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Maintain N165/Litre Petrol Price, IPMAN Tells Members

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The Independent Petroleum Marketers Association of Nigeria on Wednesday warned members of the association not to dispense Premium Motor Spirit, popularly called petrol, above the approved N165/litre pump price.

IPMAN in conjunction with the Association of Distributors and Transporters of Petroleum Products gave the warning in Abuja following reports that many retail outlets had adjusted the price in their various pumps upwards above the government-regulated rate.

The factional National President, IPMAN, Chinedu Okoronkwo, admitted that members of the association had called for a hike in petrol price, but noted that the Nigerian National Petroleum Company Limited had released enough petrol.

He said, “Our members in Lagos were getting the fuel at N170 – N173/litre, that’s why they wanted price increased. It is only the NNPC that is importing the product. The cost of doing business has changed, so it becomes difficult to sell at N165/litre.

“That is why we are thanking the NNPC for bringing the product to N143/litre. So, our members must sell the product at N165 which is the government-approved price.”

Okoronkwo further revealed that IPMAN and its partner had engaged the services of Benham Group to recover money owed them for the supply of petroleum products.

“Our business requires technology, that is why we brought a seasoned financial expert and we’ve been able to recover a lot of funds in other countries and Nigeria,” he said.

The IPMAN official added, “The incessant mishaps and destruction of trucks on the road, banditry and kidnapping is the reason we are bringing the insurance company to help us. Leaving the risk for the owner of the truck to bear will affect our businesses.”

On his part, the National President, Association of Distributors and Transporters of Petroleum Products in Nigeria, Mohammed Danzaki, said the NNPC had done a lot to import the product, “but the main issue is the transportation.”

He added, “We have not been getting our payments. That is why we engaged a financial expert, Benham Group, to recoup our money for Nigerians to get regular supplies in the fuel stations.”

The Chairman, Benham Group, Maurice Ibe, said the collaboration was to ensure stabilisation of fuel supply at the filling stations.

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Economy

Fuel Scarcity: FG Raises 14-Man Panel for Solution

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The Federal Government is meeting with operators in the midstream and downstream oil sector as part of measures towards developing strategic stock for Premium Motor Spirit, popularly called petrol, in key locations across the country.

It said the national strategic stocks would help in addressing the recurring fuel scarcity in Nigeria, as it also announced the constitution of a 14-man committee to find a lasting solution to the disruptions in the supply and distribution of petroleum products.

The Federal Ministry of Petroleum Resources stated that President Muhammadu Buhari, had approved the  constitution of a 14-man Steering Committee on Petroleum Products Supply and Distribution Management, which he would personally chair.

The ministry said the move was to find lasting solution to the disruptions in the supply and distribution of petroleum products across the country.

It said the committee had the Minister of State for Petroleum Resource, Chief Timipre Sylva, as Alternate Chairman, as the team would ensure transparent and efficient supply and distribution of petroleum products.

“Other terms of reference are to ensure national strategic stock management, visibility on the NNPC Limited refineries rehabilitation programme and ensure end-to-end tracking of petroleum products, especial PMS, to ascertain daily national consumption and eliminate smuggling,” the FMPR stated in a statement.

To ensure sanity in the supply and distribution across the value chain, Sylva directed the NMDPRA to ensure strict compliance with the government approved ex-depot and retail prices for PMS.

The ministry stated that other members of the committee include the Minister of Finance; Permanent Secretary, Ministry of Petroleum Resources; National Economic Adviser to the President; and Director-General, Department of State Services.

Others include the Comptroller-General, Nigerian Customs Service; Chairman, Economic and Financial Crimes Commission; and Commandant-General, Nigerian Security and Civil Defence Corps.

The Chief Executive, NMDPRA; Governor, Central Bank of Nigeria; Group Chief Executive Officer, NNPC Limited; Special Advisor (Special Duties) to the HMSPR; were also listed as members of the committee, while the Technical Advisor (Midstream) to the HMSPR would serve as secretary.

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Economy

CBN Raises Interest Rate to 17.5%

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The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the benchmark interest rate by 100 basis points to 17.5 per cent.

The CBN Governor, Godwin Emefiele, disclosed this while reading the communiqué of the first MPC meeting of the year on Tuesday.

This is the fifth time the CBN would increase the interest rate despite advice from manufacturers and some key stakeholders.

The CBN said previous increases were beginning to yield results with the slight drop in the inflation rate recorded in December 2022.

However, the CBN stressed that there was a need to keep tightening its fiscal policy.

The CBN keeps the asymmetric corridor at +100/-700 basis points around the MPR.

The CBN also retained the CRR at 32.5 per cent while the liquidity ratio was kept at 30 per cent.

The apex bank had increased the MPR from 11.5 per cent earlier last year to 16.5 per cent across four consecutive rate hikes in 2022.

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Economy

Old Naira Notes: No going Back on January 31 Deadline, CBN Insists

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The Central Bank of Nigeria (CBN) has declared that it will not extend the January 31 deadline for N1,000, N500 and N200 notes to cease being legal tender despite pressure from Nigerians on the need for an extension of the deadline.

The apex bank also warned commercial banks in the country to desist from dispensing the old naira currency through their Automated Teller Machines (ATMs) or face sanction from the bank.

Addressing traders at the Katsina Central Market Thursday on the need to change their old currency, the CBN Director of Currency Operations, Ahmed Bello Umar, said there is no plan to extend the deadline.

The old notes are expected to be out of circulation by January 31 yet there is scarcity of the new notes as banks keep dispensing old notes to their customers across the country.

But Umar explained that the apex bank has enough new naira currency which have since been distributed across commercial banks for onward disbursement to their respective customers through ATMs.

He added that the management of the CBN has directed that from Friday last week, “all ATMs must carry only new notes. If the banks don’t have the new notes they should not load the old notes”.

He said: “The January 31 deadline is fast approaching and the CBN has no plan to extend the deadline. So, all those who have the old notes should please take them to their banks so that they will be exchanged or credited to their accounts.

“We are going round towns and cities in Nigeria to ensure that all the ATMs are loaded with new notes. And there is relaxation on the policy, they can dispense any of the notes either N1,000, N500 or N200 notes.

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