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Oil Marketers Now Free To Fix Petrol Price —– PPPRA

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The Federal Government is no more going to be releasing guiding price bands for the sale of petrol at filling stations; hence, oil marketers are now free to fix prices.

On March 19, 2020, the government, through the Petroleum Products Pricing Regulatory Agency, commenced what it called a petrol pricing regime, whereby it releases bands showing upper and lower limits for the pump price of petrol monthly.

It released petrol price bands for about three months although some operators faulted the decision as they claimed it did not speak well of a deregulated downstream oil sector.

The PPPRA, however, did not issue price guidelines for the months of August and September but declared on Tuesday that it would not provide such guiding prices anymore, adding that full deregulation was now in force.

Responding to questions from journalists during a briefing at the headquarters of the agency, the Executive Secretary, Abdulkadir Saidu, stated that going forward, petrol price would be determined by the forces of demand and supply and the international cost of crude oil.

He, however, noted that the role of the agency would be to ensure that oil marketers do not profiteer, as every petrol dealer was, henceforth, free to source for the product and fix their prices.

“This, however, must be in accordance with our code of conduct because as the regulator, it is our duty to protect the consumer and operators must abide by our codes,” Saidu stated.

The PPPRA boss, who was represented by the agency’s General Manager, Administration and Human Resources, Victor Shidok, also confirmed that oil marketers were not importing petrol because of the scarcity of foreign exchange.

He stated that petrol importation into Nigeria was solely done by the Pipelines Product Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation.

Saidu said the price of petrol was also dependent on where the importer sourced the product from, adding that the cost of the commodity had been rising due to this despite the seeming stability in crude oil prices for about three months.

He noted that based on this and the deregulation of the downstream sector, the PPPRA would no more be involved in price-fixing.

“The PPPRA remains a regulator in the downstream sector of the oil industry, but the difference now is that we do not indicate that this is the price that you must sell because if you do that, it is price-fixing,” Saidu said.

On whether the PPMC was now the sole determiner of petrol price being the only importer of the commodity, the regulator insisted that other marketers were free to also import petrol.

It argued that the PPMC was also a marketer, adding that despite being a subsidiary of the NNPC, the pipelines product marketing firm would someday stand alone as an independent dealer in the downstream oil business.

Saidu, however, could not provide the details of the elements that made up the cost of a litre of petrol, as was usually published in the pricing templates of the PPPRA some months ago.

After repeatedly asked to give a breakdown of the unit cost of the components that made up the price of a litre of petrol, the PPPRA boss maintained his argument that the downstream sector had been deregulated and as such petrol prices would differ.

An energy expert and Partner at Bloomfield Law Practice, Dr Ayodele Oni, said with full deregulation of the downstream oil sector, the PPPRA would no longer be relevant.

According to him, the PPPRA is an agency of the Federal Government established to, among other things, monitor and regulate the supply and distribution, and determine the prices of petroleum products in the country.

He said, “With the proposal to fully deregulate the downstream sector, it is arguable that the PPPRA will no longer be relevant and should, therefore, be wound up.

“However, to the extent that it still has functions, such as are related to the establishment of parameters and codes of conduct for all operators in the downstream petroleum sector, the agency will still be of limited relevance and then it staff strength may be substantially reduced.”

Oni also suggested that its remaining functions could be outsourced to another agency such as the Department Petroleum Resources.

Last week, the Minister of State for Petroleum Resources, Chief Timipre Sylva, said plans to merge the PPPRA and the Petroleum Equalisation Fund into one agency called “The Authority,” had reached an advanced stage.

The Nigerian Economic Summit Group, on Tuesday, commended the government’s actions at deregulating fuel and electricity prices.

It urged that proper policies, processes and procedures be put in place “to ensure that all the reforms (beyond price deregulation) necessary to facilitate the smooth functioning of both the fuel and electricity markets are effectively and conclusively implemented.”

The group said adequate communication to stakeholders and the general public on the benefits derivable from these actions must also be regularly carried out.

