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Abdulsh

Latest News
~30.6 mins read
Skip to main content Not long after being released from the 10-day detention imposed by the military coup leaders, the National Committee for the Salvation of the People, the ousted Malian president Ibrahim Boubacar Keita was hospitalised late Tuesday at a private clinic in Bamako, Mali. 







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NEWS
Former Malian President Keita Hospitalised in Private Clinic
IBK hospitalised in Bamako -
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Abdulsh

Oil Importation
~3.5 mins read
Why Marketers Have Not Resumed Fuel Importation — FG
Foreign exchange challenges and prevailing economic uncertainty have been preventing oil marketers from resuming fuel import, the Petroleum Products Pricing Regulatory Agency (PPPRA) has said.
The Executive Secretary of PPPRA, Mr. Saidu Abdulkadir, who disclosed this while addressing journalists in Abuja on Tuesday also said the Petroleum Products Marketing Company (PPMC) had been the one announcing the price of petrol over the last few months, because it was within its rights to do so, as one of the oil marketers and major supplier of the commodity.
Represented by the General Manager, Administration and Human Resources of PPPRA, Mr. Victor Shidok, Abdulkadir said because of the difficulties in accessing foreign exchange by oil marketers, the PPMC is currently the sole importer of the commodity into the country, and announces the prices at which it sells the commodity to oil marketers.
“You know the role that foreign exchange plays with the sourcing of PMS. When you are not producing and earning foreign exchange as you ought to do, then there would be pressure on the little that you have.
“That is why you see the galloping foreign exchange. We did not expect it would remain like that forever; that is why government is doing all it can and in the near future, we would begin to see an improvement in the value of the naira.
“Secondly, we believe marketers are still studying the market before they come in fully to resume fuel import. There is also skepticism whenever a new policy is being put up. We do not envisage that the exchange rate would remain at the rate at which it currently is,†he said.
But the PPPRA boss also explained that the price of Premium Motor Spirit (PMS) also known as petrol is not directly correlated with crude oil price, adding that a number of other factors are responsible for the price of the commodity.
He reiterated that the price of petrol in the Nigerian market would be determined by market forces.
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