downstream petroleum industry for participation by all players, particularly the private sector, is widely considered the panacea for the incessant fuel supply crisis in the country.

With full deregulation, there will be fair competition, with the burden of petroleum products supply and distribution shared between private investors and government, with both having equal access to all aspects of industry operations, ranging from refining, sourcing, to marketing and distribution.

While government will continue to monitor and enforce compliance with established standards, products pricing will be determined by the prevailing market forces in an atmosphere of competition.

Over the years, government bore the burden of subsidy payments on petroleum products consumed in the country.

Under the arrangement, landing cost of fuel, plus the distribution margins included in the Petroleum Product Pricing Regulatory Agency (PPPRA) pricing template have always imposed on government the extra burden of shouldering all costs in excess of a fixed retail pump price of N86 per litre as subsidy.

Until January this year when the price of crude oil at the international market dropped to less than $28 per barrel, government was paying subsidy in multiples of billions of Naira annually throughout the period of high oil prices.

With the introduction of price modulating mechanism by government, Nigerians experienced for the first time a situation where marketers had to refund to the PPPRA costs recovered for importing fuel at a landing price lower than government approved price band of N85.50 per litre for NNPC mega stations and N86 for other stations.

With crude oil prices gradually picking up in recent times, Nigerians have begun to hear reports of the return of subsidy payments by government.

A review of the latest PPPRA fuel pricing template for April 28 showed that retail price for petrol stood at N99.38, showig a fresh subsiďy level of between N12.08 and N13.08 per litre.

Our sources said government felt there was no better time than now to implement the decision, particularly when the price of crude oil, which stood at about $41 per barrel at the close of trading on Friday, was still low.

In January 2012, the NLC successfully mobilized Nigerians to shut down the country’s economy for five days to oppose the attempt by the Goodluck Jonathan administration to remove fuel subsidy, which resulted in hike in fuel prices nation wide.

That action by labour forced government to rescind its decision on the issue.

–

Source: All Africa

Related Posts

Business

Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

byNerteley Nettey

Vice President, Dr. Mahamudu Bawumia, has reiterated the need for a regional approach to enhance the competitiveness of Africa. According...

Read more

As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

Ticket prices to rise following B.A schedule change on Accra-London-Accra route

Bawumia calls for more AfDB support as African economies battle global challenges

Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

Take control of financing on the continent – Ofori-Atta to AfDB

We’ll avert any looming food crisis with effective planning – AfDB Boss

Next Post

Egypt, Russia Discuss Boosting Economic Cooperation

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.