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Petrol price hike imminent as NNPC Fixes market price at N234 per litre

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Petrol price hike imminent as NNPC Fixes market price at N234 per litre

The Group General Manager, Nigerian National Petroleum Corporation, Mele Kyari, on Thursday said the Federal Government subsidises Premium Motor Spirit with about N120bn ($263.25m) monthly.

He said while the actual cost of importation and handling charges amounts to N234 per litre, the government had been selling at N162 per litre therefore bearing the difference.

Kyari spoke at the weekly ministerial briefing at the Presidential Villa, Abuja.

He said the NNPC could no longer afford to bear the cost, saying Nigerians would have to pay the actual cost sooner or later.

He argued that market forces must be allowed to determine the pump price of petrol in the country.

Although he claimed the nation was not in a subsidy regime, he said the government was trying to exit what he described as ‘under-price sale of PMS’.

He said, “Today, NNPC is the sole importer of PMS. We are importing at market price and we are selling at N162 per litre today.

“Looking at the current market situation today, the actual price could have been anywhere between N211 and around N234 per litre.

“The meaning of this is that consumers are not paying for the full value of the PMS that we are consuming and therefore, someone is bearing that cost.

“As we speak today, the difference is being carried on the books of the NNPC and I can confirm to you that the NNPC may no longer be in the position to carry that burden and because we can longer afford to carry it on our books.

“As we speak today, I will not say we are in subsidy regime but we are in a situation where we are trying to exit this under-price sale of PMS until we come to terms with the full value of the product in the market.

“PMS sells across our borders anywhere around N300 per litre and in some places up to N500 to N550 per litre.

“Our current consumption is evacuation from the depots about 60 million litres per day; we are selling at N162 to the litre, and the current market price is around N234, actual market price today.

“So, the difference between the two, multiplied by 60 million x 30 will give you per month. I don’t have the numbers now. This is a simple arithmetic that we can do but if you want exact from our books, I do not have it at this moment but it is somewhere between N100bn and N120bn per month. I don’t have the exact number.”

The NNPC boss explained that upon full implementation of deregulation, he expected that all oil marketing companies would commence import, thereby lifting the import burden off the corporation.

He said once that was done, the Direct Sale-Direct Purchase programme would end automatically because market forces would then determine import and export prices.

Admitting that access to foreign exchange was one of the major reasons why oil marketing companies had not started importing; Kyari said work was ongoing on this in conjunction with the Central Bank of Nigeria.

Irrespective of the ‘politics’ involved in the determination of pump price, the NLC President, Ayuba Wabba, told the press in Abuja last night that labour will remain true to the working class of Nigeria on the pump price of petroleum. Wabba argued that the Federal Government cannot remove subsidy without giving Nigerians a substitute.

“Everywhere in the world, governments are giving palliatives to their citizens as a result of the pandemic. The pandemic has ravaged not only economies but families and the working people of the world. Why is it that it is this time that the Federal Government is contemplating removing subsidy?

“Our negotiations do not include removal of subsidy without palliatives? How can Nigerians cope with life? Inflation is rising at an alarming rate with prices of items hitting the roof. The unemployment rate is about the highest in the nation’s history. Why is the government in place? Our position has been very consistent. Increasing the price of petrol will have negative impacts on the lives of Nigerians,” Wabba said. 

He added that the organized labour has consistently urged the government to revive the refineries, saying, “Our refineries are not scraps; they are amongst the newest in the world.”

Wabba insisted that the move to increase the pump price has not been brought to the notice by the organised labour.

LOCAL NEWS

DSS alerted Uzodinma, police three times before Imo attacks, says ex-director

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DSS alerted Uzodinma, police three times before Imo attacks, says ex-director

A former Assistant Director with the Department of State Services, Dennis Amachree, has said the secret police alerted the Nigeria Police Force and Imo State Governor, Hope Uzodinma, at least three times before Monday attacks in the state.

Amachree, however, said the police and the governor, who is the chief security of the state, failed to act on the intelligence by the DSS.

The former DSS official said this in an interview with press men, Thursday on Channels Television’s ‘Sunrise Daily programme’.

Speaking on the television programme, the ex-DSS director said, “There was enough intelligence, enough actionable intelligence. Actionable in the sense that it allows for space for people to execute it, one week ahead of the event and of course 72 hours before the event and then 48 hours before the event”.

