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...For a better society... Friday, December 24 2004 Vol 13 No.44 News Editorial Politics Opinion Foreign News Fashion Metro Sports Features Columnists View from America Business Money/Market Maritime Aviation Motoring Rail/Road N48/litre price: NNPC gives marketers 48hrs to comply Cosmas Ekpunobi, Abuja Irked by the reluctance of petroleum products marketers to comply with government’s directive that premium motor spirit (petrol) should sell for N48 per litre, government yesterday issued a 48-hour ultimatum on the marketers to comply or be closed. Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Funso Kupolokun, made this known while briefing reporters on the current status of refineries and products availability, in Abuja. According to Kupolokun, even as the corporation would not only close any non-complying station, the pipeline products marketing company (PPMC) was waiting for the period to elapse and then those that could not comply will have their outlets closed. He also warned that the NNPC will not hesitate to blacklist deviant marketers wondering why they were so fast in increasing their pump price but were reluctant to effect a downward price. The NNPC boss affirmed that the Port Harcourt refinery was operating at 75 per cent capacity, with three out of the four boilers in service, and three of the four turbine generators in service. The Kaduna refinery was running at 76 per cent while that of Warri was operating at 70 per cent capacity, he added. This, and events in the international oil market, were responsible for the N1 drop in the depot price of petrol culminating in the new price of N48 per litre, he averred. Giving the rationale behind the demographic restructuring in the corporation, Mr. Kupolokun stated that the workforce of the corporation has aged significantly and has not been adequately refreshed over time. Reeling the statistics available, Kupolokun maintains that the average age of staff was 45 years, 76 per cent of staff were above 40 years, 31 per cent will have reached retirement within 10 years while only 2.7 per cent of the staff were below 30 years old. The restructuring exercise was basically to build competences and systems to compete efficiently in an increasingly competitive oil and gas environment, locally and globally among others. From the transformation, the outfit was planning to achieve 45 per cent local content by 2006 and develop legal framework for ensuring compliance. � 2004 @ Champion Newspapers Limited (All Right Reserved). Powered By dnetsystems.net dnet�

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