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Ghana Oil Marketers Project Reduction In Petrol, Diesel Prices From September 16

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The Association of Oil Marketing Companies (AOMCs) in Ghana forecasts a slight decrease in petrol and diesel prices effective September 16, contingent on the cedi’s stability against the US dollar.

Riverson Oppong, AOMCs Chief Executive, discussed the potential price drop on JoyNews’ PM Express on September 5.

He attributed the projected decrease to the recent stability in key factors influencing petrol prices.

Report has it that the price of a litre of petrol is between GH¢13.63 and GH¢14.35 depending on the company, while the price of diesel ranges between GH¢13.99 and GH¢14.60.

“All the variables that influence prices of petroleum products have been fairly stable over the past week and if that is sustained going forward, then there should be a reduction in prices at the pumps,” Oppong said.

Oppong said the cedi’s performance will be a crucial factor in determining the price review by the oil marketing companies.

The chief executive dismissed criticism that OMCs are slow to adjust prices when the market conditions favour a reduction.

“There is always a reason why the OMCs delay in reviewing prices at the pumps, and that has nothing to do with the arguments that they want to shortchange consumers,” he added.

He said the association is actively working to address recent consumer complaints about service quality.

Oppong also said the group has launched its own initiative to ensure that members adhere to the highest standards for storing products at service stations.

This initiative, he said, could significantly help address the issue and reduce consumer complaints.

“Our sector can be described as the most regulated in the industry. We are regulated by the National Petroleum Authority, and Ghana Standards Authority. You shouldn’t see some of these product quality issues coming up that often,” he said.

“Looking at the progress that we have made when it comes to developing the sector, we should not be having these kinds of challenges.”

In August, the OMCs reduced the pump prices of both petrol and diesel.

While Ghanaians are looking forward to energy cost reduction, a similar development desired by their Nigerian counterparts may be a pie in the sky.

On September 2, The Nigerian National Petroleum Company (NNPC) Limited increased the price of petrol across its retail outlets to N855 per litre, up from N600.

The national oil firm said the increase, which had elicited criticisms and triggered a surge in transport costs, was due to the deregulation of the petroleum industry, allowing pump prices to be ‘determined by market forces’.

BIG STORY

Dangote To Transport Refined Products By Sea — Official

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Dangote Group has announced plans to transport refined petroleum products by sea.

This information was shared in a statement on Sunday by Fatima Wali-Abdurrahman, Senior Adviser to the Group President on Special Projects and Strategic Relations.

She highlighted the construction of a jetty in the Lekki Free Zone to facilitate bulk cargo handling during the refinery’s development.

“Today, we are exporting our products to many African countries through the seaport. We also plan to ease the pressure on the roads from the refinery by transporting finished petroleum products to other ports along the Nigerian coast by sea, for further distribution to the hinterland,” she said.

The initiative aims to alleviate road network pressure while enabling exports to other African nations.

The statement also mentioned that the Dangote Group, a key sponsor of the trade fair organized by the Abuja Chamber of Commerce and Industry, drew a large crowd interested in learning about its new oil refinery, which has recently begun discharging petroleum products.

Attendees also explored the company’s various business units, including Dangote Fertiliser, Dangote Sugar, NASCON (Dangote Salt), and Dangote Cement.

Wali-Abdurrahman stated that participants were eager to learn about opportunities within the company.

The statement quoted participant Peter Ibrahim as saying, “I am here at the Dangote booth to find out what business and job opportunities are available at the Dangote Refinery. We know the company must have created several opportunities.”

Cement dealer Sale Sagir added, “Let me be honest. I came to this trade fair because of the Dangote Group.

I sell cement, but now I have come to find out what it takes to be a distributor of other products, especially the Dangote Petroleum products.”

Wali-Abdurrahman also mentioned the company’s investment in Compressed Natural Gas, stating, “To reduce our carbon footprint and costs, over the past decade, we have converted about a third of our fleet. This is an ongoing process, till we convert the entire fleet.”

The ACCI President, Chief Emeka Obegolu, commended the Dangote Group for its significant role in Nigeria’s industrialization.

