ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
ADVERTISEMENT
Ley Your Dreams Come Alive – With FCMB Loans
Home Business

Oil marketers reject price modulation, demand deregulation

•Want PEF scrapped

17th April 2020
in Business
0
Failure to hit 2.3m bpd oil target puts FG’s 2019 budget on edge
0
SHARES
595
VIEWS
Share on FacebookShare on Twitter

Adewale Sanyaolu

The Major Oil Marketers Association of Nigeria (MOMAN) yesterday rejected the Federal Government’s recently introduced price modulation model for Premium Motor Spirit (PMS), popularly called petrol.

MOMAN Chairman, Mr. Tunji Oyebanji , said oil marketers would rather opt for deregulation as against price modulation as the former would bring about long term stability in the downstream sector. This was even on the heels of the association’s recommendation that the price equalization mechanism managed by the Petroleum Equalisation  Fund (PEF) should be discontinued and its law repealed as the cost of administration of equalization has become too high and the unequal application of payments by marketers distorts the market and creates market inequities and unfair competition.

Are you a Man 40 yrs and above? Do not miss the Vital Information, it goes off in 2 days! CLICH HERE to READ .

The association added that internal equalization has been the practice with diesel distribution and sales since 2010 when diesel was fully deregulated.

On March 18, 2020, President Muhammadu Buhari,  approved the reduction in the petrol price from N145 to N125, and another drop in April to N123.50 per litre, following the crash of crude oil price at the international market.

“Also, the PPPRA shall subsequently issue a monthly guide to NNPC and marketers on the appropriate pricing regime.

Breaking!!! Earn up to N2 - N3 million monthly GUARANTEED (all paid in US Dollars). No training or refereal required. Do business with top USA companies like Amazon, Tesla, Facebook, IBM, Netflix, Zoom, etc. Learn more .

“The agency is further directed to modulate pricing in accordance with prevailing market dynamics and respond appropriately to any further oil market development.’’

100% Natural Herbs to Finally End Premature Ejaculation, Weak Erection and Small Manhood. >>>Click Here for Details<<< .

Oyebanji said that it had become necessary for the association to state its position, adding that recently, the Minister of State for Petroleum Resources, Chief Timipre  Sylva, had in a statement said that the government would implement a policy of price modulation, meaning that it will give effect to existing legislation enabling it to set prices in line with market realities through the Petroleum Products Pricing Regulatory Agency (PPPRA) as provided in its Act.

Premature Ejaculation & "Small Joystick" Resolved in 7Days... Click Here For Details .

He warned that the clear and obvious risk is that the country has never been able to increase pump prices under this law, leading to high and unsustainable subsidies, depriving other key sectors of the economy of required funds.

According to the MOMAN Chairman, operators want the market to determine the price with a level playing field, adding that every investor should have access to foreign exchange to be able to import and sell petrol at a pump price taking its landing and distribution costs into consideration.

He advised that government should no longer fix petroleum product prices, insisting that the health and educational sectors should be given higher priority than paying for petroleum subsidy on petroleum, stating that the association supports the pronouncement of the NNPC GMD,  Mallam Mele Kyari, that subsidy or under recovery  must be things of the past

The downstream sector operators also advocated a market-based philosophy hinged on sustainability of the petroleum industry which encompasses free market competition where access to foreign exchange at competitive rates to all market players are equally guaranteed.

Rapheal

Rapheal

Related Posts

President Buhari to unveil eNaira tomorrow
Business

We’ve no plan to withdraw naira notes –CBN

22nd May 2022
TRCN certifies 60,122 teachers in Kaduna
Business

TRCN reschedules exams in Sokoto, Zamfara over security concerns

22nd May 2022
CBN
Business

No plans to withdraw naira notes — CBN

21st May 2022
Next Post
COVID-19: NAHCO donates PPEs, hand sanitizers to LASG

COVID-19: NAHCO donates PPEs, hand sanitizers to LASG

IATA moves to grow Africa’s aviation sector

IATA offers free training for aviation workers

Coronavirus: Airports Council advises authorities to develop plans to stop spread

How to stop infection without shutting airports

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

ADVERTISEMENT

Highlights

Ekiti: Pro-Oni group accuses Fayemi of illegal recruitment of workers

Road to 2023: Ex-INEC REC Nentawe Yilwatda is a bonafide APC member – Bature, Plateau APC chairman

Road to 2023: Fayemi meets Plateau delegates, promises national cohesion

Sanwo-Olu tasks retired military officers on insecurity across Nigeria

Ebonyi 2023: 27 aspirants threaten to sue APC over disqualification

Board promotes 226 top management Immigration, Civil Defence, Correctional, Fire Service officers

Trending

Police rout kidnappers, kill 10, recover 5 AK-47 rifles in Delta
News

Police rout kidnappers, kill 10, recover 5 AK-47 rifles in Delta

22nd May 2022
0

By Christopher Oji, Lagos Ten suspected kidnappers at the weekend met their Waterloo as they were neutralised...

Governor Mohammed visits troubled Katanga community, calls for peace between Muslims and Christians

Governor Mohammed visits troubled Katanga community, calls for peace between Muslims and Christians

22nd May 2022
Nationwide rally for Yahaya Bello, a sign he is indispensable- Fanwo

Nationwide rally for Yahaya Bello, a sign he is indispensable- Fanwo

22nd May 2022
Ekiti: Pro-Oni group accuses Fayemi of illegal recruitment of workers

Ekiti: Pro-Oni group accuses Fayemi of illegal recruitment of workers

22nd May 2022
Road to 2023: Ex-INEC REC Nentawe Yilwatda is a bonafide APC member - Bature, Plateau APC chairman

Road to 2023: Ex-INEC REC Nentawe Yilwatda is a bonafide APC member – Bature, Plateau APC chairman

22nd May 2022

Follow us on social media:

Latest News

  • Police rout kidnappers, kill 10, recover 5 AK-47 rifles in Delta
  • Governor Mohammed visits troubled Katanga community, calls for peace between Muslims and Christians
  • Nationwide rally for Yahaya Bello, a sign he is indispensable- Fanwo
  • Ekiti: Pro-Oni group accuses Fayemi of illegal recruitment of workers
  • Road to 2023: Ex-INEC REC Nentawe Yilwatda is a bonafide APC member – Bature, Plateau APC chairman
  • Road to 2023: Fayemi meets Plateau delegates, promises national cohesion
  • Sanwo-Olu tasks retired military officers on insecurity across Nigeria
  • Ebonyi 2023: 27 aspirants threaten to sue APC over disqualification
  • Board promotes 226 top management Immigration, Civil Defence, Correctional, Fire Service officers
  • (UPDATED) Four killed in Lagos collapsed building
  • Road to 2023: Yahaya Washiri wins NNPP primaries for Chikun/Kajuru federal constituency
  • Road to 2023: Lawan fortifies campaign, consults Jigawa delegates, pledges educational reforms
  • Why Nigerians find it difficult to secure passports – Acting CGI
  • Police kill ten suspected armed robbers in Delta
  • Soludo places N10 million bounty on killers of Anambra lawmaker
  • Gunmen kill abducted Anambra House of Assembly member
  • 2023 presidency: How APC, PDP candidates may emerge
  • 2023: Ex-APC, PDP stalwarts see alternative in NNPP
  • Pornography: Outcry as sexual immorality increases among kids
  • Kudos, knocks as JAMB concludes 2022 UTME

Categories

  • Abuja Metro
  • Anambra Watch
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.

Posting....