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Petrol Prices Crash At Depots Due To Low Demand

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Petrol depots have crashed the prices of fuel amidst speculations of a rise to N700 per litre this month.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) yesterday denied plan by the association to increase the pump price of petrol to N700 per litre this month.

On the contrary, The Nation confirmed that private depots crashed their prices to between N495 and N496 per litre from between N502 and N503 per litre.

The Nigerian National Petroleum Company Limited (NNPCL) depot however retained its N479.6/litre price.

National Vice President, Alhaji Abubakar Maigandi, said on the phone that the crash in prices stemmed from low demand for fuel.

He said the high prices caused by the new foreign exchange policy were beyond the means of customers.

He said: “They (private petrol depots) are even reducing the prices compared to last week’s.

They are selling at the rate of N495 to N496/litre. You know it reached N502 to N503/litre.

“In Lagos, most of the depots, that is what they are selling. NNPC is maintaining its old rate of N479.6/litre.

“There is no much demand because people, especially civil servants, are complaining that there is no money.”

He urged importers of the product to expedite action, noting that there has been no fresh stocking since the removal of subsidy.

Continuing, Maigandi said: “Nobody has imported petrol since the removal of subsidy. Even NNPC did not import.

“We are all using the old stock. But I know probably this month there will be new stock. If not, there may be scarcity.”

IPMAN denies plan to hike petrol to N700 per litre

In a separate interview, IPMAN Chairman in the Southwest, Alhaji Dele Tajudeen, denied alleged plan by the association to increase pump price of petrol to N700 per litre nationwide.

He, therefore, urged Nigerians to disregard the speculation and not to engage in panic buying.

Tajudeen stressed that the price of the product would not be more that what it is being currently sold.

He commended President Bola Tinubu for removing the subsidy on petrol, adding that it was long overdue.

“Even in the PIA Bill, it is clearly stated that the subsidy must be removed,” he told the News Agency of Nigeria (NAN).

“So, I want to commend him for removing the subsidy and I want to say that we are in support totally. This is because the subsidy was a scam.”

He said the slight increase in pump price was because of the transportation cost and that Nigerians should be at rest as the commodity will not be out of reach for the masses.

“I want to disabuse the mind of the people that they should not panic about it. There is no cause for alarm. We are in control and there is nothing like that.

“So, people should rest assured that there is no way they can buy petrol more than the price it is being sold now.

“If we look at the price from NNPC retail limited, which is an integral part of NNPC limited, they have more advantages than independent marketers and major marketers.

”So, it was the retail price that they announced; they had never given a specific price to the independent marketers.

“However, I have read what somebody put in the paper. It is just speculation; it is not a reality. There is nothing like that, I want to assure the masses.

“There is no how the price can go to N700, because even if the FX is N700 or N800, that has nothing to take the price of petroleum from N500 to N700,” Tajudeen said.

He noted that the product had been deregulated hence the differential in prices was due to transportation as it is related to location.

”If you are moving products within Lagos, the price may not be more than N300,000. But if you are moving up to Ibadan or thereabout, it could be as much as N500,000.

”And if you are going to Ilorin, it could be as high as N700,000. That would account for differential in prices.

“I want to say with all sense of authority that as of today within the Lagos metropolis, nobody should sell more than N515 to N520 per litre.

”Though NNPC has given us the price, the reality of it is that what we buy from the market, because NNPC limited is not the only source for our product; we get from private depots.

“So, whatever we buy is what we put our own margin and sell.

”But as of today, the highest you can get anywhere should be around N550; Lagos N510 per litre; Ogun State between N500 and N520,” Tajudeen said.

The Major Oil Marketers of Nigeria said recently that consumption of PMS had reduced by 20% from 66 million litres per day to just over 40 litres.

Its Executive Secretary, Mr. Clement Isong, said adjustment of lifestyle due to increased rates was responsible for the decline in demand.

His words: “What we are hearing is that the consumption came down. It used to be 66 million litres per day for the country, but it came down to just over 40 million litres per day.

“But there are many reasons why it came down. People are still adjusting their lifestyle. The price has also gone up in many countries because in some countries their supply was coming from Nigeria.

“They have all developed alternative supply sources. So a lot of their volumes were coming from and will still come from Nigeria until they develop less alternative ways for themselves.

“It is only after they have developed, when the market settles that we will know what Nigeria’s volumes will be.

“Also, remember that we are building a couple of refineries in Nigeria. So, we will have legitimate export of product once we have satisfied our national demand.

Credit: The Nation

“Too, I will say averagely in the month of June, supply is down by 20% to just over 40ml/day. But it is still not Uhuru. It is not the final position.”

BIG STORY

JUST IN: Reps Reject Bill Seeking Single Six-Year Term, Zonal Rotation For President, Governors

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The House of Representatives on Thursday, November 21, rejected a proposed constitutional amendment aimed at instituting a single six-year term for the president, governors, and local government chairmen across the federation.

