Current petrol price in Nigeria

The Federal Government on Tuesday night reduced the price of petrol from N125/litre to N123.5/litre.

Current petrol price indicates a reduction of N1.5 on every litre of petrol purchased nationwide.

It announced the reduction through the Petroleum Products Pricing Regulatory Agency, after a whole day meeting with stakeholders in the oil and gas sector in Abuja.

Announcing the reduction, the Executive Secretary of the PMS pricing regulator, Abdulkadir Saidu, said, “PPPRA, in line with the government approval for a monthly review of Premium

“Motor Spirit pump price hereby announces guiding PMS pump price of N123.50 per litre.

“The guiding price which becomes effective 1st April 2020, shall apply at all retail outlets nationwide for the month of April 2020. PPPRA and other relevant regulatory agencies shall continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector.”

It added, “Members of the public and all oil marketing companies are to be guided accordingly.”

The spokesperson for PPPRA, Kimchi Apollo, had told our correspondent at 7.30pm that stakeholders had been meeting on the new price since Tuesday morning.

Officials from the Central Bank of Nigeria, Nigerian National Petroleum Corporation, oil marketers and labour unions, among others, who constitute the petroleum products price modulation committee attended the meeting.

On March 19, 2020, a day after the Federal Government announced the pump price of N125/litre for petrol, the PPPRA declared that there was the possibility of a new price regime for the PMS beginning from April 1, 2020.

Hours after the announcement of the reduction, the PPPRA explained that there is the possibility of a new price regime for the commodity from April 1, noting that the new N125 per litre pump price would last till the end of March 2020. Addressing newsmen in Abuja, Executive Secretary, PPPRA, Mr. Abdulkadir Saidu, had stated that the agency would be undertaking a review of PMS price and would announce a new price for the commodity, April 1, 2020, if there is a change in the parameters used in determining the current price. He noted that the price announced Wednesday, March 18, 2020, would apply till March 31, 2020, and a new price might come into effect after the review, adding that henceforth, PPPRA would be undertaking a review of petroleum products prices on a monthly basis.

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The Federal Government, yesterday, disclosed that it would continue to monitor the petroleum downstream sector to ensure unhindered supply of Premium Motor Spirit (PMS), also known as petrol, across the country during the period of the New Coronavirus (COVID-19) pandemic lockdown. This was even as oil marketers lamented that the lockdown was negatively affecting the movement of their staff, as vehicles were not available to convey them to the petrol stations, while over zealous security personnel were restricting their movement. Addressing newsmen during its reinforcement of sales and distribution of petroleum products in the Federal Capital Territory, Abuja Zonal Controller of the Department of Petroleum Resources (DPR), Mr. Buba Abubakar, stated that so far, most petrol stations are complying with the directive of the Federal Government. He noted that in addition to the presence of its staff across all the fuel supply value chain, some of its staff had been placed on standby, to be deployed to areas where there are complaints of disruption in fuel supply. He affirmed that the DPR would continue with the monitoring of the fuel situation throughout the period of the lockdown, noting that any petrol station found hoarding the commodity would be sanctioned. Abubakar enjoined Nigerians, especially those that might be in need of the commodity during the period of the lockdown, to avoid panic buying, as the country has enough products to meet the demands of the citizens. He said, “As you can see, everything is going smoothly from the distribution, marketing and sales of the product. It is so far, so good.

“This monitoring is going to continue. Even after now, we are going out in the afternoon, it is a continuous process. “My general assessment is that everything is okay. Nigerians should not engage in panic buying. We seriously try to stop people from buying in cans because of the temperature we have today; the product can become very volatile. We should not do panic buying at any time; there is availability of products; people are working; sales are ongoing, there is no cause for alarm.” During the monitoring exercise, all the petrol stations visited complied with the directive of the government, as all of them were dispensing the commodity, though with a few staff, due to the low patronage. At the Conoil petrol station, Kado Estate, Abuja, manager of the outlet, Mr. Godwin Aghogho, disclosed that the station had opened since 7am, in compliance with the directive of the government, noting, however, that it had not been having patronage since it opened. He stated that the outlet currently have fuel stock of 6,900 litres and intends to take delivery of more quantity later in the day. 