Amachree stressed that the Imo State Governor was aware that the prison and the police headquarters was about to be attacked.

Amachree lamented, “Some people are just too lazy to do their jobs.”

He also faulted claims by the then Inspector General of Police, Mohammed Adamu, that members of IPOB masterminded the attacks. “He (Adamu) doesn’t have his fact right because I don’t see how he can identify them. You identify people by either arresting some of them or from what they say but there was no person that was arrested,” the ex-DSS director said, adding that the DSS was investigating the attacks and would identify who the attackers were.

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NATIONAL NEWS

Don’t be silent when politicians go wrong -APC tells Religious Leaders

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Don't be silent when politicians go wrong -APC tells Religious Leaders

The Secretary of the ruling All Progressives Congress (APC) Caretaker Extra-Ordinary Convention Planning Committee (CECPC) Senator John James Akpanudoedehe, has challenged religious leaders not to be silent when politicians go wrong.

He also asked them not to succumb to blackmail but continue to hold public officials accountable at all times.

The APC Secretary gave this charge on Tuesday at the 80th birthday thanksgiving and book launch of Venerable Emmanuel O. Ajayi (rtd) at Holy Trinity Anglican Church, Oboroke, Ihima Kogi State.

Akpanudoedehe said: “Clerics should not be silent when politicians go wrong. They should continue holding the political class accountable to the people that we can have the kind of society we desire.”
Represented by APC Assistant Director of Media, Edegbe Odemwingie, the APC scribe said: “Clerics should not be silent when politicians go wrong.

For, it is by holding the political class accountable to the people that we can have the kind of society we desire. Religious leaders must be true examples to their followers.

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Hijab crisis: Kwara governor playing with fire – Catholic Archbishop warns

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Hijab crisis: Kwara governor playing with fire - Catholic Archbishop warns

The Catholic Archbishop of Ibadan Metropolitan Archdiocese, Most Rev’d Gabriel Abegunrin, has said the Kwara State governor, Alhaji Abdulrahman Abdulrazaq, is playing with fire that may engulf the whole of Nigeria with the way he has been handling the hijab crisis in Christian schools in the state.

In an interview with journalists after the Mass of Chrism for Holy Thursday, held at St. Mary’s Cathedral, Oke Padre, Ibadan, Oyo State on Thursday, he raised the alarm that if the matter is not handled with utmost caution, might be the beginning of religious war in the country.

According to him, “What concerns me seriously now and should concern all of us is the issue of hijab in Kwara State. Actually, the governor of Kwara State is playing with fire. He wants Nigeria to catch fire through Kwara State. It will not be good. So, if he listens to people or what people are saying around, he should just let go and let Christians keep their schools and let Muslims take their schools, let the public ones that are owned by the government be there.

“The Chief Imam of Ilorin, was speaking sense with another person. He said if ‘you know that you want your children to wear hijab, send your children to Muslim schools.’ The Chief Imam said that. Then, he was asked what could be done to resolve the hijab issue. The Chief Imam answered again, saying ‘What else can I say? The only thing remains with the governor to choose what he wants to do.’ The Chief Imam said that but for him, what they are fighting for is wrong because Christians have a right to keep their schools without hijab. The Chief Imam of Ilorin said that. I listened to him on television.

“The problem is that the governor is playing too much politics on this issue of hijab. If it starts in Ilorin, it may spread. If you are not careful, it may be the beginning of religious war again. I pray it doesn’t happen. But if he continues with the way he is going, people are going to get ready to see. It is as simple as that. We don’t preach violence. We don’t like violence. But when you push people to the wall, what happens?

“They sent some people to go and break doors of schools, gates of schools with hammers and other weapons. They broke the chains, the padlocks. Do you know what that means? The children are watching. They are teaching those children how to break through whatever they cannot enter, even break through people’s houses. They don’t know what they are doing. They are teaching these young ones the wrong thing to do when it is difficult for them. They are teaching them to break houses.

“So, we have to be mindful of what we are showing to the young ones. Already, we don’t have a good number of adults now to mentor the young ones, and that is what we are saying that the governor should open his mouth and say something good, not backing any religion. Religion is not attached to any government. Let those in government practice their religion and those they are governing should also be allowed to practice their own religion. Don’t lord one over the other. But it is difficult for them to hear.” (Daily Sun)

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