Connect with us

Other News

Fuel Price:Experts hail FG for cost-reflective petrol price

Published

on

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.  

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.

Other News

Music Icon Quincy Jones Passes Away At 91

Published

on

Quincy Jones, the legendary music producer, composer, and cultural icon whose career spanned over seven decades, has passed away at the age of 91.

Jones died peacefully on Sunday night at his Bel Air home, surrounded by family, according to his publicist, Arnold Robinson.

“Tonight, with full but broken hearts, we must share the news of our father and brother Quincy Jones’ passing,” his family said in a statement. “And although this is an incredible loss for our family, we celebrate the great life that he lived and know there will never be another like him.”

Renowned for his unmatched versatility, Jones collaborated with some of the greatest musical talents of the 20th and 21st centuries, including Michael Jackson, Frank Sinatra, Aretha Franklin, and Will Smith. He played an integral role in producing Jackson’s groundbreaking albums Off the Wall, Thriller, and Bad, which catapulted the pop star to global superstardom and earned Jones worldwide acclaim.

READ MORE: JUST IN: Tinubu Swears In Seven Newly-Appointed Ministers

Born in Chicago in 1933, Jones’ journey into music began early. His childhood introduction came from a neighbor’s piano playing and his mother’s singing. After moving to Washington state following his parents’ divorce, he honed his skills in his high school band and began playing with a young Ray Charles in Seattle’s vibrant club scene.

Jones’ career took off in New York, where he played trumpet in Elvis Presley’s early TV performances and worked with bebop legends like Charlie Parker and Miles Davis. By 1958, he was working with Frank Sinatra, arranging for the singer’s band at the request of Princess Grace Kelly. Their partnership flourished, spanning several projects including Sinatra’s final album LA Is My Lady in 1984.

Throughout the 1960s and 70s, Jones’ talents extended into film and television scores, composing music for films such as The Italian Job, In the Heat of the Night, and the acclaimed The Color Purple, for which he earned three Oscar nominations. He also scored hit TV shows including The Bill Cosby Show and Roots.

In 1985, Jones produced and co-conducted the charity anthem “We Are the World” alongside Michael Jackson and Lionel Richie, raising millions for Ethiopian famine relief. Despite personal and professional challenges—including surviving a near-fatal brain aneurysm in 1974—Jones’s career continued to thrive.

Jones’ influence wasn’t limited to music. In 1990, he founded Quincy Jones Entertainment, the company behind the popular sitcom The Fresh Prince of Bel-Air, which launched the career of Will Smith. His media ventures also included the creation of Qwest TV, an on-demand music streaming service, and the magazine Vibe, which celebrated Black music and culture.

Over his career, Jones earned 80 Grammy nominations, winning 28—making him one of the most decorated artists in the award’s history. Tributes poured in following news of his death. Actor Michael Caine, who shared Jones’ birthdate, called him “a wonderful and unique human being.” Music artists such as LL Cool J expressed gratitude, saying, “You were a father and example at a time when I truly needed one. Music would not be music without you.”

Jones is survived by his seven children, leaving behind an indelible legacy that will resonate through generations to come. His life’s work transformed music, television, and culture, proving that there truly was no limit to what Quincy Jones could accomplish.

Continue Reading

Other News

Prayers Won’t Build Roads, Fund Children’s Education – Jesse Jagz To Nigerians

Published

on

Singer and rapper Jesse Jagz has called on Nigerians to rethink their approach to religion.

Jagz suggested that African traditional religious gods have become ineffective, attributing this to the excessive alcohol given to them during rituals, which, according to him, has made them obese, diabetic, and unable to aid their worshipers.

Speaking on the ‘Big Talk’ podcast, the rapper also criticized followers of foreign religions for relying solely on prayer and expecting miracles without putting in the necessary effort. He stressed that prayers alone cannot provide essential social services or infrastructure.

READ MORE: SERAP Issues Tinubu 48-Hour Ultimatum Over Detained Minors

“When you go to a shrine and you see the priest pouring gin on the gods, Google how much a bottle of gin was in slavery. 40 slaves.

“Our gods are drunk on alcohol and meat. They are obese and diabetic.

“They can’t help us do anything. Prayers do not build roads or buy books for children. We have forgotten humanity,” he said.

Continue Reading

Other News

Presidents Invite Me To Dinner Wherever I Go – Davido Boasts

Published

on

Renowned Nigerian singer, David Adeleke, known by his stage name Davido, has stated that he receives special treatment globally due to his celebrity status.

The Afrobeats sensation mentioned that he is frequently invited to presidential dinners in nearly every country he visits, with the exception of the United States and the United Kingdom.

In a recent interview with Kiss Fresh London, Davido confidently shared that his fanbase includes influential figures such as the World Bank president, presidents of powerful nations, and other notable personalities.

READ MORE: Sanwo-Olu, Dignitaries Set To Attend Lagos Social Media Hangout

“Every country we go to, the President invites us for dinner except London [United Kingdom] and the United States of America.

“It’s beautiful to see. I mean, leaving my country, Nigeria, and people welcoming me like the president in other countries, shows how well Nigeria is doing around the world in terms of music and cultural impacts,” he said.

Davido has expressed that he feels most respected in Africa, which is why he cherishes his African tours more than those in Europe and America, even though the latter bring him greater financial rewards.

He shared that his Jamaican collaborator, YG Marley, was astonished by the immense admiration from fans when he visited Nigeria for the video shoot of their joint hit, ‘Awuke.’

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.