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The NNPC Retail Outlet, Katampe, along the Kubwa Expressway, was also attending to customers, while one of the attendants disclosed that patronage had been very low since the station opened. He, however, lamented the difficulty in commuting to the station, noting that he spent several hours in traffic at Mararaba and Nyanya, due to security checkpoints along the way to Katampe. Similar complaints was made by officials of Conoil and Total petrol station at the Central Business District, opposite the headquarters of the Nigerian National Petroleum Corporation (NNPC). At Conoil, the Station Manager, Mr. Lawrence Ogbagha, who noted that the station opened with 66,050 litres in stock and also expecting more products, had many of its staff trapped at home or in traffic, due to over zealous security personnel who refused to allow them come to work despite identifying themselves as workers at petrol station.

He further stated that most of its staff were unable to get vehicles that would convey them from their homes to the stations due to the lockdown, while he called on the government to provide alternatives that would ease this transportation challenge. Assistant Station Manager, Total filling station, Central Business District, Mr. Bature Yaki, also stated that most of its staff were trapped at the gridlock along the Mararaba, Nyanya Road, while some of them could not get vehicles to transport them to the office. He, however, noted that the station opened with 33,000 litres of petrol and was discharging as at the time the inspection team visited the station.

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Corona virus comes from the Latin word corona, meaning crown or halo. When viewed under an electron microscope, the image of the virus looks like a solar corona.

In accordance to WHO,Corona viruses are a family of viruses that cause illnesses ranging from the common cold to more severe diseases such as Severe Acute Respiratory Syndrome (SARS) and the Middle East Respiratory Syndrome (MERS). The severe Acute Respiratory Syndrome which is in relation to Corona virus (SARS-CoV) and was identified in 2003 ,is said to be an animal virus from an uncertain animal which researchers presumed to be either bats or snakes, that spreads to other animals such as cats, and then to humans. While the Middle East Respiratory Syndrome in relation to the Corona virus (MERS-CoV) was first discovered inmultiple surveillance and phylogenetic studies suggest a bat origin. The disease is heavily endemic in dromedary camel populations of East Africa and the Middle Eastsaid to be transmitted from camels to humans.The novel corona virus, identified by Chinese authorities on January 7 and since named COVID-19, China’s national health commission has confirmed human-to-human transmission, and there have been such transmissions elsewhere.Symptoms and PreventionsCorona virus can cause not only the common cold but also a fatal respiratory illness. According to health expertise, the various symptoms are fever,cough, and shortness of breath and also breathing difficulties. In more severe cases pneumonia, multiple organ failure and even death could occur. The virus spreads primarily through respiratory droplets, such as those generated when an infected person coughs or sneezes.It takes 1-14 days for the infected persons to start noticing symptoms; most infected people showsymptoms within five to six days. Please note that,infected patients can also be asymptomatic, meaning they do not display any symptoms despite having the virus in their systems.

World Health Organization has advised the public to take the listed preventive measures;

Washing of hands regularly with soap, which cannot be over emphasized and use of hand sanitizers

Try to give at least 1 meter (3 feet) distance between yourself and anyone who is coughing or sneezing. This is important because one could be infected if you breathe in the little droplet of an infected person while he/she is coughing.

Avoid crowded areas or you use a nose mask.

Avoid touching of eyes, nose and mouth.

Cough, sneeze using disposable tissues.

If you have fever, cough and difficulty breathing seek medical care early, please stay at home if you feel unwell, while you call the nearest health center. Get Infra red thermometers at home to help you check your temperature and that of your visitors at all times.

The term in Epoxyoil serv have made adequate preparations to provide useful and important preventive products needed for these trying times and we can assure all our esteemed customers our resolve to ethically provide necessary supplies at reasonable prices, as long as we have stock we will provide for our customers, except we run out of stock.

