—-Retailers should adjust price — Attendant
—-Regulators must intervene — Petroleumprice.ng
By Udeme Akpan, Energy Editor & Obas Esiedesa
LAGOS — In spite of the drop in crude oil prices to $100 per barrel from $130 per barrel, oil marketers have continued to sell Premium Motor Spirit, PMS, also known as petrol at N1,300 per litre and above across the country.
Crude oil prices began to decline amid expectations that ongoing diplomatic engagements between the US and Iran could lead to the return of Iranian oil into Asian markets in the coming weeks.
However, investigations by Vanguard in Lagos and its environs yesterday, showed that marketers have not adjusted pump prices, in line with developments in the global oil market.
The checks indicated that several retail outlets, including MRS, sold petrol at N1,333 per litre, while depot prices remained slightly lower.
Depot operators, such as Alkanes, Soroman, and Bovas, sold the product at about N1,270 per litre, while Dangote Petroleum Refinery priced its product at N1,285 per litre.
In Abuja, the situation was not different, with petrol stations maintaining high prices of up to N1,371 per litre, even more than 24 hours after the decline in global crude prices.
Findings showed that outlets such as NIPCO and AYM Shafa sold at N1,371 and N1,370 per litre, respectively, among the highest in the Federal Capital Territory.
NNPC Retail stations maintained prices around N1,361 per litre, while MRS (a Dangote partner station) sold at N1,367 per litre.
This development has raised concerns among consumers who expected a reduction in pump prices, following the drop in crude oil prices.
Over the past three weeks, petrol prices in Abuja have surged by more than 50 per cent, driven largely by successive increases in gantry prices by Dangote Refinery.
The decision by marketers to retain high prices has further worsened the burden on Nigerians already grappling with rising transportation and living costs.
Retailers should adjust price
— Attendant
A pump attendant at AA Rano filling station in Karu, told Vanguard that pricing decisions are the responsibility of station management.
“Sir, it is not my job to change the metre. That is the work of the manager and the engineer,” the attendant, who preferred anonymity, said.
Regulators should intervene — Petroleumprice.ng
Reacting to the persistent high price of petrol, the CEO of Petroleumprice.ng, Olatide Jeremiah, called on regulators to protect consumers from exploitation.
“The oil price has been dropping in recent days, yet Nigerians have not seen a corresponding reduction in pump prices. This has worsened instability in the downstream sector.
“The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, and the Federal Competition and Consumer Protection Commission, FCCPC, need to protect consumers from exploitation, as marketers are quick to increase prices but slow to reduce them, thereby making abnormal profits at the expense of Nigerians,” he said.
Market forces should determine price — PETROAN
On his part, the President of the Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Billy Gillis-Harry, maintained that pricing should be left to market forces.
“This is a deregulated market, and the forces of demand and supply should be allowed to guide operations,” he said.
On why prices of petroleum products remained high, despite the drop in crude prices, depot owners refused to comment.
Transport fares rise by 50%
Meanwhile, transport operators have passed on the increased cost of fuel to commuters, whose purchasing power continues to drop on a daily basis.
A civil servant, who spoke anonymously, said: “Before the Middle East conflict, we paid N800 from Ikorodu to Oshodi. Now, we pay about N1,200, representing a 50 per cent increase.”
He described the situation as unbearable, noting that salaries remained stagnant, despite rising inflation and living costs.
Industry experts highlight risks, opportunities
Speaking at the just-concluded webinar hosted by the Major Energies Marketers Association of Nigeria, MEMAN, in partnership with S&P Global Energy, MEMAN Chairman, Huub Stokman, said the Middle East crisis heightened uncertainty in global oil markets.
According to him, the situation has led to increased volatility in oil prices, higher freight costs and disruptions in global supply chains.
He added that while these developments posed challenges for consumers and downstream operators, they also presented an opportunity for Nigeria to position itself as a regional energy hub, given its high-quality crude, growing refining capacity and large domestic market.
S&P Global Energy’s Associate Editorial Director, Gary Clark, noted that refining margins for products, such as diesel and aviation fuel, had risen sharply due to supply disruptions and increased risk premiums.
Similarly, Stanislas Drochon, Africa Head of Fuels and Refining at S&P Global Energy, said Sub-Saharan Africa remained vulnerable to external shocks due to heavy reliance on imports, limited refining capacity and inadequate storage infrastructure.
He called for sustained investment in supply chain systems to improve long-term energy security.
Energy expert, Joe Nwakwue, also described Nigeria’s transition to a deregulated downstream market as a period of adjustment characterised by price volatility and structural changes.
Tinubu’s working hard to end insecurity — Shettima
lReceives Gov Lawal, supporters into APC
By Johnbosco Agbakwuru
ABUJA —THE Vice Pres
ident, Senator Kashim Shettima, has said the end to insecurity in Nigeria was in sight, noting President Bola Tinubu was working hard to ensure peace was sustained in all parts of the country.
He called for more unity, progress and peaceful coexistence under the Tinubu administration, assuring that the President is doing all he could to secure lives and properties across the nation.
Senator Shettima stated this in Gusau, the Zamfara State capital, yesterday, when he formally received the state governor, Dauda Lawal, and his supporters into the All Progressives Congress, APC, on behalf of President Tinubu.
He said: “We pray for more unity and progress under President Bola Ahmed Tinubu because as our leader is working very hard to ensure the safety of lives and property across Nigeria.”
VP Shettima maintained that the security challenges in Zamfara State and other troubled states would be addressed, saying the coming of the Governor Dauda Lawal into APC will help achieve that.
