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Petrol Must Sell For N151.87/Litre, Marketers Insists.

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Fuel-scarcity

Price of petrol may increase to N151.87 per litre as petrol marketers reveal that price of the commodity at ex-depot is N133.28 per litre.

The marketers also revealed that price of the product will increase due to the continued scarcity of the United States dollar.

An oil marketer who spoke with Punch newspaper said; “Since the ex-depot price is around N133.5 per litre and the selling price is N145 litre, when you remove the ex-depot cost from the selling price, you’ll get about N12. Now, from this N12, consider the distribution margin and other costs from the depot; if all these costs are less than N12, then the marketers are making profits and there will be no complaint.

“But if the reverse is the case, then they have a complaint. I want you to find out what is the marketers’ margin, transporters’ margin, bridging fund, Petroleum Equalisation Fund, administrative charges and more. When you add all these together, you will realise that truly, the marketers are doing all they can to hold the pump price at the N145 per litre band.”

Checks by the newspaper with the PPPRA revealed that the marketer’s claim was true as the distribution margin for every litre of petrol consumed across the country, retailers charge N6; transporters’ allowance is N3.36; bridging fund, N6.2; dealers’ charge, N2.36; marine transport average, N0.15; and admin charge, N0.3; making a total of N18.71.

By adding this to the N133.5 ex-depot price, the final figure is N151.87.

The paper gathered from a source who was at the meeting between government officials and the marketers that the government might either subsidise the product again or consider some form of concession to the marketers with respect to the cost of the dollar.

“The issue of forex has been a challenge to both the government and the oil marketers.

All of a sudden, the dollar skyrocketed to about N400 and the product we are concerned with here is an international product. So, if they are bringing in the product by buying dollar at N350, then it is obvious that they are really working hard to remain in business.

“For if we are in a truly deregulated market environment, then the price of the product should have increased beyond N145 per litre; there is no doubt about that. Meanwhile, there was a highly confidential meeting between the management of the PPPRA and stakeholders in the sector on this matter.

“I may not be able to tell you the resolutions that were reached concerning the issue of pricing of petroleum products, but the body language of those who participated in the meeting suggests that the government may be considering some form of concessions to the oil marketers as it did for the Muslim pilgrims.

We all know that the government cannot afford to increase petrol price again, not at this time,” the official was quoted.

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BIG STORY

Introducing The Next Owa Obokun Hopeful, Dr. Oriyomi Adewunmi Akerele

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  • Why Ijesas Home And Abroad Are Rooting For The US Based Healthcare Administrator

 

A successful healthcare administrator based in the United States, proud Ijesha prince, historian per excellence, Dr. Oriyomi Adewunmi Akerele was born on August 10th 1974, to a the BILARO ruling house of Ijesaland.

He attended University of Ilorin where he bagged a B.A degree in history and eventually proceeded to the prestigious University of Arlington Texas where he obtained both is Masters and PhD in History. He also holds an MBA healthcare management from Dallas Baptist University.

A successful Prince of the soil, Dr. Akerele presently runs a top healthcare company in the US with a portfolio of over 7 billion USD, and still counting.

According to him, he is ready to take the position of the leadership of his home town where he has a lot of passion and drive to take to the next level considering his exposure in the international environment.

“I am passionate about the development of Ijesaland, I want to take our historical town and its people to a higher level of development through purposeful leadership through cooperation of all Ijesa sons and daughters both at home and abroad.

Adding that his intentions are pure and for the benefit of the sons and daughters of the ijesha land. “I intend to focus on the areas where the Ijesa’s have the comparative cost advantage over other towns in Yorubaland.

He has so far got the backings of the ijesa indigenes in diaspora to give him all the support in whatever way he might be needing them;

“I have the support and assurance of Ijesa sons and daughters in the diaspora and they are ready to lend their hands and resources for the development of our ancestral land”

“I am ready to leave my comfort zone and answer the call of leadership to the throne of my forefathers, I have the pedigree, exposure, love and compassion to lead Ijeshaland and rewrite the history, culturally, economically and socially” he concluded.

It will be recalled that Ijesha’s are a sub-ethnicity of the Yorubas of West Africa. Ilesha is the largest town and historic cultural capital of the Ijesha people, and is home to a kingdom of the same name, ruled by an Oba locally styled as the Owa Obokun Adimula. The last reigning Owa Obokun was Oba Gabriel Adekunle Aromolaran II, who joined his ancestors around September, 2023.