Please visit our website for more inquires at www.epoxyoil.com

Ruth Ozichu Yakubu

Production Chemist

Epoxy Oilserv Limited

ruth.yakubu@epoxyoil.com

+234-8060907072

Leaders around the world are facing twin anxieties; how severe the coronavirus (COVID-19) outbreak will be for the economy and what companies should be doing to prepare.

Scientists have long warned that emerging infectious diseases represent a new reality with the potential to cause untold human suffering and economic disaster. While the financial damage of the COVID-19 epidemic first reported from Wuhan, China, on Dec. 31, 2019, has so far largely been confined to China, organizations around the world are directly and indirectly affected by what is fast becoming a global crisis.

Managers lack clear guidance on how to prevent the spread of this global pandemic event. The World Health Organization (WHO) tracked 1,438 epidemics between 2011 and 2018 and notes, “In addition to the loss of life, epidemics and pandemics devastate economies.” Many of the outbreaks in this period, including Ebola and MERS, were able to be contained geographically. But the conflux of hyper urbanization and global warming makes pandemics and other ecological dangers more likely to spread over a larger area, and a very real threat to the world’s economies.

We’ve been taking a close look at the effects on Chinese companies and workers of the government quarantines that began being imposed in January. The responses of these two sets of stakeholders at the front lines of managing this crisis offer important lessons for organizational leaders in other locales. Current projections suggest that it is only a matter of time before most organizations are facing similar challenges.

We believe that managers can learn a lot from how companies in China have been coping with COVID-19. These practices include; having smart policies around remote work; anticipating and mitigating operational roadblocks; and addressing the social impacts of this health emergency.

Many jobs, particularly those in manufacturing, cannot be transitioned to remote work. Only 33% of Chinese small and medium enterprises, which employ 80% of Chinese workers, were able to resume normal operations by the end of February.

Using the Chinese experience as a model, we believe there are steps managers can take to maximize the effectiveness of the remote work option during a crisis. They include;

• If you are not already doing so, allow your employees to telecommute. Companies that allow for remote work right now will have the necessary tacit knowledge, planning, and infrastructure in place to quickly transition more operations if that becomes necessary.

• Identify employees who are most crucial to maintaining business continuity. Do they have the tools to work effectively from home if they have to? Ensure that they are prepared.

• Develop a disaster scenario that incorporates telecommuting. How would your organization operate if there was a quarantine that shut down geographic areas where you operate? Use techniques from scenario planning to generate ideas about how your company could pull together the capacity to resume operations in even a limited form.

• Perform routine environmental cleaning:
  • Routinely clean all frequently touched surfaces in the workplace, such as workstations, countertops, and doorknobs. Use the cleaning agents that are usually used in these areas and follow the directions on the label.
  • No additional disinfection beyond routine cleaning is recommended at this time.
  • Provide disposable wipes so that commonly used surfaces (for example, doorknobs, keyboards, remote controls, desks) can be wiped down by employees before each use.

• Emphasize staying home when sick, respiratory etiquette and hand hygiene by all employees:
  • Place posters that encourage staying home when sick, cough and sneeze etiquette, and hand hygiene at the entrance to your workplace and in other work areas where they are likely to be seen.
  • Provide tissues and no-touch disposal receptacles for use by employees.
  • Instruct employees to clean their hands often with an alcohol-based hand sanitizer that contains at least 60-95% alcohol, or wash their hands with soap and water for at least 20 seconds. Soap and water should be used preferentially if hands are visibly dirty.
  • Provide soap and water and alcohol-based hand rubs in the workplace. Ensure that adequate supplies are maintained. Place hand rubs in multiple locations or in conference rooms to encourage hand hygiene.

At Epoxy Oilserv Limited, we are committed to helping combat the spread of COVID-19 by making available the right products to help curtail the spread of this epidemic. The safety of our customers and the public is our utmost priority.

Please contact us for more information.