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IPMAN disagrees with FG over new petrol pump price

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The Oil marketers in Nigeria on Tuesday said it was impossible for its members to sell petrol at the new government regulated N121.5 per litre.

Acting under the aegis of Independent Petroleum Marketers Association of Nigeria (IPMAN), the marketers said they have directed their members to sell petrol at N123.5 per litre.

Reacting to the new price announced by the Petroleum Pricing Regulatory Agency (PPPRA), IPMAN said the agency has advised them to either sell at the new pump price or adjust to what will make Nigerians happy.

And as such, they accordingly instructed their marketers to comply with the advice of the government and adjust to N123.5 per litre pending the Deport Petroleum Marketers Association’s action on the new pump price.

The IPMAN Chairman Kano chapter, Alhaji Bashir Danmallam, in a statement in Kano, urged marketers under his jurisdiction to comply with the new price modulation advice by ensuing that no one sells above the approved N123.5 per litre.

In the circular the PPPRA, advised marketers to sell fuel not above N123.5 per litre.

After a review of the prevailing market fundamentals in May and considering marketers’ realistic operating costs, as much as practicable, we wish to advise of a new PMS guiding pump price with corresponding Ex-Depot price for the month of June, 2020, as follows: Price Band: N121. 50 — B123. 50 per litre. Ex-Depot price:N102.13–N104.13 per litre. Ex-Depot for collection:N109.78–N111. 78 per litre.

All marketers are advised to operate within the indicative prices as advised by the PPPRA,” the circular said.

Danmallam assured the public of a steady supply and distribution of petroleum products at all times and in all circumstances, praying also that God should put an end to the pandemic.

He advised both the public and marketers to continue to observe all public health measures of personal hygiene and social distancing to curtail the spread of the virus.

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Business

Nigerian stock market opens with N119 billion loss

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Nigerian equities market resumed trading on Monday with a loss of 0.91 per cent as a result of profit taking in some blue chips.

Speficially, the All-Share Index which opened the week at 25,182.67 lost 228.35 points or 0.91 per cent to close at 24,954.32.

Accordingly, Month-to-Date and Year-to-Date losses increased to -1.2 per cent and -7.0 per cent, respectively.

Also, the market capitalisation shed N119 billion or 0.91 per cent to close at N13.017 trillion against N13.136 trillion posted on Thursday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria Communications (MTNN), BUA Cement, Zenith Bank, Ecobank Transnational Incorporated and Guaranty Trust Bank.

Analysts at United Capital Plc said: “Looking ahead, we expect the market to remain volatile, as investors lock funds in cheap and fundamentally sound stocks, while taking profit on some stocks that gained last week.”

Consequently, market breadth closed negative with 16 stocks compared with 25 decliners.

Prestige Assurance led the losers’ chart in percentage terms, dropping by 10 per cent, to close at 63k, per share.

Neimeth International Pharmaceuticals followed with 9.73 per cent to close at N2.32, while AIICO Insurance shed 9.32 per cent to close at N1.07, per share.

ETI dropped 7.34 per cent to close at N5.05, while UACN Property Development dipped 6.73 per cent to close at 97k, per share.

Conversely, Fidson Healthcare and Red Star Express led the gainers’ chart in percentage terms, appreciating by 10 per cent each to close at N3.30 and N3.63 per share, respectively.

Cornerstone Insurance followed with a gain 9.80 per cent to close at 56k, per share.

Honeywell Flour Mills rose by 9.78 per cent to close at N1.01, while Unity Bank appreciated by 8.77 per cent to close at 62k, per share.

In the same vein, the total volume traded declined by 29.51 per cent with an exchange of 237.65 million shares, worth N1.61 billion, and traded in 4,808 deals.

This was in contrast with a total of 337.13 million shares valued at N3.41 billion achieved in 3,880 deals on Thursday.

Transactions in the shares of FBN Holdings topped the activity chart with 24.35 million shares worth N128.76 million.

Zenith Bank followed with 24.14 million shares valued at N392.36 million, while FCMB Group accounted for 19.47 million shares valued at N33.48 million.

Caverton Offshore traded 17.37 million shares worth N39.02 million, while United Bank for Africa transacted 14.64 million shares valued at N95.74 million.

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Maritime

NIMASA tasked on discrimination against Nigerian seafarers’ certificate

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A Marine Engineer, Daniel Ikueyemi, on Saturday urged the Nigerian Maritime Administration and Safety Agency (NIMASA) to address the issue of discrimination against the Nigerian Seafarers’ Certificate of Competence (COC).

He made the appeal on an Instagram live programme organised by Mrs Ezinne Azunnah of the MaritimeTvNews, entitled, ”Seafarers’ Certificate of Competence: Quality and Opportunities”.

The Certificate of Competency (COC) is a form of licence every mariner is granted to work on ships.

The certificate ensures that the concerned person has the sufficient knowledge and skills to sail on ocean-going vessels.

According to him, our COC is not strong enough and the issue of discrimination of the COC is a common thing for us.

He added that to ensure that the discrimination stopped, there was the need for NIMASA as the regulator to strengthen the security of the COC to standardise it and prevent it from being forged.

“Other ways to tackle the issue is to have a Memorandum of Understanding (MoU) with some African countries to ensure seafarers utilise their COC.

“There is a notion that 60 per cent of what is taught does not correlate.

“There is need to check this notion and also look into the curriculum that are being used in the country’s maritime academies,’’ he said.

Ikueyemi also pointed out that the feedback mechanism that existed did not capture seafarers’ experience at sea.

He urged NIMASA to have a plan from point of training to point at which seafarers were employed so that their trade would be harnessed.

Also Capt. Ola Alufa, a Marine Captain and Consultant said that the restriction of the country’s COC had not given seafarers the opportunity to be utilised globally.

According to him, Nigerian seafarers are faced with limitations as regards categorisation and that should be expunged.

Alufa suggested that Nigerian seafarers should be well-employed everywhere and be able to work in vessels.

“The limitation is the categorisation. We do not have trading vessels and we need them now.

“NIMASA has tried as regards the curriculum, experience and examination which is very tough. It is of international standard, we need to encourage our own certificate,” he said

He recommended that the Ministry of Transportation must work hand in hand with NIMASA to write to the International Maritime Organisation (IMO) to expunge the clause affecting seafarers.

“A lot of seafarers have not yet gone on board a ship before. They just got the certificate from schools but there is no opportunity and this still bounces back to government on the need for training vessels.

“The vessels will give seafarers the experience and certificate to be recognised worldwide,” he said. (NAN)

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