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Small Businesses Will Be Hit Hard, MAN Warns As Depot Price Hike May Push Petrol To N160

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The acting Director-General, Manufacturing Association of Nigeria, Mr Ambrose Oruche has said the poor and small businesses that depended on the PMS to power their generators would be hard hit as the pump price of the Premium Motor Spirit, also known as petrol, appears set to hit N160 per litre.

Oruche said it was important for the government to introduce measures to cushion the effect of the deregulation in the sector.

In his words, he said “To reduce the impact, the government should do more in ensuring power generation is big and distribution is efficient, and ensure that people get at least 20 hours of light in a day to reduce dependence on the PMS.

“Government should find a way of compensating the SMEs to stay in business through tax rebates or grants to remain in business and stay competitive.”

Recall that the Nigerian National Petroleum Corporation has increased the price at which it sells the product to marketers from N138.62 per litre to N147.67.

The Petroleum Products Marketing Company, a subsidiary of the NNPC, had initially on Wednesday increased the ex-depot price of the PMS to N151.56 per litre, with marketers saying the product would be sold at between N162 and N165 per litre.

The ex-depot price is the price at which the product is sold to marketers at the depots.

The N151.56 ex-depot price was announced in an internal memo to all stakeholders with reference number PPMC/IB/LS/020 dated September 2, 2020, and signed by D.O Abalaka.

The memo, a copy of which was seen by one of our correspondents, said, “Please be informed that a new product price adjustment has been effected on our payment platform.

“To this end, the price of Premium Motor Spirit is now one hundred and fifty-one naira, fifty-six kobo (N151.56k) per litre. This is effective from September 2, 2020.”

But the PPMC, in another internal memo dated September 2, 2020, with reference number PPMC/MOD/Sales/346 and signed by Onya Schola, reduced the ex-depot price to N147.67 per litre.

When the ex-depot price was fixed at N138.62 in August, marketers were selling petrol at between N148 and N150 per litre. With a new ex-depot price of N147.67 per litre, the pump price may be between N157 and N160 per litre.

Amidst the different ex-depot prices, the Managing Director of the PPMC, Musa Lawal, told one of our correspondents that the first ex-depot price was wrong and should be discarded.

He said the company was investigating how the first memo went out, stressing that although it was from the PPMC, the figures were still being computed and had not been concluded.

“That is not authentic. It is wrong and there is a price review which shall be communicated properly, but what came out early today is the wrong one,” Lawal stated.

Asked to provide the correct one, he replied, “The one that I saw today on the website of one of the dailies is the wrong one. As we speak the circumstances under which that happened are being investigated.

“However, I cannot tell you more than this as the PPPRA (Petroleum Products Pricing Regulatory Agency) is the one to fix prices because we sell based on the guiding price from them.”

But the PPPRA on Wednesday decided to stay mute, as it did in August when the ex-depot price for the PMS was released by the PPMC.

Its spokesperson, Kimchi Apollo, did not answer calls nor replied a text on the matter.

The PPPRA’s silence on the petrol price is contrary to what it said in March.

The agency had stated that it would be issuing a monthly guiding price for petrol, but in August it did not issue any and had remained mute since then.

Meanwhile, oil marketers have said that going by the circulating ex-depot prices for petrol, the pump price for the commodity should hit between N160 to N162/litre.

They also stated that loading of products had stopped at some depots, as marketers were confused about which price to either buy or sell the commodity.

Up till 8pm on Wednesday, officials of the Independent Petroleum Marketers Association of Nigeria stated that no authentic communication had been received from either the PPPRA of the PPMC on the pump price or ex-depot price of petrol.

“Loading has stopped in some depots because of this confusion caused by the price modulation of guiding exercise introduced by the PPPRA and up till now we’ve not received any notice on either the ex-depot price or pump price,” the National Public Relations Officer of IPMAN, Ukadike Chinedu, stated.

