Connect with us


BIG STORY

Petrol Price Will Crash In One Month— Oil Marketers

Published

on

fuel noozle selling

Oil marketers have given an indication that the pump price of petrol will crash in the next one month.

Already, some filling stations belonging to independent marketers in major cities such as Abuja and Lagos are beginning to sell petrol below the N145 given last week by the Federal Government as the benchmark price per litre.

The Federal Government had penultimate Wednesday announced a new price regime of N145 as the maximum amount for a litre of petrol. This has prompted the Nigeria Labour Congress to declare a nationwide strike, demanding the return to the old prices of N86 and N86.50 per litre for fuel outlets controlled by the Nigerian National Petroleum Corporation and major/independent marketers, respectively.

The Executive Secretary, Major Oil Marketers Association of Nigeria, Mr. Obafemi Olawore; the President, Independent Petroleum Marketers Association of Nigeria, Chief Obasi Lawson, and an executive member, Reconciliation Committee of the Independent Marketers Association of Nigeria, Mr. Dibu Aderibigbe, in separate interviews, said the cost of petrol would fall in the near future as a result of the competition, which the new price policy had created.

Olawore said, “I just returned from Abuja and I discovered that there are two retail outlets around Jabi (in Abuja) that were selling at N137 per litre. This is because they needed to offload the stock and get more.

“So, when we get to the point where everybody has the product as we are doing now, those who want to quickly turn their tanks round will choose the price they want to sell. I am very confident that in spite of the unfavourable exchange rate, we will get to the point where prices will be moving up and down.”

Lawson also stated that the current partial deregulation policy of government would liberalise the oil and gas industry and engender competition that will warrant a reduction in price.

He said, “In less than one month, we will start reaping the benefits of the new policy. This new policy of the Federal Government that effected the change in price of the PMS is a welcome development and the PMS prices will start coming down very soon.”

Similarly, Aderigbigbe stated that the price of petrol would fall soon because independent marketers were gearing up to import the product in large volumes.

He said, “Independent marketers are going to import large volumes of petrol and any filling station that sells at high prices may lose customers. In fact, competition will be high and I can assure you that within the space on one month or two, the price of petrol will fall to the point that people will start making choices.”

The marketers have continued to laud the partial deregulation of the downstream industry, stressing that the initiative would not only liberalise the sector but also force down the pump price of petrol as a result of competition.

To make funding available for petrol importers, it was gathered that the Federal Government had to pair the upstream arm of the oil giant, Total E&P with its downstream company involved in the sale of the Premium Motor Spirit (petrol) at filling stations.

Specifically, some senior officials at the Federal Ministry of Petroleum Resources and the Nigerian National Petroleum Corporation told our correspondent that the government had paired Mobil upstream with its downstream firm.

Advertisement

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

BIG STORY

“My NGO Account Has Been Hacked, N160Million Diverted” — VeryDarkMan

Published

on

Popular activist and social critic, VeryDarkMan, has raised concerns about the hacking of his NGO account, which led to the diversion of N160 million.

In a video shared on his verified Instagram account on Friday, he revealed that the incident had left him feeling distressed in recent days.

He explained that the funds were stolen after hackers allegedly gained access to the NGO’s website. The compromised account, which initially contained N180 million, now holds only N20 million.

He mentioned that law enforcement agencies had tracked one of the suspects, resulting in an arrest.

To address the situation, he stated that the NGO’s app had been temporarily taken offline for maintenance to prevent further vulnerabilities.

He said, “For the past few days, I’ve not been myself. I am here with Officer Joe, and we are going to Jos. NGO money—somebody stole the money. Somebody hacked into the NGO website, and I don’t know how they did it. N180 million is missing, but thank God we have tracked the person, and we are on our way to Jos.

“They have arrested one person, and that is why I’m even saying it now. I’m excited, and the account has been put on PND. The account now has N20 million, while N160 million has been diverted to another account. We are currently going there to see how we can get the money back. I just want to update you people.

“I even had to shut down the app and put it on maintenance so that people will not really see what is going on, but let me just come out plain and tell everyone what is going on. Hopefully, we will get the money back.”

The NGO, which launched in October, gained significant attention after raising over N21 million within 24 hours of its inception.