Represented by Vice President Legal, Aisha Abdullahi, he remarked on the company’s “unwavering commitment to Nigeria’s development,” adding that “the taxes paid by the group have contributed significantly to national revenue, funding infrastructure projects and social programs that benefitmillions of Nigerians.”

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BIG STORY

Ndume Urges Action Against Corruption, Calls For Unexplained Wealth Law

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Senator Ali Ndume, representing Borno South Senatorial District in the National Assembly, has raised concerns about the pervasive corruption in Nigeria, labeling it a major challenge for the nation.

Ndume made these remarks during an interactive session with journalists in Kano on Saturday.

“Our major challenge in this country is corruption. To date, we have no law that can proactively or reactively address the issue of corruption. If you find someone within our system, especially in politics or government, who is not corrupt, it is because he is fortunate enough to be God-fearing.

“Otherwise, it is only in Nigeria that you can steal money, walk freely, and be celebrated. If you visit an area like this, people will start lobbying and prostrating before you, even when they know the money was stolen.

“In this country, someone who had no money yesterday or last week can suddenly buy ten cars and jets, and his family will celebrate him,” he stated.

The senator noted that in developed countries, people would inquire about how, when, and where an individual acquired their wealth, but the situation is different in Nigeria.

Ndume pointed out that multiple efforts to enact a law addressing unexplained wealth in Nigeria have faced obstacles. He mentioned that he had once asked a former president to sign an Executive Bill, but the request was declined.

“To this day, there is no Unexplained Wealth Act in Nigeria, and no Executive Order addressing it,” Ndume emphasized.

He also expressed his concerns regarding hunger in the country, advocating for increased cultivation of food crops to address the issue.

“There is hunger in the land, and to date, we have not cultivated even five percent of our land. Nigeria is blessed with vast arable land.”

According to him, Nigeria possesses fertile land throughout the country that could be utilized for growing food crops tonourish the population.

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BIG STORY

Wike Behind My Appointment As Petroleum Minister — Lokpobiri

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Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), has credited Nyesom Wike, Minister of the Federal Capital Territory (FCT), for facilitating his appointment.

Lokpobiri made this revelation on Saturday at an event organized in honor of Wike by the Ijaw Peoples Congress (IPC) in Port Harcourt, Rivers State capital.

“It is important to tell you my brothers and sisters that me that is standing before you today as the Minister of State for Petroleum Resources was also made possible by Nyesom Wike,” Lokpobiri said.

He added, “You also heard the account of the MD of the NDDC who said that the Minister of the FCT played a direct role in his appointment.

“My own case could have been a more direct role. Some of you may not know. It all started in Wike’s house in Port Harcourt and it all got concluded in his house in Abuja.”

Lokpobiri continued, “My second journey of becoming a Minister started at the house of the Minister in Port Harcourt and it was concluded in his house in Abuja. It is important for me to complete this history.

“Because when I was looking at the welcome address, our names were not included among those who have benefitted from his benevolence. I thought that my name, Heineken Lokpobiri, would have been included amongst those that he has helped.

“But since my name is not included, I have to complete it. I want you Ijaw people to know that we have a brother, we have a friend.

“It is always better to have a good friend than to have a bad brother. Of what use is a bad brother? It is of no use. But if you have a good friend in the case of the FCT Minister, you are already blessed.”

Lokpobiri expressed gratitude to Wike, saying, “Your Excellency, the FCT Minister, let me on behalf of the Ijaw people all over the world, express our gratitude to you for your show of love to Ijaw people.

“We Ijaw people are very grateful people. If you do us good, we will not pay you back with evil. So, we will always be grateful to you for what you have done for our Ijaw people. We are looking forward to you to do more for our Ijaw people.”

Prior to his current appointment, Lokpobiri served as Minister of State for Agriculture and Rural Development from 2015 to 2019 under former President Muhammadu Buhari.

He was appointed Minister of State for Petroleum Resources by President Bola Tinubu in August 2023, concurrently with Wike’s appointment as FCT Minister.

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