fbpx
Connect with us

News

Imminent Fuel Increase as Petrol Landing Cost Rises to ₦1,117 Per Litre

Published

on

Fuel Pump

 

 

The landing cost of Premium Motor Spirit, also known as petrol, was N1,117/litre as of Tuesday, July 16, 2024, the Major Energies Marketers Association of Nigeria announced on Wednesday.

MEMAN disclosed this during a webinar with journalists on Wednesday.

The association revealed that the landing cost of diesel was N1,157/litre, while that of aviation fuel was N1,127/litre.

Reports indicate that the N1,117 landing cost of petrol is far above the pump price of the product in Nigeria.

At the moment, filling stations operated by the Nigerian National Petroleum Company Limited and those of the major marketers sell PMS at between N617/litre and N660/litre, while independent marketers sell for N700/litre or more.

NNPC, the sole importer of petrol into Nigeria, has consistently denied subsidising the cost of PMS but refused to disclose the landing cost of the product.

Our correspondent reports that the revelation from MEMAN is almost the first from marketers in the industry as the landing cost appears to have been shrouded in secrecy by the importer of PMS.

MEMAN’s Executive Secretary, Clement Isong, said the costs were obtained from independent energy price benchmark providers.

The association maintained that it would release similar information regularly to keep the masses informed.

Recently, independent oil marketers accused private depot owners of hiking the ex-depot price of petrol from N630 to N720/litre.

An expert in the energy sector, Prof Wumi Iledare, told our correspondent in an interview that the cost of PMS in Nigeria was far below the international price, considering the price of diesel.

“The gap between the cost of diesel and petrol in Nigeria is much. It is never like that all over the world. That means something is wrong.

“I don’t know if NNPC is paying subsidies or not, but somebody is absorbing the difference. You can call it under-recovery or subsidy, but the price of petrol today does not reflect the market cost of producing a litre of petrol,” he disclosed.

Iledare added that with the current exchange rate, the price of petrol should not be less than 80 per cent of the price of diesel.

Corroborating this, a Professor of Economics at the University of Ibadan and President of the Nigerian Economics Society, Adeola Adenikinju, said, “The current price of PMS is being subsidised by the government. The government buys at higher rates and sells to us at subsidised rates. That is what they call under-recovery.”

The International Monetary Fund recently warned the Nigerian government to remove what it called implicit fuel and electricity subsidies.

In a report published recently by the IMF, the organisation told Nigeria that the subsidies would guzzle three per cent of the nation’s Gross Domestic Product in 2024 as against one per cent in the year before.

President Bola Tinubu declared the removal of fuel subsidies during his inauguration on May 29, 2023.

IMF noted, however, that “adequate compensatory measures for the poor were not scaled up promptly and subsequently paused over corruption concerns. Capping pump prices below cost reintroduced implicit subsidies by end-2023 to help Nigerians cope with high inflation and exchange rate depreciation.”

However, the NNPC and the Federal Government have vehemently denied subsidising the current price of PMS

PUNCH

#

News

Dangote Cement Ibese Fetes Senior Citizens in Host Communities

Published

on

DSC9925; (L- R  from Back), Novia Hospital CEO, Erelu Yeye Abiye, Inegbenijie. Lydia  David; Dangote Cement Ibese Plant Chief Finance Officer, Akin Abe; Dangote Cement Ibese Plant Director, Roy K. Uttam; Dangote Cement Plc, Group Head, Social Performance, Wakeel Olayiwola; Dangote Cement Ibese Plant, General Manager, Human Asset Management / Admin, Olugbemiga Aina; (Beneficiaries in front), Modupe Olaoluwa Bankole and Hakeem Akinsola, during the Presentation of WheelChairs and other mobility aids to the some  Senior Citizens at the Dangote Cement Ibese Plant at the 2024 Edition of One - Day Care Program for the Host Communities Senior Citizens, an Ibese Plant, Ogun State at the weekend.

Dangote Cement, Ibese Plant at the weekend extended the frontier of its social investments in the wellbeing of its 17 host communities when it hosted the senior citizens in the communities offering them free medical services and mobility equipment for the people with disabilities including wheelchairs

The Company said the gesture was aimed at complementing the effort of the government in improving the lives of the people of Ogun state especially those in whose territory the leading cement manufacturer operates.

Tagged “A Day-Out with Senior Citizens 2024”, the well-attended annual event saw the elderly ones being led in physical exercise, receiving health talks, medical checks, free drugs and other food and household items like rice, semo, honey, beverages, bathing soaps, detergent, clothing and cash incentive.

In his address of welcome, the Dangote Cement, Ibese Plant Director, Roy Uttam said the event was aimed at increasing the level of socialisation, engagement, emotional and mental wellbeing among the elderly around its host communities.

Uttam, pointed out that the management of Ibese Plant remain deeply committed to its responsibilities under the Community Development Agreement signed in 2022, saying “we will continue to prioritise the transfer of both economic and social benefits to our host communities, focusing on areas such as health, education, infrastructure, and empowerment.

“It is gratifying that our social investment strides are making meaningful impact in the lives of people across the host communities. We are determined to keep improving and broadening our initiatives, as we work together for the benefit of all.