Professor of Capital Market, Prof. Uche Uwaleke, said the aspect of fixing prices should be removed from PPPRA’s mandate, but it was actually set up in 2003 to monitor the supply and distribution of petroleum products including the pricing.

He said, “Even when you are allowing market forces to determine prices, there may be instances where the government may need to intervene.

“You don’t leave these things completely to market forces and then allow the players to do whatever they like.

“So there should be some sort of regulation that should be there to whip them in line if they are going off the track, so I don’t think the agency should be scrapped.”

Former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said, “The agency may remain as an oversight agency for players in the petroleum sector while the players will do the business.”

He noted even though the government was saying the market was deregulated, it was only the NNPC that was importing fuel which meant the government was still involved.

BIG STORY

Equitorial Guinea Sacks Senior Government Official, Baltasar Engonga Over “Sexcapade”

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The Director General of the National Financial Investigation Agency in Equatorial Guinea, Baltasar Engonga, has been dismissed following the discovery of over 400 explicit videos involving him with high-profile women across the country.

The dismissal, ordered by President Teodoro Obiang Nguema Mbasogo, was confirmed by Real Equatorial Guinea, which referenced Decree No. 118/2024, issued on November 4.

According to the decree, Engonga’s removal was due to alleged professional misconduct and personal behavior deemed incompatible with his public position.

The scandal surfaced during a fraud investigation involving the 54-year-old economist, leading to a surprise search of his house and office by ANIF officials.

During the search, they uncovered several CDs containing explicit videos that revealed his sexual encounters with different married women.

One of the women involved has since committed suicide. It has not been confirmed whether Engonga will face prosecution for his actions.

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BIG STORY

Kaduna Government Gifts N100,000, Smartphones To 39 Released #EndBadGovernance Protesters

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The Kaduna State government has provided N100,000 in cash, new smartphones, and additional support to 39 #EndBadGovernance protesters who were recently released from detention.

The government facilitated their reunion with their families on Wednesday, following their release from detention.

The reunion ceremony took place at the Children Homes along Kauru Road in Kaduna, where Governor Uba Sani offered support to the protesters, promising to assist them in reintegrating into society.

He assured them of opportunities for empowerment, contingent upon their commitment to lawful and responsible conduct.

Speaking to journalists after the release of the protesters, the Secretary to the Kaduna State Government, Abdulkadir Meyere, who represented the governor, revealed that Sani had instructed him to gather the credentials of those who have completed their tertiary education.

‘’The governor promised that some of them will be given start-up capital to begin trading, others will be taught skills, and some will be offered employment,’’ he said.

However, the SSG emphasized that the activities and conduct of the released protesters would be monitored to ensure they maintain good behavior, “before these benefits will be extended to them.”

Meyere also noted that the state government had taken the details of the released detainees, including their contact information, telephone numbers, and the names of their Next of Kins, to facilitate tracking and monitoring.

He further explained that the protesters underwent medical evaluations and received psycho-social counseling to encourage them to make positive changes and become productive members of society.

“Both Islamic and Christian religious leaders preached to them to embrace the teachings of their faiths and avoid bad company, so as to benefit from God’s blessings here and in the hereafter,” he said.

Meyere added that the detainees were each given a phone because they had lost theirs during detention, and ‘’the Governor has graciously given each of them N100,000 as a measure of goodwill.”

The state Commissioner for Human Services and Social Development, Hajiya Rabi Salisu, also addressed the protesters during the reunion, emphasizing the government’s commitment to their welfare.

She stated that the 39 protesters, including two minors aged 16 and 17, had received various forms of support from the government.

“We want you to be ambassadors of peace and preach peace within your peer groups, so you won’t be involved in any unlawful protests.

“We want you to return to a more peaceful environment with your families, and then we can invite you back for further training,” she said to the released protesters.

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BIG STORY

Two Robbers Gunned Down, 23 Suspects Arrested In FCT

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The Federal Capital Territory Police Command has killed two armed robbers during a gun duel and arrested four others in the Jahi area of the nation’s capital.

