Oando Plc Favour Ifeoluwa & Akinola Ajibade Oando Plc says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc, Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
Fuel pump
By Akinola Ajibade
Marketers are yet to fully agreed that Premium Motoring Spirit (PMS) otherwise known Petrol should be sold to Nigerians at N195 per litre.
They include the Nigerian National Petroleum Company Limited (NNPCL), Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN).
While some marketers have accepted in principle to start selling fuel fuel at N195 per litre after deducting the ex-depot price of N172/ litre from it, others are still fully dallying on the issue, claiming that the issue is far from being made possible.
Some marketers, who spoke on condition of anonymity, said that the the oil marketing companies are yet to reach a consensus on the issue of selling fuel at N195/ litre, adding the it is not likely that the agreement to do so holds.
Oil marketers said the agreement was reached at a meeting in Abuja on Tuesday, as participants resolved that beginning from Monday, February 6, 2023, the pump price of petrol should not exceed N195/litre, a development which dealers, particularly independent marketers, described as tough due to the high ex-depot price of the commodity.
The marketers, who are mostly members of IPMAN, argued that there is no business sense in selling fuel at N195 per litre, considering the costs of bringing the product down to the final consumers, adding that the development is enough to generate reactions in Nigeria
According to the IPMAN’s National President, Debo Ahmed, told that approved ex-depot petrol price was recently raised from N148/litre by the NNPCL to N172/litre, a development, which implies that a through study of the nation's oil market is necessary before the produ6 is pushed out to the consumers.
Ahmed, reacting to the notice to members issued by the Public Relations Officer, IPMAN Ibadan Depot branch, Mojeed Adesope, stated that marketers were advised to sell the product in stock now before the enforcement begins on Monday.
In the memo, which was sighted on Saturday, Adesope said, “The top management of NNPC, other relevant authorities in the downstream sector of the economy, as well as all the security agents in the country, met at on Tuesday, January 31, 2023, to begin the enforcement of pump price of PMS at N195/litre at all the filling stations across the country with immediate effect.
“Towards that end, enforcement will commence effective from Monday, February 6, 2023 to enable you to dispose of all your remaining stock on or before the enforcement date.
“Members are hereby implored not to purchase products that they would not be able to dispense at N195/litre. The above information should be given wider spread/circulation in order not to get any member caught unawares. You are strongly advised to heed this information.”
Commenting on this, the national president of IPMAN said the information was in order as he urged other independent marketers to take note.
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