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FG raises petrol price again marketers to sell at 170

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The petroleum product marketing company, a subsidiary of (NNPC) has increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N155.17 per litre from N147.67 per litre.

The PPMC disclosed this in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali.

The memo, a copy of which was seen by our correspondent, said the new ex-depot price would take effect from Friday.

The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.

In its PMS price proposal for November, the PPMC put the landing cost of petrol at N128.89 per litre, up from N119.77 per litre in September/October.

It said the estimated minimum pump price of the product would increase to N161.36 per litre from N153.86 per litre.

The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, in a telephone interview with our correspondent, said the over N7 increase in ex-depot price would translate into an increase in pump prices.

He said, “The implication of the increase in the ex-depot price is that there is going to be an increase in the pump price. We are expecting the pump price to range from N168 to N170 per litre.

“Crude oil price is going up,” he said, noting that the Federal Government has fully deregulated petrol prices.

Following the deregulation of petrol prices in September, marketers across the country adjusted their pump prices to between N158 and N162 per litre to reflect the increase in global oil prices.

Petrol price band had also risen from N121.50–N123.50 per litre in June to N140.80-N143.80 in July and N148-N150 in August.

The Minister of State for Petroleum Resources, Timipre Sylva, said in September that the government had stepped back in fixing the price of petrol, adding that market forces and crude oil price would continue to determine the cost of the product.

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End SARS: Nigerian govt reaches out to UK over sanction threat

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The Federal Government, on Wednesday, revealed that it has reached out to the British Government over the threat by the UK Parliament, to impose sanctions on Nigerian officials over their roles in the End SARS protests.

The Minister of Foreign Affairs, Geoffrey Onyeama, stated this while fielding questions from State House reporters at the end of the weekly virtual Federal Executive Council, FEC, meeting presided over by President Muhammadu Buhari.

According to him, the Nigerian government has reached out to present its own side of the story.

Onyeama also argued that lawmakers are not responsible for imposing sanctions.

“Yes, we have reached out to the UK government. The meeting that took place were Parliamentarians and they do not speak for the UK government which acts for the United Kingdom and they have also heard the side of the (Nigerian) government regarding everything that has happened.

So, we have been in touch with them and engaging with them. Of course, as in any democracy, the members of parliament are able to also able to air their view.

“But what is important, is that a balanced picture is made available to them, before they take any decision,” Onyeama said.

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