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Get Ready For Another Hike In Petrol Price —– FG

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As crude price hits almost $60/barrel, the Federal Government has asked Nigerians to prepare for another hike in petrol price because the international price has a direct bearing on the cost of refined products.

The Minister of State, Petroleum Resources, Mr Timipre Sylva, gave the hint at the launch of the Nigerian Upstream Cost Optimisation Programme (NUCOP).

According to him, “the higher the price of the crude oil at the international market, the higher the price of refined products like petrol, diesel and the rest”.

He said that the increase would reflect market realities, assuring the citizenry that mechanisms were in place to insulate the consumers from predatory practices of oil marketers.

In four months, the pump prices of petrol have risen from N121.50 to N123.50 per litre in June; N140.80 to-N143.80 in July; N148 to N150 in August; N158 to N162 in September and N163 to N170 in November.

Sylva said there was no way the Nigerian National Petroleum Resources (NNPC) could shoulder any form of subsidy because it was never provided for in the 2021 budget since the Federal Government had ditched the subsidy regime since last year.

Since November 13, 2020, when the local pump prices of petrol were last increased, the price of the international oil benchmark, Brent crude, has increased from $41.51 per barrel to $59.34 per barrel last weekend.

In June 2020, the Federal Government leveraged on the COVID-19-induced slump of global crude oil prices to totally yank off subsidy, to enable it free funds for other areas of the economy.

In December 2020, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kolo Kyari, disclosed that from 2016 to 2019, the Federal Government had spent over N3 trillion subsidising the pump price of petroleum products, particularly petrol, insisting that the subsidy regime did not benefit the masses that the President is passionate about.

Oil marketers in December expected another upward adjustment of PMS prices to reflect the further rise in crude oil prices, which closed at $51.22 per barrel on December 31.

However, a N5 reduction in petrol price, effective December 14, was announced by the Federal Government. It did not go down well with them as they saw it as an interference in price-fixing.

While the crude oil price is a strong determinant of the final cost of petrol, Nigeria has continued to suffer low domestic refining capacity, forcing the government to import the products.

Some marketers are predicting that the pump price of petrol should be around N190/litre as against the current price of between N162-N165/litre. They have expressed their concerns over the non-implementation of the full deregulation of the downstream petroleum sector as the pump prices of petrol have remained unchanged for over two months, despite the recent increase in global oil prices.

Oil marketers are peeved over their inability to access foreign exchange at the official rates to import products.

Daily Sun findings reveal that some NNPC stations in Abuja, at the weekend, quietly adjusted their pumps to N162/litre from N158/litre.

The President of the National Association of Road Transport Owners (NARTO), Mr Yusuf Lawal Othman said the body was awaiting the Federal Government’s pronouncement on the new bridging cost (freight rate) of N9:11k per litre, as against the current rate of about N7.51/litre.

According to him, the new bridging cost was long overdue considering the unsavoury environment members of the association operate in.

Analysts note that once the new bridging cost comes to play, it will increase petrol cost to a new price, regardless of crude cost.

Meanwhile, Nigerians may face another round of horrendous petrol scarcity, as depot owners reportedly shut down their operations on Monday, claiming that they have run out of products.

Sources at the Independent Petroleum Marketers Association of Nigeria (IPMAN) also noted that the depot owners were temporarily winding down operations because of an anticipated increase in petrol price, which reverberates on their operations as well.

The confusion has been worsened by the silence of the Pipeline Products Marketing Company (PPMC), that is yet to unveil the new dealer price to oil marketers.

Daily Sun learnt that depot owners have raised their price by N7. In context, depots have increased their price from N148 to N155.

It was gathered that IPMAN was yet to direct its members to hike their pump price since it was not certain that the depots carried out a legitimate adjustment of their prices.

The cost of petroleum products is one of the components of the total landing cost of petrol in the pricing template of the Petroleum Products Pricing Regulatory Agency (PPPRA).

Freight cost is also one of the components of the total landing cost in the agency’s pricing template.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies pledge to continue to cut down on crude oil inventories and expected increase in global demand due to the roll-out of COVID-19 vaccine in some major economies.

BIG STORY

Man Faints After Discovering His Wife Is His ‘Landlord’

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A Zambian man identified as Martin Stampa reportedly collapsed after discovering his wife is his “landlord.”

Local news platforms reported that Stampa lived in the house for 15 years, and was paying 3500 kwacha every month. It was also gathered that his wife was the one who always took the rent to his “landlord.”

However, an altercation ensued after the lady identified as Lushomo discovered that her husband was having an extramarital affair. Martin reportedly told his wife that he got a side chick because he wanted someone who was intelligent and engages in smart conversations.

This riled Lushomo, who ended up spilling the beans and telling Martin that he’s not intelligent enough as he has been paying her a monthly rent because the house they live in belongs to her.

On seeing the house’s title deeds, Martin lost consciousness and collapsed. People had to drench him with bucketfuls of water to wake him up.

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My Administration Has Brought Visible Developments To The State, Lagosians Will Re-Elect Me In 2023 – Sanwo-Olu

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Governor Babajide Sanwo-Olu of Lagos State has said he is confident that the electorates in the state will re-elect him to steer the affairs of the state for another four years given his record of achievements.

