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Subsidy: Petrol Price Will Fall — Kyari Assures Nigerians

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Nigeria is not refining crude locally – NNPC GMD

 

The Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, reassured Nigerians that the current high cost of petrol would soon decrease.

 

In an interview on Arise TV’s Morning Show, Kyari stated that the competition among major players in the oil sector would lead to a reduction in the price of petrol.

 

He emphasized that the removal of subsidies would allow new players to enter the market, promoting healthy competition. As the market stabilizes, oil marketing companies will be able to import or produce petrol and sell it at market prices.

 

Kyari anticipated that this competition and increased efficiency would naturally drive down pump prices across the country.

 

Kyari’s words: “The beauty of this (subsidy removal) is that there will be new entrants (into the market) because oil marketing companies’ reluctance to come into the market all along is the very fact of the subsidy regime that is in place.

 

“That subsidy regime doesn’t have a guarantee of repayment back to those who
provide the product at a subsidised price and now that the market is being deregulated, oil marketing companies can actually import product or even if it is produced locally, they can buy and take it into the market and sell at its retail price.

 

‘’Therefore, you will see competition, even with NNPC. And by the way, by law, NNPC cannot do more than 30 per cent of the market going forward. As soon as the market stabilises, oil marketing companies are able to come in.

 

“Competition will definitely come in and the market will regulate the prices itself. Therefore, this is just an instantaneous price and within a week or two, you will continue to see different prices because of different approaches from major players, companies have different approaches to it and competition will guide that.

 

“Ultimately, you’d see changes downwards and it is very likely because efficiency will come in.”

 

Meanwhile, Kyari revealed plans by President Bola Tinubu to introduce palliative measures to cushion the impact of the abrupt removal of fuel subsidies.

 

He also mentioned the ongoing rehabilitation of the country’s refineries, with one refinery expected to be operational this year, another next year, and the third by 2025.

 

Kyari explained that the subsidy bills had accumulated, and the country could no longer afford them. By pricing petroleum products in the market, the government aimed to benefit the country in the long run. Kyari acknowledged that while there was a provision for subsidies in 2022, no funding was allocated for them in 2023.

 

He stressed the urgency of discontinuing the subsidy conversation, as it had negative implications for the country’s financial stability and borrowing capabilities.

 

In response to the removal of fuel subsidies, Amnesty International expressed concerns about the potential increase in poverty in Nigeria.

 

The organization emphasized that the decision should not exacerbate the challenges faced by millions of Nigerians in meeting the costs of education, food, and healthcare. Amnesty International called for social protection measures to accompany the removal of subsidies, ensuring that people on low incomes could maintain an adequate standard of living.

 

They urged the Nigerian authorities to address widespread hunger, rising unemployment, and the declining standard of living by investigating the fuel market chain and holding accountable those involved in smuggling, hoarding, and subsidy-related scams.

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Kwara-based Catholic School Shines In 2024 UTME: 30 Students Score Above 300

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The Eucharistic Heart of Jesus Model College, Ilorin, Kwara State, has made headlines with a remarkable achievement in the 2024 Unified Tertiary Matriculation Examination (UTME).

Revealed by Reverend Father Jude Okeh via his X handle, @friajudeo, the school proudly announced that 30 of its students scored impressively between 300 and 355 points.

Topping the list are Fasesin Ayomiposi and Kunle-Olawepo Ayomikun, both securing an outstanding 355 points.

Following closely are Adelodun Oluwadarasimi and Ayejuto Daniel with 341 points, and Idris Jamaaldeen with 333 points, showcasing the school’s commitment to academic excellence.

The UTME results have garnered attention amidst recent controversies surrounding the exam. With over 8,000 students nationwide achieving scores above 300, the proficiency demonstrated by these students from Eucharistic Heart of Jesus Model College stands as a testament to their dedication and the quality of education provided by the institution.

In a statement, Reverend Father Jude Okeh highlighted the significance of this achievement, particularly in light of the challenges faced by candidates nationwide.

Netizens have lauded the students’ success, acknowledging it as a remarkable feat amidst the backdrop of JAMB’s statistics, which revealed a significant number of candidates failing to meet the 200 marks threshold.

JAMB reiterated the purpose of the UTME as a ranking examination and cautioned against the proliferation of fake result slips.

The board emphasized the importance of relying on official channels for result verification, reaffirming its commitment to maintaining the integrity of the examination process.

The stellar performance of the students from Eucharistic Heart of Jesus Model College serves as a beacon of inspiration, reflecting the potential for excellence within the educational landscape of Kwara State and beyond.

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Fuel Crisis: No End In Sight As NNPC, IPMAN Fight Dirty

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The ongoing fuel crisis appears to be a case of the grass suffering while two elephants fight.

