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Fuel Price:Experts hail FG for cost-reflective petrol price
Modupe ASUDO
ABUJA-A groundswell of support among Petroleum Industry players and stakeholders is building around the bold decision by the Federal Government to abolish the subsidy regime and enthrone a downstream deregulation era leading to the prevailing cost-reflective price of N160 per litre of petrol.
Nigeria’s President Buhari
Stakeholders who spoke on the issue across the country were unanimous in their views that the decision to allow market forces determine the price of petrol was not only healthy for the Downstream Sector but was good for the Nigerian economy which has sacrificed so much to shoulder the now defunct burdensome subsidy system. Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), Mr. Adetunji Oyebanji, said the association welcomed government’s action in allowing the market to determine prices, noting that this would prevent the return of subsidies while allowing operators the opportunity to recover their costs.
He said this will, in the long run, encourage investment and create jobs. He explained that though prices at the pump would need to be adjusted to reflect realities of the increase of ex-depot prices by the Petroleum Product Marketing Company (PPMC), the magnitude of the increase, timing and location would be determined by each individual company. “Consistent with global best practices, MOMAN does not dictate prices to its members as this would be anti-competition in a fully deregulated market,” Oyebanji explained.
The MOMAN chairman, however, called on the Ministry of Petroleum Resources to intensify its public awareness drive to educate the populace on the current realities. “The Ministry of Petroleum Resources should also be telling Nigerians that we can no longer afford subsidy. If we keep it, the investment in infrastructure, health, education, etc., will not be possible. We are borrowing so much to finance our budget. We spent over a trillion naira on subsidy last year. It is unsustainable’’, he said.
MOMAN’s position was re-echoed by another stakeholder in the Downstream Sector, Alhaji Sani Yau, a Director at NIPCO Plc and Chairman of SY Petroleum Limited, who emphasized that the price increase was reflective of trending realities in the sector, noting that deregulation will foster an eventual price reduction in the nearest future when other market fundamentals would converge to create the desired competitive market space.
A stakeholder in the sector and an independent marketer, Mr. John Agidigan, explained that before this increase, market forces had forced the price per litre down to N121, then up to N131 and later N148. He explained that under a deregulated environment, prices are expected to rise and fall in response to the volatility of demand and supply.
According to him, the new deregulated regime would always ensure the availability of the product in the market at affordable price based on the supply, adding that this regime was better than what obtained in the past when Nigerians had to contend with extreme scarcity and its attendant challenges such as long queues at fuel stations.
Another stakeholder in the Downstream Sector, Aggrey Koleijo, said Nigerians must consider the benefits of the new pricing regime rather than just reacting to the price increase which could be reversed the moment market forces dictate otherwise. He stated that the same market forces that brought about price reduction not long ago were still responsible for the hike and can still ensure a reduction, depending on the demand and supply activities within the Industry.
Also, an oil analyst, Dr Mac Udiewe, said the price of fuel would surely go down in a few months’ time when supply of the product would increase geometrically with the entrance of products from private refineries such as the Dangote Refinery and other modular refineries. Other stakeholders, who responded, were unanimous in their conclusion that deregulation would ultimately favour consumers as soon as the industry stabilizes and prices begin a downward trend.
Alfred “Al” Blaschke, aged 106 years and 327 days, has once again soared to new heights, reclaiming his Guinness World Records (GWR) title as the oldest person to tandem skydive.
With fearless determination, Blaschke took the plunge, defying gravity and reasserting his place in history.
However, his achievement was eclipsed when a Swedish woman, Rut Linnéa Ingegärd Larsson, aged 103 years and 259 days, took to the skies for a skydiving adventure, momentarily breaking his record.
“That was my dream […] I never thought I’d be around this long,” Al said at the time.
Blaschke’s first skydive occurred three years earlier, on his 100th birthday.
In his latest feat, at the age of 106 years and 327 days old, Blaschke reclaimed his title with another daring skydiving adventure.
Notably, Texas Gov. Greg Abbott joined him on this occasion, experiencing his inaugural jump alongside the seasoned daredevil.
Blaschke told GWR, “If you think you can’t, you’re just underestimating yourself. Everyone is more capable than they think. They just need to make the decision to try.”
Subscribers of DSTV and GOtv in Nigeria have been notified of upcoming service disruptions from Sunday, May 5, to Tuesday, May 7, due to ongoing construction on the Lagos-Calabar Coastal Highway.
DStv reassured its customers via social media that technical staff will be relocating a facility within the right-of-way to minimize service interruptions during this time.
The statement read, “Our uplink facility will be impacted by the ongoing Lagos-Calabar Coastal Road construction project. As a result, we are forced to relocate.
“From Sunday, May 5, 2024 to Tuesday May 7, 2024, our technical team will be working tirelessly to relocate and minimise disruptions during the exercise.
“We appreciate your patience and understanding during this period and remain dedicated to delivering the quality service and support you expect from DStv and GOtv.”
A Delta State High Court in Effurun has ruled in favor of the Registered Trustees of the Neo-Black Movement of Africa, awarding them N30 million in damages in a libel case against popular Nigerian blogger, Linda Ikeji.
The lawsuit, with Ese Kakor, Felix Kupa, and Mayor Onyebueke as claimants, resulted in the court ordering Ikeji to pay N300,000 in litigation costs.
Presiding Justice Roli Daibo-Harriman delivered the verdict in Suit No: EHC/210/2021 on Monday.
Additionally, Ikeji was instructed to publish a retraction of the libellous statements on her blog and in national dailies.
Furthermore, Ikeji has been restrained from making further damaging publications against the claimants.
The Neo-Black Movement of Africa (NBM) took the legal action against Linda Ikeji after she allegedly failed to retract and apologize for a defamatory article published on her blog on October 19, 2021.
The article reportedly labeled the NBM of Africa as a dreaded cult group, black axe, and criminal organization, prompting the claimants to seek N1 billion in damages and an unreserved apology to be published on Ikeji’s blog and in two national newspapers.
Justice Daibo-Harriman, in her ruling, deemed the terms “dreaded cultist group,” “black axe,” and “criminal organization” used in the Defendant’s publication as defamatory.
Kelvin Agbroko, Counsel to the Claimants, emphasized that the ruling “Will serve as a lesson to bloggers that it is not every item you publish. It is good to verify information before making a publication.”
He said, “NBM of Africa is a legal organisation duly registered with the Corporate Affairs Commission. The publication made by the Defendant against my client has been cleared that it was a damaging publication.
“NBM is good to go, we are going to take all necessary steps to enforce the terms of the judgment against her. It was an erudite judgement that is all-encompassing and will be difficult to fault.”
Ese Kakor, President of the NBM of Africa, revealed that the legal proceedings regarding the case had been ongoing for approximately two years.
Kakor expressed his dismay at Linda Ikeji’s actions, stating, “What Ikeji did was just to sell in a bid to defame the character of NBM of Africa. It is very wrong.”
He advised other bloggers against following similar steps, cautioning that they may also face litigation for defamation.
Kakor clarified that the NBM of Africa has no association with cultism, black axe, or criminal activities, emphasizing that it is a well-registered organization.
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