FG REVIEWS PETROL PRICE TEMPLATE DOWNWARD
…says subsidy down to N4. 52 per litre
The Federal Government has commenced a downward review of the current petroleum products price template, with a view to eliminating inefficiencies in the price regime.
The Group General Manager, GGM, of the Nigerian National Petroleum Corporation, NNPC, Mr. Bello Rabiu disclosed this at interactive session with journalists in Abuja, yesterday.
According to him, the current administration was convinced that petroleum products were overpriced, in Nigeria at the moment, and that with the elimination of inefficiencies, prices of products would go below current pump prices.
Mr. Rabiu disclosed that, as at Thursday, December 17, 2015, there was only a N4. 52 subsidy per litre. The details are: Cost and Freight N65.48; Logistics (Trader’s Margin, Lightening Expenses, NPA, Financing, Jetty –Depot thru put, storage) N10.55; Distribution Margin (Retail, Transportation, Dealers, Bridging Fund, Administration) N15.49, bringing the Open Market Price to N91.52 per litre.
The GGM said that the NNPC did not believe that consumption of petrol was as high as 50 -55 million litres per day as the PPPRA claimed but around 40 million litres per day, using the statistics from its field monitors.
“Government should pay (subsidy) for what Nigerians consume and the people should pay for what they consume, not for what they did not consume,” he said.
According to Mr. Rabiu, the new template would become effective in the first quarter of 2016.
66 SOLDIERS’ DEATH SENTENCES CHANGED TO IMPRISONMENT
The death sentences by firing squad passed on 66 soldiers in January and March 2015 by separate General Court Martials have been commuted to 10 years imprisonment each.
It will be recalled that the soldiers were arraigned on several charges in joint trials that include Criminal Conspiracy, Conspiracy to commit mutiny, Mutiny, Attempt to Commit an Offence (Murder), Disobedience to Particular Orders, Insubordinate Behaviour and False Accusation, amongst others.
However, following series of petitions, the Chief of Army Staff Lieutenant General Tukur Yusufu Buratai, ordered a legal review of the cases. The directive was carried out to examine the merit of each case. It was on the basis of the review and recommendations that the Chief of Army Staff commuted the death sentences of the 66 soldiers to 10 years jail term. The sentences are to run concurrently.
NUPENG REJECTS PLANNED SACK OF 1,100 NNPC STAFF
Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, yesterday rejected planned sack of no fewer than 1100 workers of the Nigerian National Petroleum Corporation, NNPC, and threatened to shut down the nation’s petroleum sector should the management go ahead with the sack.
PDP KICKS, AS APPEAL COURT SACKS AKWA IBOM GOVERNOR
…Gives INEC 90 days to conduct fresh election
The Abuja Division of the Court of Appeal, yesterday, totally nullified the outcome of the April 11 governorship election in Akwa Ibom State. The appellate court equally set aside the verdict of the Akwa Ibom State Governorship Election Petition Tribunal which had on October 21, ordered a re-run poll in 18 out of 31 Local Government Areas in the state.
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