Following the current global realities of crude oil, marketers said the price of Premium Motor Spirit (PMS), popularly known as Petrol in Nigeria, might hike to N185 and N200 per liter, except the government to subsidize the product, Femi Asu reports.
Since last week, the fluctuating oil prices in the global market have brought considerable concerns to the marketers over the un-implementation of the full deregulation of the downstream petroleum sector as the pump price of petrol has not been changed for over two months.
Two highly placed officials of two primary petroleum marketers association speaking to reporters said the the increment in oil prices had returned petrol subsidy policy.
According to the marketers, the petrol pump price would be between N185 and N200 per liter.
Petrol product is currently sold between N160 to N165 in many petrol stations in Lagos.
Mr. Clement Isong, the Executive Secretary/Chief Executive Officer of Major Oil Marketer Association of Nigeria, when commenting on the possible hike of the product, said;
“Members of my association are operating in Nigeria and care about the long-term sustainability of the industry as well as the country itself.
“So, we know that depending on what exchange rate you use, the pump price should be between N185 and N200 per liter.
“For as long as we continue to sell the product at what we are currently selling it, then somebody is bearing the cost of the subsidy, and the country really cannot afford subsidy at this time.”
Clement further states that there has been an increased demand for petrol in the country, but the security of supply is being threatened.
“So, we need to completely restructure our entire supply chain. We need to reach a place where, if deregulation takes effect, refining will resume in Nigeria. We need to find a way of making sure that Nigerians benefit from deregulation. That, I believe, is what the discussion must be.”
A lawyer based in the United States Katherine Daramola has accused her estranged husband Adetokunbo Daramola of adultery and plans to illegally acquire their jointly-owned property in Lagos.
Mrs Daramola, 57, said her husband and his alleged mistress Abisoye Shitta-Bey were conniving to take possession of a twin duplex at Magodo area of Lagos.
She told Premium Times that her husband partly relocated to Nigeria in 2010 and began executing contracts for the Lagos Inland Revenue Service (LIRS) and some local government areas in the state.
She said: “We got two plots of land at Magodo but we were not able to build on both plots, so we got a developer who paid N10 million on an agreement that he would take two duplexes and the family...
The Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu has appointed, popular media personality Adenike Oyetunde as SSA On Persons Living With Disability
Adenike Oyetunde, an On-air personality and gratitude coach is an an amputee & disability rights advocate who has spoken about her life, trials and triumphs on the LITV exclusive show Life Lessons With Betty Irabor.
The appointment of the media personality was announced hours ago on the official Instagram account of the Lagos State Government.
The statement read;
"SANWO-OLU APPROVES APPOINTMENT OF SSA ON PERSONS LIVING WITH DISABILITIES
Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu has approved the appointment of Adenike Dasola Oyetunde as the Senior Special Assistant to Mr. Governor on Persons Living with...
The Central Bank of Nigeria (CBN) has reacted to criticism regarding the directive to Deposit Money Banks to ban transactions that make use of cryptocurrency.
In a statement on Sunday, Osita Nwanisobi, Acting Director, Corporate Communications, clarified that the CBN circular of February 5, 2021, did not place any new restrictions on cryptocurrencies.
He recalled that all banks in the country had earlier been forbidden, through an earlier CBN circular dated January 12, 2017, not to use, hold, trade, and/or transact in cryptocurrencies.
Nwanisobi noted that the CBN’s position on cryptocurrencies is not strange or unique as many countries, central banks, international financial institutions, and investors and economists have also warned against its use.
He said countries like China, Canada, Taiwan, Indonesia, Algeria,...