NEWS
Fuel Price Hike: Energy Analyst Adeoye Reveals Who Bears The Subsidy Costs
With the pump price of Premium Motor Spirit (PMS) popular in the streets as petrol, hovering around approximately N1000-N1300 per litre, concerns are mounting about the viability of fuel subsidies in Nigeria.
Energy policy analyst, Adeyemi Adeoye, has underscored the critical role of the Nigerian National Petroleum Company Limited (NNPC Ltd) in this issue, shedding light on who bears the subsidy costs.
He shared his views on TVC News on Friday.
Biztellers reports that the pump price of petrol has risen from below N200/litre at at May 29, 2023 to around N1300/litre as at September 20, 2024, with little variations depending the part of Nigeria, consumers are buying from.
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He stated, “Only the NNPC can engage in negotiations of this nature. Their partnership with the Dangote Refinery gives them leverage to negotiate from a position of strength.”
Adeoye highlighted that while the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other marketers lack significant influence over prices, the Dangote Refinery prioritizes profitability.
According to him, this makes the NNPC’s negotiations vital, as they are legally required by the Petroleum Industry Act to ensure fuel availability across the country and prevent long queues at gas stations.
Adeoye said, “It is only NNPC that could have gone into that type of negotiation because NNPC is coming to the table from a position of strength because they have a partnership with the Dangote Refinery, and they have other businesses they are supplying crude to, so they can come and say, ‘Look, this has to be this way.’
“The IPMAN and the other marketers cannot do that because Dangote is a profit-making organization; it is not a charity organization. So, the only thing that is important to the Dangote Refinery is to make a profit, which is the same thing that is important to any business.
“So, the NNPC went into these negotiations because it also understands that it is the last resort. In terms of fuel distribution in the country, NNPC is mandated by the Petroleum Industry Act to make sure that there are no queues in the country. So, even if they don’t want to do it, the law mandates NNPC as the supplier, the last resort, to make sure that there is petroleum product across Nigeria.
“That negotiation is such that NNPC took all the calculations in and said, ‘This is a fair pricing that we know we can withstand.’
“Because what NNPC was paying out, which you might call a subsidy or under-recovery, NNPC was paying the difference on behalf of the government, which is under the directive of the president, who has also said he wants to see this situation totally resolved.
“That was why he directed the NNPC to make sure that crude oil to the Dangote Refinery is sold in Naira, because NNPC produces the crude in dollars, and it has to be sold to the Dangote Refinery in Naira, which is good faith.” he added
International News
Turkish Airlines Resumes Flights To Damascus After 13-Year Hiatus
In a historic move, Turkey’s national flag carrier, Turkish Airlines, has resumed flights to the Syrian capital Damascus after a 13-year suspension.
The first flight, carrying 349 passengers, departed from Istanbul International Airport on Thursday morning, according to Turkey’s state news agency Anadolu.
The resumption of flights marks the end of a pause dating back to April 2012, when the airline suspended operations due to the onset of the Syrian civil war.
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The decision comes as relations between the two nations improve and reflects a growing trend of Syrians returning to their homeland after years of displacement.
Turkey, which hosts approximately 3 million Syrian refugees—the highest number worldwide—has witnessed many Syrians preparing to return home.
Anadolu reported that several passengers on Thursday’s flight were traveling to Syria for the first time in over a decade.
“I feel like I’m in a dream,” said Ahmet Kiraz, a passenger who had lived in Turkey since 2012. Kiraz expressed his disbelief at finally being able to return home, a moment he had thought might never come.
Images from the scene showed travelers boarding the plane with the Syrian flag draped across their shoulders, a symbol of both pride and a longing for their homeland.
Turkish Airlines announced plans to operate three flights per week to Damascus, with further details expected to be disclosed later in the day.
International News
Turkish Model Arrested Over Plan To Sleep With 100 Men In 24 Hours
A 23-year-old Turkish OnlyFans model, Ezra Vandan, also known as Azranur AV, has been detained in Istanbul for publicly announcing her plan to engage in sexual activity with 100 men within 24 hours.
The announcement, made on social media, sparked outrage and led to her arrest by the Istanbul Security Branch Directorate’s Morality Bureau.
Vandan had shared her intentions on January 14, 2025, posting a photo of herself in red lingerie with the caption: “My goal is to break a Turkish record first, then a world record! I’m starting with 100 men in 24 hours.”
She reportedly planned to live-stream the event, which was widely criticised as “obscene” and “damaging to societal morals.”
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According to reports, the post drew the attention of authorities, who initiated an investigation and apprehended her while she awaited a cosmetic surgery operation in Atasehir. Footage captured her being escorted down the stairs of a hospital by female officers, her wrists bound behind her.
In a controversial twist, Vandan allegedly uploaded a revealing image taken during her arrest by a police officer, captioning it, “I had the photo taken by one of the officers, he didn’t object much.”
Her husband, Pedram Behdar Vandan, 25, was also briefly detained but later released.
The Istanbul 6th Criminal Judgeship of Peace has charged Vandan with obscenity, resisting an officer on duty, and slander, stating that her actions and posts were “damaging to moral values” and “provocative to society.”
Defending herself in court, Vandan argued that her posts were personal and did not harm anyone. “I do not deserve to be judged,” she said.
The case has reignited debates in Turkey about personal freedom and societal values.
International News
Train Accident In Maharashtra Claims 11 Lives After Panic Over Fire Alarm
Eleven passengers tragically lost their lives on Wednesday in Maharashtra, India, after jumping off a moving train amid fears of a fire, only to be struck by an oncoming train.
The incident occurred in Jalgaon district, approximately 400 kilometres from Mumbai, and has once again highlighted safety issues in India’s extensive railway network, which serves millions of passengers daily.
Ayush Prasad, a senior district official, confirmed the fatalities and stated that five other passengers are receiving medical treatment. “People were run over by a train,” he said, without clarifying if the fire alarm was genuine or false.
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According to a spokesperson for Indian Railways, the chaos began when someone activated the “alarm chain” on the Mumbai-bound train, prompting several passengers to disembark. Tragically, they were struck by a train traveling in the opposite direction.
India’s interior minister, Amit Shah, expressed his grief over the incident, saying, “Deepest condolences to the families of those who lost their lives in this accident.” Maharashtra’s chief minister, Devendra Fadnavis, described the tragedy as “deeply disturbing” and said he was “deeply saddened by the tragic loss of lives” in a post on X (formerly Twitter).
Despite efforts to modernise the railway infrastructure with a $30 billion investment aimed at improving safety and connectivity, accidents remain a significant concern. Official records indicate that an average of 20,000 people died annually in rail-related accidents between 2017 and 2021.
In 2023, one of the country’s deadliest rail disasters claimed nearly 300 lives when a passenger train collided with a stationary goods train, leading to further collisions.
India continues to grapple with balancing its rapid economic growth with ensuring the safety of its ageing railway network.