The Vice President said opposition parties like the ADC, PDP and other parties will not thrive in Zamfara State because all major politicians in the state are knitted together.
He expressed full support for the Governor, applauding the support by the people of the state for their governor and the APC.
Earlier, Deputy President of the Senate, Senator Jibrin Barau, who represented the President of Senate, Senator Godswill Akpabio, said members of the National Assembly on the platform of APC were in total support of Governor Lawal’s defection to the party.
“The governor will now be working together with other governors to help address the problems of the state and further enhance development,” he said
Senator Barau stressed that security challenges are not peculiar to Zamfara or Nigeria, adding that the problem is surmountable.
“The solution lies in collaboration and team work. The state governor’s collaboration with other governors and the federal government will enable him overcome present challenges. His joining the APC shows wisdom.”
Also, chairman of the Progressive Governors Forum (PGF), Governor Hope Uzodimma of Imo State, said governors elected in the platform of the APC were happy to welcome Governor Lawal into their fold.
He thanked the people of the state for supporting the governor at all times, just as he said, “It is a win-win situation for Zamfara. APC is a moving train and we are happy that the State has joined that train. All Governors of APC will support Governor Lawal to do more for this State.”
For his part, APC national chairman, Professor Nentawe Yilwatda, stated that Zamfara was now entirely an APC state, as all the former Governors of the state have assured him of their support for Governor Lawal.
The APC national chairman said he was impressed with the performance of the governor, particularly the enhancement of development in the state through the implementation of massive infrastructural projects, including the construction of a brand new airport.
Prof Yilwatda later handed over the flag of the APC and a broom, the symbol of the party to Governor Lawal, symbolizing his grand entry into the party.
In his brief remarks, Governor Lawal thanked former governors of the state, including Minister of State for Defence, Bello Matawale and Senator Abdulazeez Yari, among others, for their support and cooperation.
He pledged to work for the success of the APC at all levels in next year’s general election, saying “I will embrace all my predecessors, and I will work hard for the progress of Zamfara State,” the Governor pledged.
Presidency tackles Ndume over alleged plans by terrorists to overrun Borno, N-East
lTerrorists may take over Borno, N-East without adequate arms — Ndume l If you’ve intelligence of terrorists’ plan to attack, tell the military — Presidency
By Johnbosco Agbakwuru & John Alechenu
ABUJA — Former Sen
ate Leader, Senator Ali Ndume, yesterday warned that Borno State and the entire North-East risked falling into the hands of terrorists if the Federal Government failed to adequately equip the Nigerian Army.
But the Presidency in a swift reaction, challenged the Borno South senator to inform the military if he had any intelligence that insurgents were planning to overrun Borno State and the entire North East.
Ndume raised the alarm after visiting Ngoshe and Pulka communities in Borno State alongside Governor Babagana Zulum, following coordinated attacks by Boko Haram and ISWAP insurgents.
The attacks, according to him, left several soldiers and civilians dead, while many women and children were abducted.
“The military was initially overwhelmed by the superior firepower of the terrorist groups,” Ndume said, stressing the urgent need for improved military capacity.
In a statement issued yesterday, the lawmaker called on the federal government to intensify efforts in arming the military.
“I am calling on the federal government to double its efforts in equipping the Army with sophisticated arms and ammunition.
“I gathered that our soldiers lacked adequate ammunition and had to withdraw from Ngoshe and Pulka because they were overwhelmed by the terrorists. It was only after reinforcements arrived that the military regained control of the areas,” he said.
Ndume, who commended Governor Zulum for visiting the affected communities and Internally Displaced Persons, IDP, camps, urged the federal government to intervene swiftly in rebuilding the devastated areas and supporting displaced residents.
Describing the level of destruction, he said: “Ngoshe was brought down to ground zero, with only a small mosque left standing.”
He, however, praised the Nigerian Army for its resilience in recapturing the affected communities.
The senator reiterated that without urgent and sustained support, including the provision of modern weapons and intelligence capabilities, the insurgency could escalate, posing a greater threat to the region and national security.
Presidency to Ndume: Tinubu’s govt has been equipping armed forces
Replying Ndume last night, Special Adviser to the President on Information and Strategy, Bayo Onanuga, said President Bola Tinubu-led government had been equipping the armed forces.
The presidential spokesman further stated that the armed forces and the civilian JTF were working in combating the guerrilla war against the terrorists to make the North East and the Nigerian people safe.
He told the long-term serving senator to avail the military of any information available to him on any plan by the terrorists to attack the North East.
He said: “I don’t know what purpose this alarm by Senator Ali Ndume really serves. If he has intelligence that terrorists are planning to attack the entire North East, as a longtime senator, he should pass the information to the military, not engage in scaremongering.
“The Tinubu government has been equipping the armed forces. It is not miserly about it. In addition to seeking assistance from countries such as the US, UK, France, and Turkey, we are also collaborating with our Sahelian neighbours.
“Our armed forces and the civilian JTF are doing everything humanly possible in waging this guerrilla war against the terrorists to make the North East and the Nigerian people safe.”
Military react
Reacting, the Military High Command dismissed the senator’s concerns, insisting there was no basis for fears that terrorists could take over Borno and the North-East.
Director of Defence Media Operations, Major General Michael Onoja, said: “There is no basis for such a conclusion.
“The Chief of Defence Staff has directed troops to take the battle to the insurgents and terrorists, and the results will manifest in the shortest possible time.
“The military is conducting operations in line with its mandate to ensure the return of normalcy to Borno State, the North-East and indeed the whole of Nigeria.”
The military maintained that troops remained committed to degrading insurgents and restoring peace across the region.
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