The bill, sponsored by Ikenga Ugochinyere (PDP, Imo) and 33 co-sponsors, also sought to divide the country into six geopolitical zones and establish a rotational system for the presidency and governorship within these zones.

Additionally, the bill proposed that all elections be conducted on a single day.

It aimed to amend Section 132 of the Constitution by inserting a new subsection (2), deleting the extant subsection (4), and renumbering the entire section accordingly. The proposed amendment would have stipulated that elections to the office of President of the Federal Republic of Nigeria be rotated between the North and South regions every six years.

The bill also sought to amend Section 180 of the Constitution, replacing “four years” with “six years.”

Furthermore, it proposed altering Section 76 by inserting a new subsection (3), which would read: “(3) For the purpose of Section (1) of this section, all elections into the offices of President, Governors, National Assembly, and State Houses of Assembly shall hold simultaneously on the same date to be determined by the Independent National Electoral Commission in consultation with the National Assembly and in accordance with the Electoral Act.”

When the bill, which was scheduled for a second reading, was put to a vote, the majority of lawmakers voted against it. This is not the first time the House has rejected a bill seeking a six-year single term for the president and governors.

In 2019, a similar bill, sponsored by John Dyegh from Benue State, also failed to progress to the second reading.

Dyegh’s bill had also proposed a six-year term for Members of the National Assembly and State Houses of Assembly. He argued that a six-year term would allow members of the National Assembly to gain more experience, as opposed to the current four-year term.

According to Dyegh, re-election for the president and governors costs three times more than the first election and is often marked by violence. He believes a single term of five years would help curb the irregularities associated with re-election.

Former Vice President Atiku Abubakar had also proposed a further amendment to the 1999 Constitution and the Electoral Act 2022, advocating for a six-year single term for the president for each of the six geopolitical zones.

He added that the law must mandate electronic voting and the collation of results, and require the Independent National Electoral Commission (INEC) to verify the credentials of candidates, among other reforms.

The governor of Anambra State, Prof. Chukwuma Soludo, also backed calls in June this year for a single term for elected politicians.

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BIG STORY

I Appointed Aides On Garden Egg, Yam, Pepper To Boost Food Production — Enugu LG Chairman

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Eric Odo, chairman of Igbo Etiti LGA in Enugu state, has defended the appointment of aides for yam, pepper, and garden egg.

On Tuesday, Odo announced the appointments of Ezeugwu Ogbonna as senior special assistant on agriculture (yam and pepper) and Nwodo Ugonna as special adviser on garden egg and pepper.

The appointments attracted criticism from many Nigerians, who viewed the positions as an anomaly.

In his defense on Wednesday, Odo explained that the appointments were designed to increase the production of these crops in large quantities, aiming to meet local demands and support export.

The chairman emphasized that the Igbo-Etiti area is particularly well-suited to cultivating these crops and holds a significant comparative advantage.

“Their appointments are to ensure that local farmers receive adequate attention, needed resources, support, and expertise to enhance production, improve market access, and increase income for farmers,” NAN quoted Odo as saying.

“In essence, the appointment, which is wrongly misunderstood by disgruntled individuals, bad losers, and opposition, reinforces my determination to create a thriving local economy based on the strengths and potentials of Igbo-Etiti’s agricultural landscape.”

Odo explained that the decision was part of a carefully considered plan aimed at boosting productivity, creating jobs, and improving the livelihoods of farmers within the LGA’s communities.

He called on the public to disregard any online or offline comments intended to discredit the appointments, asserting that the council is committed to massive food production and sustainable development.

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BIG STORY

JUST IN: Simon Ekpa, Four Others Arrested In Finland Over Terror-Related Activities

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Finnish-Nigerian separatist agitator, Simon Ekpa, and four other individuals have been arrested in Finland over terror-related activities.

A local report in Finland stated that Ekpa, the self-declared “Prime Minister of Biafra Republic Government In-Exile,” was remanded in custody by the district court of Päijät-Häme on suspicion of public incitement to commit a crime with terrorist intent.

In a Thursday statement published on its website, the Central Criminal Police in Finland said it had arrested five people on suspicion of terrorist crimes.

The police said the main suspect was arrested “on suspicion of public incitement to commit a crime with terrorist intent,” while four others were arrested “for financing a terrorist crime.”

The police added: “Claims will be heard in Päijät-Häme district court today, November 21.”

The statement reads: “The detention demands are related to the preliminary investigation, in which a Finnish citizen of Nigerian background, born in the 1980s, is suspected of public incitement to commit a crime with terrorist intent.”

“The police suspect that the man has promoted his efforts from Finland by means that have led to violence against civilians and authorities as well as other crimes in the region of South-Eastern Nigeria.”

The statement quoted the head of the investigation, Crime Commissioner Otto Hiltunen from the Central Crime Police, as saying that “the man has carried out this activity, among other things, on his social media channels.

“Four other persons are suspected of financing the aforementioned activity. All five suspects of the crime have been arrested during the beginning of the week.”

“International cooperation has been carried out during the preliminary investigation,” the statement added.

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