How NNPC caused fuel scarcity

How NNPC caused fuel scarcity – Marketer

An oil and gas merchant, Capt. Emmanuel Iheanacho, has attributed the persistent scarcity of petrol to monopoly of the product by the Nigerian National Petroleum Corporation (NNPC).

Iheanacho, also the Chairman, Integrated Oil and Gas Ltd., told the News Agency of Nigeria (NAN) in Lagos on Tuesday that the inability of NNPC to create a window for private importers to import petrol also contributed to the scarcity.

According to him, the current shortage in fuel importation gap was caused by the landing cost margin of N171 per litre and the selling cost pegged at N 145 per litre.

Iheanacho said that this was not realistic for marketers to import and sell at that rate.
“The selling of the product at N145 per litre is no longer feasible with the current exchange rate.

“Shortage of foreign exchange and increase in crude prices have made it unprofitable to import petrol and sell same at N145 per litre.

“The problem is that importation of petrol is being handled, almost 100 per cent, by NNPC, while private importers backed out because the increase in crude price has made the landing cost high,” he said.

Iheanacho said that the marketers’ huge debts of over N800 billion had also contributed to their inability to import petrol.

He said that most independent marketers had closed their companies due to inability to pay their workers.

Iheanacho urged the Federal Government to settle all the outstanding debts owed marketers since 2015.

Source:Thenation

Comments

Vulvar Care Tips

Vulva Care Maintaining a healthy vulva and vagina will help prevent infections and discomfort. Unusual changes in vaginal discharge is a sign that there might be an issue. Why is vulvar and vagina care important? Many women experience uncomfortable, vaginal infections (vaginitis) at one time or another. The area around the entrance to the vagina (vulva) can also become irritated. Steps can be taken to relieve and prevent vulvar discomfort and vaginal infections. Not all vaginal infections are alike and home treatments can worsen some types. If you have any concerns about your vulvar or vaginal health, or notice unusual changes in vaginal discharge, contact your healthcare provider if the problem persists. What is the vulva? The vulva is the area of female sex organs that lies outside of the vagina. These organs include folds of sensitive tissue called the labia (labia means "lips"). The labia has two parts. The outermost folds are called the labia majora. A secon...

Nigeria’s first female banker, Sarah Morocco-Clarke is dead

Sarah Adenike Morocco-Clarke, Nigeria’s first female banker is dead. Morocco-Clarke died at the age of 80 on Sunday, 16 September 2018, after a short illness. Sarah Morocco-Clarke, an alumnus of Queen’s College Lagos, started her career with First Bank (then Bank of British West Africa, and subsequently Standard Bank) as a pioneer female employee, and rose through the ranks at First Bank Nigeria and was made the Services Manager and Secretary to the South Administration, wherein she had a mandate that covered the services of all the First Bank branches in Southern Nigeria. While she worked in the banking industry, she was manager of numerous First Bank branches in Lagos and was subsequently made a Regional Manager in charge of Bendel, Ogun and Oyo states. She was also an Area Manager in the Western part of Nigeria. Popularly known as the ‘Iron Lady, Morocco-Clarke leaves behind six successful children, thirteen grandchildren and three great-grandchildren.

BBNaija winner, Miracle, gets Pilot license

The winner of the BBNaija ‘Double Wahala’ reality show, Miracle Ikechukwu, has obtained his Private Pilot License and Flight Dispatcher License. The 23-year-old took to his Instagram page to share the news by posting a picture of his licenses alongside birthday wishes for his mother. He wrote, “Today is also my pillar’s birthday (my sweet mum). Thank you, mother, for always being there for me through the journey. “To all my lovely fans, I thank you all for your patience and support. We made it. PPL in the bag. Happy new month,” Miracle said. During the course of the BBNaija show, Miracle, who was in aviation school prior to the show, continually expressed his desire to obtain all piloting licenses as soon as possible. He expressed his resolve during the eviction nights where he wore his piloting uniform each time he was up for possible eviction. Miracle’s total winning prize included N25m cash, a Sub-Urban Vehicle worth N12m and a trip for two valued N4.7m, Television an...

BAMY BLOG

Search This Blog