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REPORT: Marketers Stockpile Petrol, August Fuel Price May Hit N150 Per Litre

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Filling station owners are currently in a panic buying mood, as many of them are stockpiling products ahead of the announcement of a new pump price for petrol in August, an investigation has shown.

It was also gathered that the price of the commodity might increase to about N150/litre as the committee saddled with the task of fixing the petrol price had been meeting and would make the new price public soon.

Marketers and officials of the Petroleum Products Pricing Regulatory Agency told our correspondent in Abuja on Sunday that the rise in crude oil price in the international market could lead to an increase in petrol price.

They noted that since March this year, the cost of Premium Motor Spirit, popularly called petrol, had always been adjusted based on the global prices of crude oil.

“There is panic buying and it is because of the worry that prices will be reviewed either downwards or upwards. But because of the marginal rise in crude oil prices, the calculation is that petrol price could go up,” the National President, Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said.

He added, “That is the situation and this was why we requested that there should be a stakeholders’ engagement every month or quarterly so that we can be sure of what to expect.”

He said many marketers who had stockpiled products were ready to sell at the current rate regardless of any increase.

Gillis-Harry noted that the failure of the pricing regulator to involve marketers in the price-fixing process was putting dealers in a bad light.

He, however, stated that a lot of marketers had determined not to hike petrol cost immediately, particularly if there was an increase in the price of PMS in August.

The PETROAN president said, “Many of our members have been buying products since (July) 22nd and now they have products lined up, hoping that if PPPRA increases the price, they will manage the cost in a way that Nigerians will know that we are not out to profiteer.

“We are out there to give service. So if we got products at this current rate of about N143 and they are ready to shoot the price up to N155, which is what is being anticipated, we will still sell at N143.”

Gillis-Harry said marketers would not take advantage of any petrol price increase, adding that a task force had already been established to work on enforcement of agreed terms.

He further noted that marketers had written to the petroleum minister, the PPPRA, the Nigerian National Petroleum Corporation and the Pipelines and Products Marketing Company on the need to involve marketers when fixing prices.

Gillis-Harry said, “From March to July, there was no clear-cut permutation or formula that we as marketers can affirm that this is the reason why the price changed from this to that. We don’t have it.

“And we’ve kept asking what the parameters are because the information we have is that marketers margin is going to increase. There was no such increase in the margin; rather, there was the depletion of our buying capital.”

In June, the PPPRA insisted that it would continue providing price bands for petrol despite opposition by oil marketers regarding the move.

It also declared that regulation for PMS price had been established in collaboration with the Federal Ministry of Petroleum Resources and the Office of the Attorney-General of the Federation.

The Executive Secretary, PPPRA, Abdulkadir Saidu, argued that different sectors of the polity operated under the guidance of national regulators.

He said, “The Central Bank of Nigeria regulates the banks and other financial sector operators, the National Communication Commission regulates telecommunications, etc, and the same exists for operators in Nigeria’s downstream petroleum sector.

“To this end, it is not out of place for the agency (PPPRA) to provide a guiding price band with the aim to protect consumers against price gouging.

“It is important to also state that there is nowhere in the world that deregulation means total lack of control, supervision or oversight.”

Saidu noted that while the market-based pricing regime was a policy introduced to free the market of all encumbrances to investment and growth, it should not be misconstrued to mean a total abdication of government’s responsibility to the sector and citizenry.

On the need for a regulatory/legal framework for PMS pricing, he said extant laws gave the agency the legislative backing to formulate policy initiatives on pricing regime.

“In accordance with the above, the development of Guidelines for Petroleum Products Commercial Framework has been concluded and Code of Conducts for Operators is currently being firmed up to reflect the present price regime,” Saidu said.

He added, “The agency, in collaboration with the Office of the Minister of State for Petroleum Resources and Office of the Attorney-General of the Federation has put in place regulation on the PMS market-based pricing regime.”

On Sunday, the spokesperson for PPPRA, Kimchi Apollo, told our correspondent that the committee saddled with the task of coming with the new price for August was working on it.

“The committee has been working on the new price and I will keep you updated as soon as the cost for August is arrived at,” Apollo said.

But oil marketers insisted that it was high time the government intervened in the matter by making owners of filling stations to be involved in the process of fixing the price of petrol.

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INEC Enforces Campaign Deadline In Edo, Bans Publicity Materials At Polling Units

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The Independent National Electoral Commission (INEC) has directed political parties participating in the Edo state governorship election to conclude their campaigns by 11:59pm on Thursday.

On Thursday, INEC spokesperson, Sam Olumekun, issued a statement reiterating the provisions outlined in Section 94 of the Electoral Act 2022. This move aims to ensure compliance with the electoral regulations ahead of the scheduled election on September 21.

Section 94(1) of the act states that: “A person, print or electronic medium that broadcasts, publishes, advertises or circulates any material for the purpose of promoting or opposing a particular political party or the election of a particular candidate over the radio, television, newspaper, magazine, handbills, or any print or electronic media whatsoever called within twenty four hours immediately preceding or on polling day commits an offence under this Act.”

Olumekun said candidates and their supporters should not wear campaign materials to the polling units on Saturday.

