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Nairaland Forum / Nairaland / General / Politics / Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost (913 Views)
Marketers Say Petrol Price Could Further Drop By ₦8/Litre / FG To Reduce Petrol Price To ₦130 From ₦145 / Minimum Wage: FG Planning To Increase Petrol Price To N185 – Fayose (2) (3) (4)
Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost by sheriffden(m): 7:19pm On Oct 25, 2020 |
The pump price of petrol may be witnessing an increase as FG is set to add to it, strategic reserves’ financing cost. There could be a further increase in the retail pump price of petroleum products like petrol, kerosene and diesel. This is due to the Federal Government’s proposal of the addition of the cost of managing the national strategic stocks of petroleum products to the retail price of the commodities. According to a report from Vanguard, this proposal is contained in the 2020 Petroleum Industry Bill (PIB) which is currently before the National Assembly for passage. This means that the passage and subsequent signing into law of the PIB, will lead to further increase in the pump price of petrol. Other things being equal, as the cost of managing the national strategic fuel stocks would, from then, form an integral component of the pricing template of petroleum products and would determine the pump price of the commodities. Other current components of the pricing template, apart from the landing cost include the National Transportation Average (NTA), the Nigeria Ports Authority (NPA) charges, marketers margin and transportation costs. In the new PIB that is before the National Assembly, the new Nigerian Midstream and Downstream Petroleum Regulatory Authority that would emerge from the scrapping of the Petroleum Products Pricing Regulatory Agency (PPPRA) and the Petroleum Equalization Fund (PEF), is to be saddled with the responsibility of setting up and managing the national strategic stocks of petroleum products. The new agency would determine the amount to be charged as a levy for financing the strategic petroleum products’ reserves. Which would form part of the retail price of each of the petroleum products, and also mandate to work with security agencies in deciding areas of the country where the national strategic stocks would be maintained and distributed. The 2020 PIB partly reads; “ The Authority shall: establish, administer and ensure the storage and distribution of the national strategic stocks of petroleum products in accordance with regulations issued by the Authority. Determine and publish the amount to be charged as a levy for the financing of the national strategic stock, which shall form part of the retail price of each petroleum product, such levy to be determined as a percentage of the retail price and be deducted on a wholesale basis; and Designate, in consultation with the appropriate authorities and national security agencies, the strategic locations across the country where the national strategic stocks shall be distributed and maintained.” The PIB is also proposing that facilities and infrastructure which are to be specifically defined by the soon-to-be-established Nigerian Midstream and Downstream Petroleum Regulatory Authority for the storage of national strategic stocks would be exempted from the provisions of the law relating to open access. The other functions of the Nigerian Midstream and Downstream Petroleum Regulatory Authority in the new PIB include; regulating and monitoring technical and commercial midstream and downstream petroleum operations in Nigeria, and determining appropriate tariff methodology for processing of natural gas, transportation and transmission of natural gas, transportation of crude oil, and bulk storage of crude oil and natural gas. https://nairametrics.com/2020/10/25/petrol-price-to-increase-further-fg-to-add-strategic-reserves-management-cost/ |
Re: Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost by hisgrace090: 7:24pm On Oct 25, 2020 |
there's nothing anyone can do again, even if you protest they'll over run you with hoodlums. |
Re: Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost by Flora2Sweet: 7:25pm On Oct 25, 2020 |
Not surprised, ever since BUHARI took up the job as the petroleum minister... The price has never ever EVER COME Down.. That's how Bad He Is... 1 Like 1 Share |
Re: Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost by MajesticKris: 7:26pm On Oct 25, 2020 |
Not surprised... Are You??.... BUHARI Never fails to Surprise US.. that's what we get when, old men continues ruling... |
Re: Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost by Sufisunni: 7:34pm On Oct 25, 2020 |
Which one is "strategic reserve management cost" again? |
Re: Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost by Racoon(m): 7:37pm On Oct 25, 2020 |
The next level of suffering is unprecedented.Nigerians are yet to recover from the effect of their self-inflicted recession before COVID19 sets in.Now after smarting from Coronavirus, the #EndSARS protests and now back to fuel increment. |
Re: Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost by helinues: 7:38pm On Oct 25, 2020 |
O set go. Hardship upon hardship |
Re: Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost by Nobody: 7:39pm On Oct 25, 2020 |
hisgrace090: Lol.. the hoodlums would first handpick the politicians like they have been doing recently.. |
Re: Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost by MagicBishop: 7:41pm On Oct 25, 2020 |
hisgrace090: No there is something Calabar- youth showed Nigerians - raid and loot their houses. The next protest is coming by the 1st quarter of 2021. The youth now know their targets. |
Re: Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost by solarview(m): 7:55pm On Oct 25, 2020 |
Before nkor |
Re: Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost by Yobabad: 7:57pm On Oct 25, 2020 |
What ever, we the Yorubas have economic advantage 1 Like |
Re: Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost by omowolewa: 8:00pm On Oct 25, 2020 |
Okay, at this point, only God can safe us |
Re: Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost by BigSarah(f): 8:02pm On Oct 25, 2020 |
Re: Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost by Fuckyoumod: 8:50pm On Oct 25, 2020 |
A bag of Nigerian made rice is 38k now, Before mid 2021 it must have gotten to 45 - 50k. Nigerians una never see anything yet. Hunger and poverty go kill una finish. Una must get sense for this country. Shey una dey shout sai baba? Shey una vote Buhari again? Ok Na. Shey Buhari daughter don't jet out to go born pikin? Why dubai? How much was budgeted for Aso Rock clinic since 2016 till date? Buhari has not started dealing with you guys. As for people like me, that warned you about the calamity and disaster called Buhari, we are not disappointed, we have been ruggedized for the worse from Buhari because We expected nothing from the cattle rarer. 2015 and 2019 will continue to hunt you till 2023! 1 Like |
Re: Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost by ruffhandu: 9:14pm On Oct 25, 2020 |
The people no dey hear word, na devil be their papa. |
Re: Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost by ruffhandu: 9:17pm On Oct 25, 2020 |
The people no dey hear word, na devil be their papa? 1 Like |
Re: Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost by sapientia(m): 9:31pm On Oct 25, 2020 |
It seems these guys have empty skulls I wish them the best |
Re: Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost by poiZon: 9:49pm On Oct 25, 2020 |
E still dey shock una? Okay now |
Re: Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost by GamalNasser: 9:52pm On Oct 25, 2020 |
This is why the endsars protest should have ended when the govt announced the Dissolution of Sars...now we have lost the edge of protest because no protest will be condoned neither will it have mass appeal for the next 5 years |
Re: Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost by Xzellentgraphic: 10:09pm On Oct 25, 2020 |
Make dem kuku put am for #200...make we rest jare.....let me design your logo, flyer, banner at affordable price...please get my contact from signature |
Re: Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost by Sunofgod(m): 10:10pm On Oct 25, 2020 |
The zoo must fall |
Re: Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost by fineboynl(m): 11:17pm On Oct 25, 2020 |
the second wave of inflation loading. perhaps they are looking for money to Increase police salary. before December a bag of local rice would be 45k. and a sachet of tomatoes paste would be 250N. |
Re: Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost by osarogie28841: 11:33pm On Oct 25, 2020 |
Which one is "strategic reserve management cost" again? |
Re: Petrol Price To Increase Further, FG To Add Strategic Reserves’ Management Cost by ivolt: 5:25am On Oct 26, 2020 |
MagicBishop:After causing destruction, your peaceful hoodlums will later come out to deny it. |
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