Queue at the filing station The President, Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
By Favour & Akinola Ajibade
Electricity consumers, henceforth, are going to pay new prices for prepaid meters and unit costs of the product respectively, the Nigerian Electricity Regulatory Commission (NERC) has said.
In the circular dated September 5th 2023 and signed its Chairman, Sanusi Garba and the Commissioner of Legal, Licensing and Complicated, Safe Akpeneye, the Commission blamed the development on factors such as rising rates of inflation, landing cost of the material and the recent increase in charges by Nigerian Customs Services.
Others are multiple Charges by various Institutions in charge of Ports and the increasingly outrageous cost of doing business in Nigeria and other built-in costs.
Apart from this, NERC approved new prices for unit cost of electricity for consumers.
According to the approved price list Single Phase Pre Paid Meters is now N81, 975 . 16k. from N58 , 661 .69k, 3 Phase Pre Paid Meters is now N143 , 836 .10k from N109 ,684.36k .
While justifying the increase, the Commission said the adjustment in prices of meters and unit cost of the product was to create an equitable and sensible meter pricing system that would be fair to both Meter Asset Providers (MAPs) and end-user customers.
Continuing further, NERC said that MAP will ensure the ability to recover reasonable costs associated with meter procurement and maintenance while ensuring that their pricing structure allows for a viable return on investment.
It also stated that “Pursuant to the provisions of section 8(1)(c) of the Regulations which provides that the costs of single-phase and three-phase meters for MAPs, inclusive of all other associated costs of installation and warranties shall be at the regulated rates approved by the Commission, the Commission hereby approves the following review of meter prices of MAP issued meters.
“The approved meter prices are exclusive of Value Added Tax (VAT). The approved meter prices are also inclusive of the revised Nigerian Electricity Management Services Agency (“NEMSA”) sealing cost.
“All MAPs shall adjust their prices to reflect the approved rates. All Maps shall supply meters previously paid for by end-use customers prior to the commencement of this Order at the prevailing rate when payment was made by the customers without additional increase in cost.
“All DisCos and MAPs are to develop/implement customer enlightenment campaigns on the price review along with a schedule on the implementation of their meter rollout plans.“All MAPs shall continue to file monthly sales and meter installation returns with the Commission.”
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