“It is therefore illegal for any political party in Edo State to engage in rallies, processions or media campaigns from midnight today,” the statement reads.

“These prohibitions, including sanctions, are provided for in Section 96 of the Electoral Act 2022.

“Similarly, on Election Day, Saturday 21st September 2024, parties, candidates and their supporters should not appear at the polling units in their campaign attires or carry any campaign materials with them.

“We urge parties, candidates and their supporters to take note of the provisions of the law for compliance.”

Meanwhile, Asue Ighodalo, governor candidate of the Peoples Democratic Party (PDP), has ended his campaign.

In a statement issued by Erhabor Emokpae, the Team Asue Media Organisation (TAMO) said Ighodalo’s campaign ended today in line with provisions of the electoral act.

“We would like to inform the general public that the current campaign has been officially concluded by Ighodalo and consequently directed that no activity in this regard should exceed midnight, Sept. 19,” the campaign office said.

“After this time, any publications, advertisements, jingles, or any other promotional materials made in respect of the subject matter have not the blessing, endorsement or authorisation of Ighodalo or all that is associated with him in respect of same.

“Please be advised, therefore, Ighodalo will not be liable or held responsible for any consequences arising from any further campaign or promotional activities or communications conducted after the campaign’s official closing time and date.”

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NAFDAC Shuts Down N50 Million Worth Counterfeit Cosmetics Manufacturing Facility In Lagos

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The National Agency for Food and Drug Administration and Control (NAFDAC) has successfully shut down an illegal cosmetics manufacturing facility located at Benue Plaza, Trade Fair Complex, Lagos State.

This significant enforcement operation targeted counterfeit products.

In a post shared on X (formerly Twitter), NAFDAC revealed that its officers discovered large quantities of unregistered chemicals, expired products, and packaging materials intended for the production of fake cosmetics during the raid.

The operation resulted in the seizure of over 1,200 cartons of counterfeit goods from the location. Alarmingly, expired cosmetics were being revalidated for sale, raising serious concerns about consumer safety.

The agency also confiscated equipment used in the illicit manufacturing process, such as mini-mixing containers, unlabelled chemicals, batch coding materials, and thinners.

These materials were transported to NAFDAC’s office for further investigation. The agency estimates the street value of the confiscated goods at approximately N50 million.

NAFDAC has reiterated its commitment to protecting public health by clamping down on illegal and unregulated products in the Nigerian market.

In a statement, the agency urged consumers to exercise caution when purchasing cosmetics, particularly from unverified sources, and to report any suspicious products to NAFDAC for further action.

This operation underscores NAFDAC’s ongoing efforts to combat the production and distribution of counterfeit goods, which pose significant risks to public health and safety.

The agency has emphasized that such enforcement actions are part of a broader strategy to ensure that only regulated and certified products reach consumers, safeguarding the integrity of Nigeria’s cosmetics market.

In a related development, about 5 months ago NAFDAC sealed several unregistered bakeries and water-packaging companies operating without the agency’s approval in Plateau State.

According to Mr. Shaba Mohammed, Director of NAFDAC’s North Central Zone, the closure followed inspections that revealed substandard Good Manufacturing Practices (GMP) in the water-packaging firms.

As a result, these companies were shut down to prevent the circulation of potentially unsafe products.

In addition to this, numerous patent medicine stores were sealed for selling expired and unregistered medical products.

The raid, part of NAFDAC’s routine inspections in local government areas such as Dengi, Wase, Yelwa Shendam, and Namu, was aimed at enforcing compliance with safety standards and protecting public health.

Mr. Mohammed emphasized that NAFDAC remains committed to ensuring only certified and safe products are available to Nigerian consumers.

He urged the public to be vigilant, choosing only NAFDAC-registered goods, and to report any suspicious or expired products.

He also reiterated that businesses found violating the agency’s regulations would face appropriate sanctions, while advising aspiring entrepreneurs to seek guidance on product registration to avoid penalties.

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Crisis In PDP Is Creation Of APC, They Want Us To Be In Disarray — Bauchi Governor Bala Mohammed

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Bauchi State Governor, Bala Mohammed, has attributed the crisis within the Peoples Democratic Party (PDP) to interference by the All Progressives Congress (APC).

He made this assertion while receiving members of the PDP Board of Trustees at the Government House in Bauchi.

“Any challenge is not insurmountable, it is insurmountable by the grace of God and we will find a solution to that,” he stated.

“It is only PDP with the experience of governance that is being challenged.”

“You will notice that this is the creation of the other side. They want us to be in disarray, it is the creation of APC. They always want to have moles within us, they want to have knowledge of what is going on.”

“Even the Wike that is in APC is in PDP, he is performing very well. They don’t have people that will perform like our members and that is why they chose to pick him and gave him a state-like structure to run.”

“To us, it is a commendation. The press will see that at least irrespective of the bizarre situation, it is a recognition that PDP has the human capital to deliver Nigeria.”

Gov Mohammed also acknowledged the challenge posed by Wike’s dual role and attributed the party’s crises to opposition from the APC but assured that they have a strategy to navigate the situation.

To him, the PDP’s primary focus was on unifying the party to take over leadership in 2027 and ensure effective governance.

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