But the Zonal Chairman, Independent Petroleum Marketers Association of Nigeria, South- West, Mr Dele Tajudeen, told one of our correspondents that the association had decided that the pump price would be N162 per litre when the ex-depot price was increased to N151.56.

Asked what the pump price would be following the reduction of the ex-depot price to N147.67, he said the association would decide on that later on Wednesday if the ex-depot price remained the same.

“We will add whatever the NNPC has added to our buying price to our selling price,” Tajudeen added.

Petrol price was increased by marketers to between N148 and N150/litre in August from a band of N140.80 to N143.80.

Following the announcement of the new depot price, many filling stations in Ogun and Lagos states were shut on Wednesday as marketers awaited further clarifications from the PPMC.

The Federal Government increased the petrol price a day after power distribution companies hiked electricity tariffs across the country.

The petrol price hike generated angry reactions from the Nigeria Labour Congress, Manufacturers Association of Nigeria and other major groups in the country on Wednesday.

BIG STORY

Nigeria Has Saved $20bn From Subsidy Removal, Naira Float Policies — Finance Minister Edun

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Wale Edun, minister of finance and coordinating minister of the economy, says Nigeria has saved $20 billion from “petrol” subsidy removal and market-based pricing of the foreign exchange rate.

Edun spoke at a ceremony recently held to mark the first 100 days in office of Esther Walso-Jack, head of civil service of the federation, in Abuja.

“An amount of five per cent of GDP is what those two subsidies were costing when there was a subsidy on “PMS”; when there was petroleum product generally for a long time and when there was a subsidy of foreign exchange. Between them, they were costing five percent of GDP,” he said.

“If you say GDP was on average, let’s say $400 billion. We all know what five percent of that is – $20 billion of funds that could be going into infrastructure, health, social services, education.”

Edun said these flows now return into the government’s coffers for further deployment to the aforementioned sectors.

“The real change that has happened with the measures of Mr. President is that nobody can wake up and their target for the day or for the week or the month or the year is to get access to cheap funding, cheap funding exchange from central bank, which they can now flip,” Edun said.

“And overnight, they become wealthy from no value added for doing virtually nothing, except you know the right people. Similarly, they can no longer try and be part of a new peak market and very inefficient “petrol” subsidy regime as a way of making money overnight.”

On May 29, President Bola Tinubu said the “petrol” subsidy regime was over.

Three months later, TheCable reported that Tinubu was considering a “temporary subsidy” on “petrol” as crude oil prices and foreign exchange rates soared.

After several denials of the return of “petrol” subsidy by the authorities, the Nigerian National Petroleum Company (NNPC) Limited, on August 19, said the federal government owes it N7.8 trillion for under-recovery.

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BIG STORY

Dangote Refinery Reduces Ex-Depot Price Of Petrol To N970 For Oil Marketers

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The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as “petrol”, to N970 per litre for oil marketers.

This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.

The slash would help marketers save about N20 on each litre of “petrol” bought from the Lekki-based plant.

Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.

“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.

“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.”

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

On November 11, the Independent Petroleum Marketers Association of Nigeria (IPMAN) reached an agreement with the refinery to lift “petrol” and “diesel” directly.

Abubakar Garima, national president of IPMAN, said the partnership would ensure a steady, affordable supply of “PMS” products nationwide.

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BIG STORY

Dismissed Edo Policewoman Threatens To Kill Self, Children

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Inspector Edith Uduma, a former police officer in Edo State, is facing a tough situation after exposing a colleague, Sergeant Abraham, for allegedly raping a 17-year-old girl at the police station, she was dismissed from the police force.

Uduma claims the dismissal was unfair and that the public hasn’t heard her side of the story.

The incident was captured in a viral video she took in October, showing Sergeant Abraham in a compromising position with the minor.

The situation has taken a drastic turn, with Uduma threatening to harm herself and her children.

It was learnt from the police that both officers were later dismissed following an orderly room trial.