Additionally, no fewer than five car snatchers were arrested, and 13 stolen vehicles were recovered during operations carried out by the FCT command’s Scorpion Squad.

Speaking on Wednesday while parading the suspects in Abuja, FCT Commissioner of Police, Tunji Disu, said the armed robbers opened fire on October 21 after seeing police officers who had responded to a distress call about a robbery in the Jahi area.

According to Disu, during the ensuing gun battle, the police neutralized two of the armed robbers, recovered two of their vehicles, and arrested two suspects, Haruna Abdullahi, 32, from Ikara LGA, Kaduna State, and Yerima Usman, 28, from Itoro LGA, Bauchi State.

He said, “Upon sighting the police patrol vehicle, the suspects opened fire, and in the ensuing confrontation, two suspects were neutralized.”

Disu added that after a follow-up operation on October 23, the suspects led police operatives to arrest two additional gang members—Abba Ismail, aka Dan-Abba, and Ashiru Suleiman—who had escaped from the scene.

“During interrogation, the suspects confessed to being part of a gang of armed robbers led by one Dan Auwalu, who is still at large. So far, they have carried out armed robberies in Mabushi, Jahi, and Gishiri. Efforts are ongoing to apprehend the remaining gang members,” he stated.

Disu also identified the arrested car-snatching suspects as 32-year-old Arji Thomas from Gwoza LGA, Borno State; Amobi Ndukwe, 40, from Awgu LGA, Enugu State; and Amaechi Sampson, 26, from Imo State.

He said the trio—Thomas, Ndukwe, and Sampson—are members of a notorious car-snatching gang led by one Chidiebere, who is currently on the run.

According to him, the suspects were apprehended just as they were about to sell a stolen blue Toyota Corolla with registration number KTW 2155D.

“It is important to note that both Arji Thomas and Amobi Ndukwe are ex-convicts. During interrogation, they admitted to operating in Garki for the past year and a half, claiming responsibility for numerous car thefts within the metropolis,” Disu added.

Disu also explained how Joseph Abang was arrested. He said one Philemon Olaoluwa reported at the Central Police Station that his mechanic, Abdulhamid Saidu, had absconded with his car—a 2006 ash-colored Honda Accord with registration number RBC 40—after repairing it and taking it to Jos.

He added that Saidu, who is still at large, handed over the vehicle to Abang, who confessed to being part of a gang of car thieves operating in Abuja, Plateau, and Nasarawa states.

Disu said, “Extensive investigations led police operatives of the Central Police Station to Jos, Plateau State, where Joseph Abang was arrested. During interrogation, he informed the police that he belonged to a gang of car thieves who operated in Jos, Abuja, and Nasarawa State.

“He specializes in receiving, remodelling, and selling off vehicles stolen by his gang members. During a search operation at his residence and place of business, two additional vehicles—a Hyundai Accent and a Peugeot 208—suspected to be stolen were also recovered from him. He is in custody and will be charged in court upon the conclusion of the investigation.”

Disu also revealed that a Toyota Hilux with registration number 03A309 FG, stolen by a newly employed security guard, Usman Abubakar, was recovered. Efforts are ongoing to apprehend the suspect.

Disu explained that the vehicle, owned by Mr. Frank Udah, was stolen on October 7 by Abubakar, who had only been employed for three days. Preliminary investigations revealed that Abubakar took the vehicle to Nasarawa State, where he handed it over to two other gang members, who have since been arrested and are facing trial for another offence in Nasarawa State.

“Preliminary investigations revealed that the security guard, who had been employed for barely three days, stole the said vehicle on October 7, 2024, and took the same to Nasarawa State where he gave the vehicle to two other gang members who were arrested and currently facing trial for another offence in Nasarawa State. While the vehicle has been recovered, efforts are in place to arrest the suspect, Usman Abubakar, who is still on the run,” Disu stated.

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