Oil
Ecstasy in Ibadan as kerosene sells for N50/Litre
LAGOS – Hundreds of inhabitants of Ibadan, the Oyo State capital, were in jubilant mood Monday as the Independent Petroleum Marketers of Nigeria (IPMAN) sold kerosene at N50 per litre.
Many areas we visited in Ibadan like Akobo Estates, Apata, Olodo, Olunloyo and its environs witnessed people carrying their jerry cans to the selling points.
It was hectic controlling the crowd as many people were seen queuing up to get the product, which sold for between N120 and N125 in many of the filling stations in and around the city.
While residents of Ibadan were in jubilant mood, the management of the Nigerian National Petroleum Corporation (NNPC) dismissed allegations that its staff collected N25 per litre mobilisation fee from marketers before allocating kerosene to them as lies fabricated by some persons to tarnish the image of the corporation.
However, a resident in Akobo area, Mrs. Boluwade Folakemi, told us that: “We thank the IPMAN for taking the bull by the horn and coming to the stark reality that all is not well within the domestic sector as people have for years been groaning over the high rates at which individual kerosene sellers and petrol stations alike, have been selling the commodity to end users.”
Speaking on the development, IPMAN called on the federal government and the NNPC to do everything in its capacity to re-install the pipeline from Mosimi to Ibadan so that they can be pumping kerosene and selling at N50 per litre to consumers.
Speaking at one of the selling points, the Chairman of IPMAN, Chief Joseph Akanni Oyewole, explained that “it would be easy for marketers to sell at the NNPC/PPMC stipulated price if they could pump to Ibadan through Mosimi.”
According to him, “most of the marketers do purchase kerosene from independent depots in Lagos and Port-Harcourt at about N98 to N100 per litre and they would have to transport the product and add other expenses to it, that is why they sell at N120 to N130 per litre to the consumers, but if they could be loading kerosene in Ibadan depot like they are loading petrol, at NNPC price of N40.90, it would be easy for them to sell at N50 per litre.”
Oyewole however implored the federal government to do everything in its capacity to ensure that all the obsolete pipelines are refurbished and replaced so that they can be able to withstand the pressure required for the pumping of all the products like diesel, kerosene and petrol so that the consumers would be getting them at the recommended prices.
He, however, cautioned consumers against panic buying of petrol, because the pipelines that were vandalised at Ijegun had been replaced and that the NNPC had promised to commence loading from today.
Meanwhile, following a report at the weekend that NNPC officials collected bribes amounting to N195 billion from marketers before allocating kerosene to them, the acting Group General Manager, Group Public Affairs Division of NNPC, Dr. Omar Farouk Ibrahim, challenged anyone with evidence of such payment to tender it so that the staff concerned can be identified and punished.
“We make bold to state that this allegation is a complete falsehood, callous and malicious. We recall that this is not the first time such unfounded allegations were made against the NNPC.
“The Senator Magnus Abe-led Committee on Petroleum (Downstream) called all the stakeholders in the downstream sub-sector for a public hearing over similar allegations. No one came out to confirm the allegations,” Ibrahim stated.
He said petroleum marketers under the aegis of IPMAN and the Depot and Petroleum Products Marketers Association (DAPPMA) have come up with statements denying ever paying any amount of money beyond the approved N40.90 per litre at depot price for kerosene, adding: “Our depots are known, 22 of them across the country. And members of our staff are also known. It will help the system if those making the allegations could furnish us with evidence of extortion so that we could investigate and take necessary action. Until we are given evidence, we maintain that what is reported remains a rumour.”
– CODEWIT
In a strategic move to revitalize Nigeria’s oil and gas sector, the Federal Government has unveiled two key fiscal incentives aimed at attracting investment and enhancing energy security.
The announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy on Wednesday.
The first initiative, the Value Added Tax (VAT) Modification Order 2024, introduces critical exemptions for essential energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.
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These exemptions are designed to reduce living costs for Nigerians, promote energy security, and accelerate the transition to cleaner energy alternatives.
The second initiative, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, offers new tax relief options for deep offshore exploration projects.
This measure aims to position Nigeria’s deep offshore basin as a premier destination for international oil and gas investments, boosting the country’s appeal to foreign investors.
These reforms are part of a broader set of policy initiatives, known as Policy Directives 40-42, endorsed by President Bola Ahmed Tinubu.
The directives reflect the administration’s commitment to fostering sustainable development in the energy sector and enhancing Nigeria’s competitive edge in the global oil and gas market.
By Yemie Adeoye
NIGERIA’s President Bola Tinubu has announced that the protracted ExxonMobil-Seplat upstream oil divestment will be formally approved by the Minister of petroleum within a matter of days, just as he announced his government’s intention to expand the Compress natural Gas, CNG buses initiative.
The President who stated this during his Independence day nationwide broadcast stated that the move is in line with his administration’s commitment to free enterprise, free entry and free exit in investments which is the hallmark of his administration investment policy.
“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”
The President also seized the opportunity to plead with Nigerians to be patient with his administration’s reform policies. “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel”.
“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.
Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace”. he enthused.
As part of the administration’s push to improve Ease of Doing Business (EoDB), Nigeria’s Vice President Kashim Shettima has expressed support for ExxonMobil’s plan to invest $10 billion in the country’s deep-water oil sector.
Speaking on Wednesday, September 25, 2024, during a meeting with ExxonMobil executives at the 79th United Nations General Assembly (UNGA) in New York, Shettima called the investment “a clear testament to the administration’s economic reforms and investor-friendly policies.”
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This announcement follows news that international maritime company DP World intends to develop a multibillion-dollar port project in Nigeria.
Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, shared the development in a statement on Wednesday. He quoted Shettima as saying: “ExxonMobil’s potential investment aligns with the vision of President Bola Ahmed Tinubu’s administration for a more investment-friendly Nigeria.
We are committed to fostering an environment that supports such transformative projects.”Shettima also discussed the administration’s broader efforts to improve the ease of doing business, highlighting the “Renewed Hope Agenda,” which aims to simplify bureaucratic processes, enhance transparency, and offer fiscal incentives to attract global investors.
“Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These measures, though challenging in the short term, are intended to create a stable and predictable business environment in the long term,” he added.
On the oil and gas sector, Shettima mentioned that the government is revising the fiscal framework for deep-water operations to attract investment while ensuring fair returns for the Nigerian people.
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