He spoke during a chat on Channels TV’s Sunday Politics program.

Governor Sanwo-Olu, alongside 14 others, will be jostling for the governorship seat in 2023.

He said his administration had brought in development that can be seen and felt by the state’s residents.

“I managed the emergency of the city. Today alone, there are emergencies that have been reported today alone. I’ve recruited over 650 fire service men. I’ve bought 64 brand new trucks that you will come, I will invite you for commissioning.

“I spent over a billion to take off the refuse in Lagos. We’re creating a sanitary landfill site. That’s what we’re doing. We’re building 1618 kilometres of rigid pavement road that runs to tens of billions. We’re building the biggest market in the country because that’s what we’re doing.”

When he was asked if he saw one of his challengers, Olajide Adediran of the PDP, and his deputy, Funke Akindele, a filmmaker, as a threat, Sanwo-Olu said he is the most preferred candidate because he is more experienced.

“So you know, like I said if you have an emergency, who would you call? What are your chances? Do you call the man that has the experience that has gone through the trenches before that has lived with it that understands what the issues are,” he said.

“That appreciate what challenge you have even at 3 a.m. or will you leave your chance to someone that doesn’t know where the dial is or that doesn’t even know what the issues of governance are? This is Lagos.

“This is an informed audience. This is not a tea party. We’re talking about real governance. We’re talking about the lives of 20-plus million Nigerians.

Sanwo-Olu added that Lagos cannot be left in the hands of someone who “cannot run a business that has 100 people.”

The Governor noted that traffic robberies and accidents have significantly reduced following the directive on motorcycle (okada) transportation.

Okada riders were banned by the governor from plying in six local government areas in the state – Eti-Osa, Ikeja, Surulere, Lagos Island, Lagos Mainland, and Apapa and nine local government councils areas.

It is not the first time the government would impose the measure.

In January 2020, the government banned the operation of motorcyclists in 15 local councils across the state.

The governor said that since he gave the directive to restrict the motorcyclists in certain areas of the state, residents have written to him commending the development.

“We’ve also seen a significant drop in accidents. You know, we don’t see people being lame, you know, cutting off limbs in our hospitals again, because these were reckless driving that usually terminate people’s life, unexpectedly,” he said.

“We’ve seen tremendous improvement in that statistics to support. In terms of death drop in the last two months. At the peak of it, we saw about 550 Okada-related accidents at the peak of it in January for over a month.

“Now, it’s coming down to less than 100 direct Okada accidents that we’ve seen, from our hospitals.”

On Amotekun, Sanwo-Olu said there is no need to replicate the Western Nigeria Security Network called in Lagos.

He said the Lagos State Neighbourhood Safety Corp is a replica of the security outfit which “works closely” with the Nigerian Police Force.

“We have the Lagos State Neighbourhood Watch, which are almost 7,000 men that have been trained, that have been energized and are working day to day in the state,” he said.

“There’s no need to reinvent the wheel.”

Since its establishment in 2020, the security outfit has been operational in five states in the South-west except for Lagos.

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HEALTH: Nigeria Records 157 Monkeypox Cases, Four Deaths

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The Nigeria Centre for Disease Control (NCDC) has confirmed 157 cases of monkeypox across 26 states in the country.

This is contained in its latest monkeypox situation report for week 30, posted on its verified Twitter page.

According to the report, four deaths were recorded in 4 states – Delta (1), Lagos (1), Ondo (1), and Akwa Ibom (1) from January 1 to July 31, 2022.

So far, Nigeria has at least 413 suspected cases of monkeypox.

The report read in part, “There were fifty-six (56) new suspected cases reported in Epi week 30, 2022 (25th to 31st July 2022) from nineteen (19) states – Ondo (13), Plateau (8), Lagos (6), Adamawa (4), Abia (3), Borno (3), Delta (2), Kano (3), Anambra (2), Bayelsa (2), Kwara (2), Akwa Ibom (1), Gombe (1), Imo (1), Nasarawa (1), Osun (1), Oyo (1), Rivers (1) and Taraba (1).

“Of fifty-six (56)suspected cases, there were twenty-four (24) new confirmed positive cases in Epi week 30, 2022 from twelve (12) states – Ondo (5), Kano (3), Lagos (3), Abia (2), Adamawa (2), Bayelsa (2), Kwara (2), Delta (1), Anambra (1), Gombe (1), Rivers (1) and Nasarawa (1).

“From 1st January to 31st July 2022, there have now been 413 suspected cases and 157 confirmed cases (105 male, 52 female) from twenty-six (26) states – Lagos (20), Ondo (14), Adamawa (13), Delta (12), Bayelsa (12), Rivers (11), Edo (8), Nasarawa (8), Plateau (6), Anambra (6), FCT (5), Taraba (5), Kwara (5), Kano (5), Imo (4), Cross River (3), Borno (3), Oyo (3), Abia (3), Gombe (3), Katsina (2), Kogi (2), Niger (1), Ogun (1), Bauchi (1) and Akwa Ibom (1).

“Four deaths were recorded from 4 states – Delta (1), Lagos (1), Ondo (1), and Akwa Ibom (1).

“Overall, since the re-emergence of monkeypox in September 2017 and to 31st July 2022, a total of 925 suspected cases have been reported from 35 states in the country.”

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