The bone of contention seems to be that while the Nigerian Government wants to carry out minor reforms in the supply chain, and is assuring the public that the scarcity would end soon, the organised marketers appear focused on protecting the interests of its members.

Biztellers reports that about 8,000 operating licences of IPMAN’s members are threatened by a new policy of the National Petroleum Company Limited (NNPC Ltd).

Recall that the NNPC Ltd had placed a deadline of April 15, 2024, for marketers to renew their operating licences or risk being denied access to their customer express portals for the purchase of petroleum products from the NNPC Retail Limited.

However, the Independent Petroleum Marketers Association of Nigeria (IPMAN) had claimed that the registration processes and requirements were cumbersome, for which some of its members could not meet the deadline.

Consequently, the IPMAN requested an extension till July, so that its members could reconcile their licenses and address the lingering scarcity, which has compounded the economic woes confronting the ordinary Nigerian.

The IPMAN has also appealed to the Nigerian Midstream and Downstream Regulatory Authority (NMDRA) to release 9,000 already processed licences to its members.

The National Public Relations Officer, IPMAN, Chinedu Ukadike, gave an update on the Association’s position in a statement on Thursday in Abuja.

The statement read, “The Independent Petroleum Marketers Association of Nigeria are abreast with current developments in the downstream sector of our petroleum industry and wish to state that the latest information reaching us from the Nigerian Midstream and Downstream Petroleum Regulatory Authority states that they have already processed more than 9,000 out of the 15,000 licenses they are expected to process for our members within this period.

“Marketers are fast-tracking the processing of their licenses to avoid the impending closure of their customer express portals for purchase of petroleum products from NNPC Retail Limited.

“We, therefore, use this opportunity to appeal to the management of the NMDPRA and NNPC Retail Limited to respectively release the processed licenses and extend the deadline for delisting of marketers from their express portals.

“If our request is granted, it will ease the tension of panic buying by members of the public in order not to aggravate the present scarcity of petroleum products.”

In an earlier statement, the IPMAN had blamed the ongoing scarcity which had seen pump prices of Premium Motor Spirit (PMS) skyrocket to between N750/litre to N1,200/litre across Nigeria on turnaround maintenance of oversea suppliers of the product.

On its part, the NNPC Ltd had blamed logistics on the scarcity, which it claimed to have addressed.

The state oil company had also tried to address the situation by assuring of sufficient stock and increased product supplies, yet, the IPMAN members appear to be sticking to their gun, in protection of members’ interests, by controlling sales to the public.

Recall that the Chairman, IPMAN Depot Chairmen Forum, Yahaya Alhassan, had on Tuesday threatened to shut down the 30,000 stations operated by IPMAN members across the country if the Federal Government failed to pay the N200bn that was being owed marketers.

The IPMAN’s position was contained in a communique issued in Abuja by over the non-payment of marketers’ bridging claims.

According to the IPMAN, the NMDPRA had refused to clear the debt, which had continued to accrue since September 2022.

It might just be that the two elephants are keeping the bone of contention close their chests and feeding members of the public with tales by the moonlight.

In the interim, the economic hardship continues to bite harder, with common Nigerians at the receiving end.

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Vigilantes Slain, Village Heads Abducted In Kaduna Attack

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In a tragic turn of events, it has been reported that a group of terrorists attacked Kakangi and Unguwan Matinja communities in the Birnin Gwari Local Government Area of Kaduna State, resulting in the deaths of eight vigilante members and two others.

Additionally, the village heads of Kakangi and Kisaya villages were abducted during the assault.

The attack, confirmed by resident Idris Khalid, occurred early on Thursday when armed individuals invaded the villages.

Among the victims in Kakangi were eight vigilante members, including Bala Kamba, Abdurrahman Musa (Ubale), Kabiru Dan Dugui, Hambali Abu, Aliyu Abu, Nura Jika (Maleka), Mubarak Musa (Dan Wamba), and Ikra Hantsi.

Khalid further disclosed that the two individuals who lost their lives in the Ungwan Matinja community, located under Gayam Ward, were identified as Christopher Abubakar and Isah Gambo.

He explained that the vigilantes came under attack while tracking the kidnapped victims, who had been abducted while en route to a burial ceremony between Kakangi and Sabon Layi.

The resident said “The vigilantes engaged the terrorists, killing scores of them but could not rescue the two traditional rulers and others.

“Normally, anytime there is a kidnap incident, the vigilantes always trail the terrorists to rescue the victims.

“It’s unfortunate that in the process, eight gallant officers of the vigilantes who have been sacrificing in ensuring the safety of our people were lost.”

The Public Relations Officer of the State Police Command, ASP Mansir Hassan, stated that they are actively investigating the matter to ascertain the truth, noting that the area where the incident occurred experienced network issues.

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