According to prince Oriyomi, “as Ijeshas, we need to connect our roots and stems to our present.

We (Ijeshas) are battle strong; we are smart business people; pace setters in everything we do. Our excellence should be studied.

What we need is a synergy of our strengths and a strong purpose of our collectivity” If opportune to ascend the throne of my ancestors, I will work with everyone to make Ijeshaland a prosperous land that would beam with pride, success while creating a generation of immaculate community. From our major towns of Iperindo, Ijebu-Ijesha, Osu, Esa Oke, Ikeji Arakeji, Owena, Imesi Ile, Ifewara and other several villages, we will have a land that we would bemoans opportunities and bliss.

Dr. Oriyomi is married to princess Oluwaseun Akerele nee Bakre of the Gbagura clan of Egbaland.

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BIG STORY

Many Injured As CNG Vehicle Explodes In Edo Due To Substandard Conversation Kits, Cylinder

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Tragedy struck in Edo state on Thursday when a compressed natural gas (CNG)-powered vehicle exploded at a NIPCO filling station along Benin-Auchi road, Uhunmwonde Local Government Area.

At least three people were seriously injured in the blast and rushed to the University of Benin Teaching Hospital (UBTH) for treatment.

Those hospitalized include a passenger from another vehicle, a pump attendant, and an additional staff member from the filling station, eyewitnesses confirmed.

According to TheCable, a source at the gas station said that the explosion was caused by “the substandard conversion kits and cylinder used in the installation of the CNG on the Audi 80 salon car.”

“The driver of the car and the technician who installed the CNG kits in the vehicle had driven to the filling station to test the efficacy of the installation when the explosion occurred,” the source added.

“Some people patronise roadside technicians because of the high cost of conversion.”

  • CNG Conversion Drive

The federal government has been persuading Nigerians to convert their gasoline-powered vehicles to CNG after President Bola Tinubu pulled the plug on the petrol subsidy regime in 2023.

The Presidential Compressed Natural Gas Initiative (PCNGI) confirmed the Edo explosion in a statement posted on X.

The PCNGI said the vehicle was “illegally modified” to CNG.

The agency advised that only accredited conversion centres should be used to convert petrol-powered vehicles to CNG.

“A close examination of the cylinder in question in Benin City shows it was welded and modified and not approved for use for CNG,” the statement reads.

“The police, regulatory authorities and management of NIPCO are undertaking a painstaking investigation of the incident and we are coordinating with them.

“This incident reiterates the impetus of the PCNGI and our partners on the soon-to-be-launched Nigeria Gas Vehicle Monitoring System at SON, NMDPRA, NADDC and FRSC to tackle any bad actors in the ecosystem that seeks to make this safer, cheaper, cleaner and more reliable source of fueling risky for all.

“We also call on all stakeholders to cooperate with the new system of regulation and ensure full compliance.

“Only accredited conversion centres must be patronized and safe handling of CNG just like petrol ensures safety for all.”

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BIG STORY

50-Yr-Old Nigerian Woman Welcomes First Child After 28 Years Of Waiting

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A Nigerian woman named Oluwakemi Gbangbalasa has celebrated the birth of her first child after waiting 28 years.

Gbangbalasa, who is believed to be in her 50s, shared the joyful news on social media on Wednesday, along with photos and videos of herself and her newborn daughter.

The entrepreneur expressed that she “waited and prayed” for 28 years before this moment.

“For this child, we waited. For this child, we prayed. For this child, we hoped,” she shared.

“After 28 years of waiting on you my God, you blessed me! Thank you God, I am so grateful. My bundle of joy is here.”

During her daughter’s naming ceremony, Gbangbalasa reiterated her belief that “nothing is impossible for God” and thanked her husband and family members for their unwavering support.

She encouraged others hoping for similar blessings to trust that God would fulfill their dreams at the right time.

“I am so happy, I don’t even know how I feel right now. I put my trust in God because I believed that nothing is impossible,” she said on Instagram.

“I knew that one day I will be happy, and today I am very happy this happened during my life time.

“I thank everyone who has supported me up until now; my husband, my younger siblings, and my husband’s children. They all supported me so well and I love them very much.”

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