The Edo State Police Command, in a statement released in November by its Public Relations Officer, Moses Yamu, alleged that Uduma conspired with her husband, Inspector Ibrahim Mohammed, to extort N1m from Abraham to cover up the incident. When Abraham reportedly offered N45,000 instead, the video was leaked online, the police claimed.

The command said, “That, contrary to reports from certain quarters, the said female police officer, AP/no 228719 Insp. Edith Uduma, was the Charge Room Officer on October 7, 2024, the night F/No. 504694 Sgt Abraham allegedly raped a female suspect in the station.

“The female officer, instead of reporting the incident to the Divisional Police Officer or the Incident Duty Officer as the case may be, for disciplinary actions to be initiated against the erring officer, took advantage of the situation to enrich herself by calling her husband, AP No. 228652 Insp. Ibrahim Mohammed, whom she conspired with to unlawfully demand the sum of N1m from the sergeant to assist him in concealing the matter.

“Following these events, an orderly room trial was initiated against all the officers, which led to the dismissal of Sgt. Abraham and Insp Edith Uduma.”

Uduma’s husband was also demoted to the rank of Sergeant.

However, Uduma denied the allegations in an interview with PUNCH Metro on Saturday, insisting she never extorted money and that she was not given a fair hearing. She alleged that her dismissal was orchestrated because she lacked influential connections.

Uduma who threatened to kill herself if she didn’t get justice said, “What the Edo Command is saying is not what happened. They know I have no rank or support to fight back,” Uduma said.

She further revealed that the Force Headquarters in Abuja was still investigating the matter only for the Edo command to hurriedly dismiss her.

“I want justice. My dismissal is unjust,” she said tearfully.

She said her husband who was also sanctioned had no connection to the matter.

“He (my husband) used to bring something for me to eat. He brought food that time to the station.

“If Nigerians refuse to listen to me – because my husband has been in detention, and they have been looking for me to arrest me, to charge me to court – if Nigeria refuses to listen to me, I will just poison all my children and myself. I will die. Because I’m just stranded like this,” she said, noting she had been in hiding and had not seen her children in a long time due to the incident.

She alleged that the DPO at the station prompted her to ask Sergeant Ibrahim for the N1m for negotiation when the sergeant reportedly disappeared after the incident, noting that this was to lure the suspect to show up.

According to her, she is surprised how the DPO and other officers allegedly turned the matter against her.

“If the police force can do this to a police officer, how much more to the innocent and civilians?”

The spokesperson for the Edo command, Moses Yamu, has not responded to calls and a text message put across to him on Sunday.

It was gathered that the then Divisional Police Officer of the station at the time the incident occurred, SP Lilian Osemwegie, has now retired.

A call was put across to a number said to be hers but a woman who responded after a question from our respondent, said, “Wrong number, wrong number.”

In a statement made available on Friday, a human rights group, Take It Back Movement, petitioned the Inspector General of Police, Kayode Egbetokun, over what it described as the unjust dismissal of the female police officer and reduction in rank of her husband for reporting the alleged rape case.

The petition titled, “Petition For Review and Reinstatement, Unjust Dismissal From Nigeria Police Force” was released by the TIB Abuja branch and signed by the Federal Capital Teriitory Coordinator of the group, Robert Ande.

“We humbly submit this petition to seek your intervention in the gross injustice perpetrated against Mrs Edith Uduma and her husband (Mohamed Ibrahim) with Force No.: AP/NO 228652 by the Edo State Police Command.

“Her dismissal from the Nigeria Police Force and the deduction of the rank of her husband from (Inspector to CPL) was unjust, and we request a thorough review of her case,” the petition read in part.

“Instead of commending her actions, she was dismissed, and her husband, Inspector Ibrahim Muhammad, was arrested and detained,” the group added, adding that the command’s action was capable of “hindering investigations and protecting the perpetrator of the rape.”

 

Credit: The Punch

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