Connect with us

NEWS

Pump Price Needs Market Adjustment, NNPCL Official Declares Amid Fuel Hike

Published

on

The Executive Vice President of the Nigerian National Petroleum Company Limited (NNPC Ltd) for Downstream, Adedapo Segun, has called for the establishment of a fully competitive market to ensure stable fuel prices and supply across Nigeria.

Speaking on Arise Television’s Morning Show on Thursday, Segun expressed concern that current fuel prices do not accurately reflect market realities.

“The pump price today is not market reflective. NNPCL is the sole importer of PMS [petrol] in the country, which is abnormal. We should be moving towards a situation where the free market determines prices,” he stated, arguing that market forces, not a single entity, should dictate fuel pricing.

Read Also: NNPC Ltd, SNEPCo Touch Over 6000 With Vision First Plus In Bariga, Lagos

Segun clarified that NNPCL’s position as the sole importer of Premium Motor Spirit was a response to existing market dynamics, not a deliberate choice.

“We did not choose to be the sole importer. NNPCL is not a regulator; we stepped in when other players reduced their market participation. This is not about becoming monopolists,” he explained.

He further emphasized that achieving a stable fuel supply and price would require a truly competitive market environment, including a more liquid foreign exchange market to support broader participation.

Segun highlighted the need for “perfect market conditions and FX liquidity,” indicating that broader economic reforms might be essential to stabilize fuel prices.

He also noted that NNPCL is collaborating with private refineries, including the Dangote Refinery, to maintain a consistent supply of crude oil for refining.

“We have supplied about 30 million barrels to Dangote so far: 6.3 million this month, and we will supply 11.3 million in October,” Segun revealed.

NEWS

Dangote Refinery Cuts Petrol Price To ₦970 per Litre For Marketers

Published

on

The Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS), also known as petrol, to ₦970 per litre for oil marketers.

This new price, effective immediately, marks a ₦20 decrease from the refinery’s previous ex-depot price of ₦990 per litre, which was set earlier this month.

In a statement released on Sunday, Anthony Chiejina, the refinery’s Chief Branding and Communications Officer, explained that the price reduction is a way for the company to express its appreciation to Nigerians for their unwavering support in making the refinery a reality.

READ MORE: NDLEA Nabs Businessman For Using Ingestion To Smuggle Cocaine

“This decision is our way of thanking Nigerians for their unwavering support in making the refinery a dream come true,” Chiejina said.

The statement also highlighted the refinery’s gratitude towards the Nigerian government, acknowledging the role of government measures in supporting domestic businesses.

“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 read.

Despite the price cut, the refinery reassured consumers that there would be no compromise on the quality of its products. “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,” the statement added.

The company also committed to ramping up production to meet domestic fuel consumption and alleviate concerns over potential supply shortages.

“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,” the statement concluded.

The price reduction is expected to save marketers approximately ₦20 per litre on purchases from the refinery’s Lekki-based plant.

 

Continue Reading

NEWS

I Am Just A Content Creator – Simon Ekpa Denies Biafran Leadership Role

Published

on

Simon Ekpa, a Finnish citizen of Nigerian descent and a controversial figure in the Biafran separatist movement, has dismissed his self-styled title of “Prime Minister of Biafra” as inconsequential.

Speaking during legal proceedings at the Päijät-Häme District Court in Finland, Ekpa stated, “I am just a content creator; the issue of Prime Minister of Biafra is not serious.”

READ ALSO: National Assembly In Top Gear For Tinubu’s 2025 Budget Presentation

Ekpa’s statement comes in the wake of his arrest by Finnish authorities on charges related to incitement of terrorism.

The Finnish National Bureau of Investigation (NBI) has accused Ekpa of public incitement to commit crimes with terrorist intent.

The arrest stems from an incident in Lahti on August 23, 2021, and officials are also seeking the detention of four other suspects linked to the case.

“The detention demands are related to a preliminary investigation in which a Finnish citizen of Nigerian descent, born in the 1980s, is suspected of public incitement to commit a crime with terrorist intent,” the NBI said in a statement.

Ekpa, who has used his social media platforms to advocate for Biafran independence, has been a divisive figure in Nigeria’s southeast region.

His rhetoric and actions, including calls for economic shutdowns through “sit-at-home” orders, have been linked to widespread unrest and disruptions in the region.

 

Continue Reading

NEWS

National Assembly In Top Gear For Tinubu’s 2025 Budget Presentation

Published

on

The National Assembly management team, led by Clerk Sani Magaji Tambawal, has ramped up efforts to ensure a seamless presentation of the 2025 Appropriation Bill by President Bola Ahmed Tinubu.

The event, scheduled for a joint session of the Senate and House of Representatives, is regarded as a significant moment in Nigeria’s legislative calendar.

Preparations include a thorough inspection of the assembly chambers to ensure all facilities are fully functional.

READ MORE: PDP Governors Probe Ondo Polls, Criticizes Edo Result

Deputy Clerk Kamoru Ogunlana, who is overseeing the technical arrangements, confirmed that key systems, including microphones, sound equipment, and other audio-visual tools, have been tested to ensure smooth communication during the session.

“We are working tirelessly to ensure that the National Assembly is fully prepared to receive Mr. President and provide a conducive environment for this significant moment in our democratic process,” Ogunlana stated.

Seating arrangements are also being finalized to accommodate lawmakers, government officials, and other dignitaries expected at the session.

Security measures are being reviewed in collaboration with relevant agencies to ensure the safety of all attendees. Meanwhile, press accreditation is being managed to facilitate effective media coverage.

The 2025 budget presentation is expected to highlight the government’s economic priorities while reinforcing the partnership between the executive and legislative arms of government.

As the session approaches, the National Assembly has expressed its commitment to upholding Nigeria’s democratic values and providing a platform for transparent governance.

 

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.