“As elders who have devoted your youthful lives to the growth and development of your communities, the focus now should be on your health and well-being and the overall goodness of the society. This event is designed with your health in mind, as well as to offer an opportunity to reflect and connect with one another to promote longevity,” he said.

While reveling on the success of the maiden edition last year, Mr Uttam recalled that “we hosted 50 elderly members of our host communities for the first time in the history of this Plant. It was a memorable event filled with activities that demonstrated deep recognition for this all-important people in our society and promoted healthy living among them. It was a significant milestone for the Plant and the communities.

“We have made significant improvements this year, including the identification of five persons with disabilities from our host communities, who will each receive mobility aids to enhance their quality of life. This is just one example of how we continue to expand the scope of our social investments to create even greater impact”.

Uttam assured the host communities that the Plant would continue to live up to its responsibilities as regards the execution of the existing Community Development Agreement (CDA) even much more beyond  saying some of the social investment initiatives of the Plant when well appraised, go beyond the letters of the signed CDA.

The Dangote Cement boss noted with nostalgia that the company’s social investment strides are making meaningful impact in the lives of people across the host communities and promised that the management was “determined to keep improving and broadening our initiatives, as we work together for the benefit of all.”

The Plant Director noted that In line with the company’s local content initiative, it had retained the services of Novia Hospital Services, a local healthcare provider, to assist in making this event a success. He assured the people of Dangote Cement’s continued support and believe that with the people’s cooperation and collaboration, the management will continue to build on “our shared vision of peace and prosperity”.

In his own comment, the Group Head of Social Performance, Dangote Cement Plc, Mr. Wakeel Olayiwola said the whole idea about hosting the elderly ones in the host communities borders on carrying along the old ones who are the foundation upon whom the new generations are building on. “They also need to be active in their old age”, he stated.

Responding on behalf of other elders, a beneficiary, Pa Michael Oderinlo from Ijako-Orile host community thanked the management of Dangote Cement for the gesture especially for reaching out to the elders which he said was not a common practice among business organizations.

Said he:” it is a very rare gesture by a business organization to take special interest in the old people and cater to their wellbeing”.

Also another beneficiary of the wheelchair, Modupeola, Olaoluwa Bankole described the wheelchair donation as very touching and timely saying she now has a new lease of life with the mobility aid andtanked the Dangote Cement management for coming to her aid.

#

Continue Reading

News

Age Won’t Stop Atiku from Contesting 2027 Presidential Election- Campaign Director Replies Makinde 

Published

on

 

 

A two-time Director of Youth Mobilisation in the Atiku Abubakar Presidential Campaign in 2019 and 2023, Hon. Dimeji Fabiyi, has said that age cannot stop the former vice president from contesting the 2027 presidential election.

Fabiyi was reacting to the remarks by Governor Seyi Makinde of Oyo State on the criteria for presidential candidates.

Governor Makinde had insinuated that age was a limiting factor for presidential hopefuls in the party.

Though Atiku’s name was not mentioned by Makinde, Atiku, who is still nursing presidential ambition in the next general election, will be 81 years old by 2027.

#

Fabiyi in his response to Makinde, admonished the Oyo State governor “to devote more time to reading good books and familiarise himself more with intellectuals, instead of keeping the company of alcoholics, so that when next he speaks, he won’t be mistaken for someone who prides himself for drinking 40 years old whiskey.”

FCT minister Nyesom Wike, who is a close ally of Makinde, had last year said he was drinking 40-year-old whiskey at the time Atiku lost the 2027 election.

Fabiyi also noted that ‘’Atiku is of sound mind and body, with the intellectual firmament that measures far ahead of Makinde.”

Fabiyi noted that while Atiku may be older than Makinde, he has the experience and a cosmopolitan ability to solve problems.

He said: “As a matter of fact, I challenge Seyi Makinde to an intellectual contest with Atiku, and we shall see how his arrogance and presumed youthfulness will be humbled.

“I have known Atiku for almost three decades, and I can tell you for free that he’s an avid reader. When Seyi Makinde is in town, he should seek out how resourceful and flourishing Atiku’s library is.

“Atiku is not a connoisseur of expensive wines and doesn’t keep the company of cringe drinkers. Rather, he’s a lover of books who reads widely.

“Unless Makinde believes that leadership is determined by aerodynamic strength, he should have been more guided before making a comment that makes him look like a clown.”

Continue Reading

News

INEC has declared Governor Lucky Aiyedatiwa the winner of the Ondo governorship election

Published

on

 

The Independent National Electoral Commission (INEC) has declared Lucky Aiyedatiwa of the All Progressives Congress (APC) as the winner of the Ondo State governorship election held on Saturday.

Aiyedatiwa defeated his closest rival, Mr Agboola Ajayi of the People’s Democratic Party (PDP), securing 366,781 votes to Ajayi’s 117,845. The APC clinched victory in all 18 local government areas of the state.

The Labour Party (LP) and the Zenith Labour Party (ZLP) polled 1,162 and 2,692 votes, respectively.

 

#

Continue Reading

Trending