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B N W: Biafra Nigeria World News |
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NNPC, Labour Ministry parley with NUPENG, PENGASSANBY KAYODE EKUNDAYOTo douse the brewing tension over the new fuel price and the 21-day ultimatum issued by oil workers for repair of the nation�s refineries, the Federal Ministry of Labour and Nigerian National Petroleum Corporation (NNPC) invited the leadership of the two oil workers� unions to a meeting in Abuja. The invitation came just as motorists rushed to buy fuel at outlets still selling at between N42.50 and N42.90 per litre to beat the spread of the new rate of N43.95 introduced by major marketers on Sunday. The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and Natural Union of Petroleum and Natural Gas (NUPENG) had at their meeting in Benin, Edo State last week gave the Federal Government a 21-day ultimatum beginning from Monday within which to make the nation�s refineries functional as well as pension bill currently before the National Assembly. The meeting with Federal Ministry of Labour which is expected to take place in Abuja this morning and that of NNPC on Wednesday would among other thing discuss a very forward on petroleum products availability in the country. The meeting, DAILYTIMES learnt would also discuss the way forward in the deregulation of the downstream sector. NNPC, it was gathered would use the parley to calm the nerve of the union leaders over the incessant price increase which the various have never expressed their support for. When DAILY TIMES moved round Lagos metropolis on Monday virtually all the marketers and some independent outlets have adjusted their pumps to between N1 and N1.50k. Mobil filling stations were still dispensing at N42.80 as at 8p.m yesterday when DAILYTIMES visited the Agidingbi station. Otehr petrol stations belonging to Oando, total, Conoil were selling at N43.90 and N43.95. Most Texaco filling stations shut their outlets. Officials of the Department of Petroleum Resources (DPR), Federal government�s agency responsible for monitoring and supervised fuel supply in the country told DAILYTIMES that the agency�s hands are tied to deal with the current price hike. �What we are experiencing is beyond our capability Federal Government had told us to allow the marketers to do what they like. Therefore the new adjustment is not illegal. It is 100 per cent approved by the Federal government� they said. The sources said DPR would have been the first agency to clamp on them if it were to be illegal hike. �But government is supporting what is happening,� he said. With a fall in the crude oil price in the international market to $35 per barrel in the last few days, a landing cost of a litre of petrol, it was learnt has fell to between N41 and N42 per litre. As at yesterday, NNPC still dispensing to marketers of its Ejigbo depot at N38.50 per litre ex-depot price while its outlet of Ikoyi sold to motorists at N40 per litre yesterday. The marketers are expected to take delivery of over 22 million litre of fuel this month. Currently, the marketers are sourcing for N10 billion to import for the rest of the year. Meanwhile crude oil price rose to $36.55 per barrel from $35.92 per barrels last week on Monday as a result of increasing signs that the organisation of Petroleum Exporting Countries (OPEC) may response a pleased production increase of 500,000 barrels per day which take effect from August 1, 2004. The organisation of its ministerial meeting in Borno early last month agreed to increase members� daily production by 1.2 million barrels as part of effort to calm the risen crude oil price oil price was averaged $49.50 per barrel. As at Monday price has fallen to $36 per barrel. OPEC is scheduled to meet Huly 21 to review its market policy and decide whether togo ahead with a further production increase in August. Tuesday, July 6, 2004 |
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