The initiative, aimed at transforming Nigeria’s public education system, attracted support from prominent figures, including music producer Don Jazzy.

Continue Reading

BIG STORY

Christmas Celebrations: Police Arrest 23 Suspected Armed Robbers, Hoodlums, Kidnapper, Recover Dangerous Weapons [PHOTOS]

Published

on

  • As IGP Commends Officers For Vigilance, Commitment To Safety

 

In furtherance of the directive of the Inspector-General of Police, IGP Kayode Adeolu Egbetokun, Ph.D., NPM., to commands and formations to emplace unalloyed anti crime strategies towards ensuring adequate safety and security during this festive period, operatives of the Nigeria Police Force across several states in the country have successfully apprehended multiple groups of armed robbers, cultists and hoodlums targeting fun seekers and engaging in gangsterism during Christmas celebrations.

On the 25th of December 2024, at about 1am, the police operatives attached to Lagos State Command, received a distress call that a group of hoodlums armed with dangerous weapons was operating around the Safejo area of Amukoko, Lagos State. The swift response by the police operatives to the scene led to the arrest of 3 of the suspected hoodlums identified as Emmanuel Okoli ‘m’, 20 years, Ogunde Tejiri ‘m’, 20 years, and Emmanuel Orji ‘m’, 18 years, and also the recovery of the weapons they had used in carrying out robbery attacks on innocent funseekers in the area. The police have emplaced intensified searches to apprehend the fleeing members of the gang.

In a similar development, Police Operatives attached to Saminaka Division of the Kaduna State Command on 25th December 2024, at about 8pm, successfully apprehended one Sule Muhammad ‘m’, 25 years, who has been actively involved in multiple kidnapping incidents within the Saminaka area. Further investigation led to the recovery of a fabricated AK-47 rifle from the suspect. The suspect confessed to being a member of a notorious kidnapping gang who had been evading arrest since the arrest of other gang members on August 16, 2024, until his recent arrest on 25th December 2024. Following cooperation received from Muhammad, efforts are in top gear to apprehend other members of his gang and recover more arms and ammunition in their identified camp. Commendable efforts of the Nigeria Police Operatives have also been witnessed in states including Delta, Ogun Katsina, Benue, FCT and Imo, leading to the arrests of several suspects in various locations during the Christmas celebration period.

The IGP has commended the officers involved in these operations for their vigilance and commitment to public safety, highlighting their display of exemplary dedication in safeguarding our communities, especially during this joyful season. The IGP urges the public to remain vigilant and report any suspicious activities to the authorities.

The IGP further assures citizens that the Force is fully committed to creating a safe environment for everyone as they partake in the joy and cheer of the holiday season. As the celebrations continue, the Nigeria Police Force remains steadfast in its mission to protect all citizens and ensure that the spirit of festivities during this period remains unmarred by criminal activities.

 

ACP OLUMUYIWA ADEJOBI, mnipr, mipra, fCAI,

FORCE PUBLIC RELATIONS OFFICER

FORCE HEADQUARTERS,

ABUJA.

27TH DECEMBER 2024.

Continue Reading

BIG STORY

Road To 2027: We’ll Ensure APC Gets Less Than 15k Votes — Kwankwaso

Published

on

Rabiu Kwankwaso, the former governor of Kano state, stated that the New Nigeria People’s Party (NNPP) will reduce the influence of the All Progressives Congress (APC) in the state.

Speaking on Wednesday at a meeting with party stakeholders in Tsanyawa LGA of the state, Kwankwaso mentioned that the NNPP aims to ensure the APC receives fewer than 15,000 votes in the 2027 elections.

In the 2023 governorship election, the NNPP garnered 1,019,602 votes, the APC secured 890,705 votes, while the Peoples Democratic Party (PDP) came third with 15,957 votes.

Kwankwaso emphasized that the NNPP achieved the “remarkable feat” of over one million votes despite being a new political platform and starting its campaign late.

“Now, it’s our turn to diminish APC’s influence. We will work tirelessly to ensure their votes are reduced to less than 15,000 in Kano come 2027,” Kwankwaso stated.

Kwankwaso, who was the NNPP’s presidential candidate in 2023, urged his supporters to stay united and focused to ensure the party’s success in future elections.

Continue Reading



 

Join Us On Facebook

Most Popular