Connect with us

feature

Fuel hike: NNPC proposes N150 per litre

Published

on

The Nigerian National Petroleum Corporation (NNPC) is proposing a N150 per litre price for Premium Motor Spirit (PMS) otherwise called petrol.

This is as the embargo placed on price increase by President Muhammadu Buhari has worsened planned fuel price hike dilemma for the corporation.

Landing cost of PMS has surged to N122.03 per litre, about N4 increase from the specification in the pricing template of the Petroleum Products Pricing Regulating Agency (PPPRA).

This, further checks showed, was responsible for the N4 per litre price hike by NNPC’s mega stations across the country, which hiked their pump price from N141 to N145 per litre.

Some independent marketers, caught in the debacle who were selling at the N145 price before now, have adjusted their pumps to meet up with the market reality.

Further checks by this newspaper showed that seven foreign contractors, including Vitol, Petrocam and Northwest who participated actively in the importation of PMS, have abandoned the contracts.

“The NNPC top notch caught up in this dilemma have approached the president to explain the new market realities to him, but the president refused to hear any briefing on price hike,” a source at the presidency told this newspaper.

“The only option left on the table for NNPC is to push the prices at their stations to the highest point of the price mark.” The source added that the Group Managing Director of NNPC, Dr. Mainkanti Baru would still meet with the president next week to brief him on the possibilities of declaring huge losses by the yearend due to the situation.

“Major marketers like ExxonMobil have exited the downstream while Total is on the verge of its exit. Marketers are running at loss; they are not making profits as envisaged and some of them have adjusted their pumps to accommodate price hike.

In all these, the DPR is helpless because the N145 per litre price is still within the range,” an industry source added. The Group General Manager, Crude Oil Marketing Department of the NNPC, Mr. Mele Kyari, had earlier hinted that the nation’s difficult business environment may make it difficult to sustain the current pump price of petrol.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

feature

Army withholds salaries of 45 soldiers in Borno

Published

on

Authorities of the 7 Division Nigerian Army, Maiduguri, have withheld the salaries of 45 soldiers, according to sources.

The soldiers, who were among the 149 troops of the 153 Task Force Battalion withdrawn from Marte, Borno State, after spending three years in counterinsurgency operations, were accused of for abandoning their duty posts.

The battalion came under attack on three occasions during which several soldiers were killed while a range of weapons, equipment and vehicles were either carted away or destroyed.

The battalion was overhauled after the last attack in February.

A source said necessary changes were made and troops who served with the battalion were moved to different formations in Maiduguri before a new deployment was made.

“Some of the soldiers who were not seen at their new units were believed to have gone on AWOL (Absence Without Leave). Their salaries accounts were not credited in April,” he said.

But one of the affected soldiers said the allegation of desertion against them was untrue.

“We were not given our salaries and when we asked our supervisors in the 7 Division, we were shocked to hear that we had forfeited all our entitlements over desertion.”

Attempts to get the response of army authorities were not successful.

Continue Reading

feature

EFCC goes after top officials of PDP over N10bn scandal

Published

on

The Economic and Financial Crime Commission (EFCC) has invited officials of People’s Democratic Party (PDP) for questioning over alleged criminal conspiracy, abuse of office, diversion of funds and fraud.

This is coming barely a month after a chieftain in the PDP, Kazeem Afegbua, petitioned the anti-graft agency to scrutinise the Secondus-led National Working Committee on financial misappropriation.

In the letter of invitation dated May 17, 2021, and addressed to the Prince Uche Secondus, the EFCC said the need to obtain certain clarification from the party has become imperative.

The agency, however, requested the party’s National chairman to release the National Auditor, National Organising Secretary and Director of Finance to report at the EFCC headquarters from May 19th to 21st 2021.

The agency also requested the national officers to honor the invitation with relevant documents relating to sole of forms into the party’s elective positions from January 2017 to date.

Kazeem had in his petition alleged that much of the financial transactions of the PDP under Prince Uche Secondus has been shrouded in mystery, accusing the leadership of deliberate attempt to shortchange the party in the build up to the 2023 general elections.

However, Secondus had since denied the allegation and filed a N1 billion suit against the petitioner, Kazeem Afegbua.

Continue Reading

feature

Nigeria’s drug control agency approves new COVID-19 vaccine

Published

on

The National Agency for Food and Drug Administration and Control (NAFDAC), has granted approval for the conditional emergency use of Janssen COVID-19 vaccine in Nigeria.

Janssen COVID-19 vaccine is the third vaccine recommended for administration in the country.

The director-general of NAFDAC, Prof. Mojiola Adeyeye, in a statement on Tuesday, said information on the vaccine shows it met the criteria for efficacy, safety and quality.

She said, “The Janssen COVID-19 vaccine is administered as a single dose. Results from a clinical trial involving people in the United States, South Africa and Latin American countries found that Janssen COVID-19 vaccine was effective at preventing COVID-19 in people from 18 years of age.

“The Phase III clinical trial involved over 44,000 people. Half received a single dose of the vaccine and half were given placebo (a dummy injection). People did not know if they had been given Janssen COVID-19 Vaccine or placebo.

According to her, the trial showed a 67 per cent reduction in the number of symptomatic COVID-19 cases after two weeks in people who received Janssen COVID-19 Vaccine.

The most commonly reported side effects were pain at the injection site, headache, fatigue, muscle aches and nausea. Most of these side effects were mild to moderate in severity and lasted 1-2 days.

On the vaccine safety, Adeyeye said NAFDAC, in line with its pharmacovigilance and safety monitoring plan for COVID-19 vaccines, will closely monitor and subject the Janssen COVID-19 Vaccine to several activities that apply specifically to COVID-19 vaccines.

The AstraZeneca vaccine which Nigeria has been giving out has garnered many sceptics internationally after some recipients of the vaccine died.

At least 16 countries including Germany, France and Sweden have suspended the use of AstraZeneca, which put on the Nigerian government to suspend it.

Continue Reading
Advertisement

Latest News

Advertisement

Trending