NINE VEHICLES IMPOUNDED AS OCHA BRIGADE CLAMPDOWN ON ILLEGAL PARKS. (PHOTOS). #PRESS RELEASE.

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 NINE VEHICLES IMPOUNDED AS OCHA BRIGADE CLAMPDOWN ON ILLEGAL PARKS.  Operation Clean and Healthy Anambra; Ocha Brigade enforcement team have arrest nine (9) commercial drivers and impounded nine (9) vehicles for operating illegal parks and obstructing vehicular movement at New Market road, main market Onitsha.    The agency had in previous weeks, directed transporters to use the various government approved parks for loading and offloading of passengers, as their activities on these road have caused Ndi Anambra so much traffic and untold hardship.  The MD/SG is determined to ensure a traffic free yuletide season, and ensure that the our roads are safe for travelers and road users, irrespective of their destination.  Those arrested has been arraigned by the agency and will be charged to court for violation of the State Government directives on illegal parks.  Solution is here!!! For all your complaints, inquiries and submissions call any of our help lin...
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PETROL LANDING COST DROPS TO N970 PER LITRE-MARKETERS. (PHOTO).

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 Petrol Landing Cost Drops to N970 per Litre – Marketers


In a positive sign for the downstream sector's stability, the Major Energy Marketers Association of Nigeria (MEMAN) has announced a slight decrease in the landing cost of Premium Motor Spirit (PMS), or petrol, which fell to N970 per litre in December 2024, down from N971 per litre in November 2024.


This decrease comes amid a similar drop in crude oil prices, which fell to $73.77 per barrel from $74 per barrel the previous week.


According to MEMAN's daily energy bulletin, which was shared with Vanguard, the new landing cost is based on a crude oil price of $73.91 per barrel (Brent) and an exchange rate of N1,533.57/$.


However, MEMAN also cautioned that international petroleum product prices are subject to significant volatility, influenced by geopolitical and economic factors, including developments in the Middle East, market trends in China, and the recent outcome of the U.S. elections. The foreign exchange rate is also fluctuating, and since landing costs are highly influenced by these factors, prices may change multiple times throughout the day.


Despite this, the retail price of petrol in Lagos remains unchanged at N1,025 per litre.


Ehimen Joseph, Chairman of the Lagos State Chapter of MEMAN, emphasized that petrol prices are determined by market forces in a deregulated market. He noted that price reductions are possible depending on market conditions.


Similarly, Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), explained that petrol prices cannot drop suddenly due to marketers holding large stocks. Price reductions are more likely to occur gradually, driven by market forces and foreign exchange fluctuations. He added that price adjustments will not happen immediately and will depend on the depletion of stock by marketers and sustainable foreign exchange conditions, which could take one to two months.

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