The Independent Petroleum Marketers Association of Nigeria says long queues at petrol stations in Lagos and Ogun states will soon disappear as the Nigerian National Petroleum Corporation has flooded the Ejigbo depot with Premium Motor Spirit.
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Automotive plants set up under the Federal Government’s policy on industrialisation are on the verge of shutting down owing to an unfavourable operating environment and low demand for brand new vehicles.
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To achieve the President Muhammadu Buhari administration’s target of meeting the nation’s needs and end the importation of petroleum products by 2019 which cost the country N3.35 trillion last year, the Ministry of Petroleum Resources is executing a three-pronged strategy.
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— Takes over imports — Oil Corporation explains position — Independent marketers abandon 198 depots, tank farms
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Only 350 new vehicles were imported by Nigerian auto firms in the first quarter of this year, which shows a drop of about 90 per cent over 3,500 recorded in the same period last year.
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Nigerians should prepare for another increase in the pump prices of petrol, due to the continued scarcity of foreign exchange to finance the importation of the product, oil marketers have said. According to them, the United States dollar hit an all-time high last week, as it exchanged for N400 at the parallel market. Worried by the development, the marketers say […]
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Two factors, scarcity of foreign exchange and increase in import duty, are largely responsible for the rise in prices of imported new vehicles. Already, the prices have risen astronomically in the last one year. Investigation by our correspondent shows that the price hike cuts across all segments and it affects virtually all brands. The Managing Director, TNL, Mr. Kunle Ade-Ojo, […]
Continue reading »Duties on shipping business at the ports have shot up astronomically in the wake of the new flexible foreign exchange rate policy of the Central Bank of Nigeria (CBN). Already, the Federal Government has launched the implementation of the new policy, which customs and clearing agents lament has hiked duties by about 40 per cent. The Nigeria Customs Service (NCS) […]
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