Fuel price increase: Consumption comes down by 40% -MOMAN
The recent increase in the pump price of Premium Motor Spirit (PMS), otherwise known as petrol to N145 per litre by the Federal Government has led to a reduction of sales of the product by about 40 per cent.
The Chairman, Major Oil Marketers Association of Nigeria (MOMAN) and Group Chief Executive Officer of Forte Oil Plc, Mr. Akin Akinfemiwa revealed in a press statement at the weekend.
He revealed that there are indications that motorists have devised various means of using less petrol in view of the high cost, adding that his company’s customer surveys showed that motorists had resorted to various journey-planning initiatives to reduce fuel usage.
He identified some of the initiatives to include; “car-pooling, use of government mass transit buses and even cutting down on unnecessary movements and visits”.
“If you may agree with me, there has been a light flow of traffic in the Lagos metropolis in very recent times. We however deem this to be the initial reaction and thus believe that the demand will improve over time,” he explained.
Akinfemiwa insisted that marketers would continue to clamour for deregulation, saying that the recent price adjustment was not deregulation.
According to him, “The clamour is still on and the market is not deregulated as we speak. What we have is an adjustment of the foreign exchange line items on the modulated template to approximately N285 per naira from the Central Bank of Nigeria’s N197 rate previously used. However, we view this as a significant achievement and departure from the subsidy regime in which petroleum product imports accounted for over 50 per cent of Nigeria’s foreign exchange earnings leaving very little headroom for spending on social infrastructure”.
MOMAN boss said that the over-dependence on the CBN window at the time implied that marketers were stifled with respect to import volumes and hence various supply outages at the time. He said the industry would continue to work towards the full deregulation of the downstream sector and allow the customer benefit from the overall efficiencies.
“In addition, the new pricing structure would create a more structured approach for the operations of the downstream sector with a reduced dependent on NNPC by all marketers for petroleum products supplies as we now go and source ourselves. I am aware that some Major Marketers have been approached by some independent marketers for integration and absorption as some of these independent marketers may not have the scale required to operate in the days to come. This is the beauty of this new structure and it shall be to the ultimate benefit of the consumers,” he explained
Akinfenwa noted that the foreign exchange constraints are still there and recalled that when the price adjustment was made, there was an allusion to a secondary foreign exchange market. “But I am aware that the authorities are finalizing modalities for this and should be implemented in the coming days. There are sufficient petroleum products from both the NNPC and the Major Marketers pending the implementation of this policy,” he concluded.
Omotola Ogunrinola liked this on Facebook.
I simply want to tell you that I am just very new to blogs and honestly loved this page. Most likely I’m want to bookmark your blog . You amazingly come with incredible posts. Thanks a bunch for revealing your blog.
When involved in internet marketing, you need to ensure you set up regular,monthly and weekly, and every year objectives. Without having goals and objectives, you have no goal to strive for, that could in the long run trigger you to stop working in your own multi level marketing attempts. Generate a small business diary of day to day activities to help you with this particular procedure.
Fast shipping! Item in great shape!
I just want to mention I’m all new to blogging and absolutely liked you’re web site. Almost certainly I’m planning to bookmark your website . You surely come with amazing posts. Kudos for revealing your website.
I simply want to tell you that I am just all new to weblog and seriously savored this web-site. Likely I’m planning to bookmark your site . You actually come with very good articles. Cheers for sharing your web page.
I simply want to mention I’m very new to blogging and site-building and actually loved your web-site. More than likely I’m likely to bookmark your site . You actually have beneficial posts. With thanks for sharing with us your website.
I just want to tell you that I am beginner to weblog and actually liked this web blog. Almost certainly I’m planning to bookmark your blog . You amazingly have fabulous writings. Thanks a lot for sharing your webpage.
I just want to tell you that I am just very new to blogging and seriously enjoyed you’re blog. Probably I’m planning to bookmark your blog post . You absolutely have really good writings. Kudos for sharing your web site.
I simply want to say I’m all new to blogs and certainly enjoyed your web blog. Likely I’m planning to bookmark your blog . You certainly have exceptional articles. Cheers for revealing your website.
I just want to say I am just all new to blogging and certainly enjoyed your page. Very likely I’m going to bookmark your blog . You absolutely have awesome well written articles. Thanks a bunch for revealing your website page.
I simply want to say I’m very new to blogging and site-building and actually liked this web-site. Almost certainly I’m planning to bookmark your site . You actually come with terrific well written articles. Many thanks for revealing your web page.
I simply want to mention I’m very new to weblog and definitely savored this blog. Very likely I’m planning to bookmark your website . You certainly have great well written articles. Thanks a lot for sharing with us your website page.
I simply want to tell you that I’m new to blogs and definitely loved your web page. Almost certainly I’m planning to bookmark your blog . You amazingly come with perfect posts. Many thanks for revealing your website page.
puts eu sei que nessa temporada é tank, mas perder pra “eles” é foda
Paul Simone, ni moi ni aucun proGbagbo
I like what you guys are up too. Such clever work and reporting! Carry on the excellent works guys I’ve incorporated you guys to my blogroll. I think it’ll improve the value of my website 🙂
I have figured out some new elements from your website about desktops. Another thing I have always thought is that computers have become something that each family must have for most reasons. They offer convenient ways in which to organize households, pay bills, search for information, study, focus on music and perhaps watch television shows. An innovative method to complete many of these tasks is with a mobile computer. These personal computers are mobile, small, effective and portable.
Wow in actual fact a great post. I like this.I just passed this onto a colleague who was doing a little research on that. And he actually bought me lunch because I found it for him. Overall, Lots of great information and inspiration, both of which we all need!
I was very encouraged to find this site. I wanted to thank you for this special read. I definitely savored every little bit of it and I have you bookmarked to check out new stuff you post. http://www.homedecorated.net
Brilliant, thanks, I will bookmark you now.
I frequently read your blog admin try to discover it quite fascinating. Thought it was about time i show you , Sustain the truly fantastic work
Hands down, Apple’s app store wins by a mile. It’s a huge selection of all sorts of apps vs a rather sad selection of a handful for Zune. Microsoft has plans, especially in the realm of games, but I’m not sure I’d want to bet on the future if this aspect is important to you. The iPod is a much better choice in that case.
Your style is really unique in comparison to other people I have read stuff from. Thanks for posting when you have the opportunity, Guess I will just book mark this site.
Aloha, I found your blog on Bing Weblogs and think it is pretty intriguing and delivers fantastic material. Thank you regarding this superb post, I will certainly promote this on Twitter. Have a pleasant day on interior design ideas for home and office
I admire the beneficial information and facts you provide in your posts. I will bookmark your blog and have my children examine up right here often. From: home interior decoration design ideas
Hiya! You some kind of professional website hosting? Great message. Are you able to tell me learn how to subscribe your blog?
Asking questions are in fact pleasant thing if you are not understanding anything totally, however this piece of writing presents pleasant understanding yet.|
Hey, thanks for sharing I always look forward to reading your posts one of the few blogs I still follow home decorated
Never Ever give up: Even though you fail initially; Dont manage to get a great deal of views at first, do your self a favour, do not give up.
Youre so cool! I dont suppose Ive read something like this before. So good to search out somebody with some unique thoughts on this subject. realy thank you for beginning this up. this web site is something that is needed on the net, someone with a little bit originality. helpful job for bringing one thing new to the web!
When was this posted?
download film terbaru sub indo has diamond like clarity and also in order for this to be striking you must use both that and.