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Fuel marketers insist on increase in fuel price as FG rejects demand

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Petroleum product marketers have demanded an upward review in the pump price of the Premium Motor Spirit (also known as petrol).

This, they said, would make importation of the product profitable.

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They said the free fall of the naira against the dollar had made it unprofitable for them to import petrol and sell at the current rate of N145 per litre.

But the Federal Government said there was no immediate plan to raise the pricce of petrol.

This is coming nearly four months after the government increased petrol prices from N86 and N86.5 per litre to between N135 and N145 per litre.

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Some marketers had early last month said Nigerians should prepare for another increase in petrol prices due to the continued scarcity of foreign exchange to finance the importation of the product.

According to a source close to the Major Oil Marketers Association of Nigeria, N165 is the pump price that will cover the cost of forex required for fuel importation.

The Petroleum Products Pricing Regulatory Agency had, in its template based on 30 days’ moving average Platts posted price for April 23 – May 23, 2016, put the landing cost and total cost of petrol at N122.03 and N140.40 per litre, respectively.

The costs of the product and freight, which are the elements mostly affected by the exchange rate, were put at $534 per metric tonne of petrol or N111.30 per litre, using an exchange rate of N280/dollar.

Using an exchange rate of N314.20/dollar at the interbank market on Monday, according to FMDQ OTC Securities Exchange, the cost of product plus freight was N125.12 and the total cost of petrol stood at N151.93 per litre.

With an exchange rate of N350/dollar, the cost of the product plus freight stood at N139.37; while the total cost amounted to N167.15 per litre.

The naira plunged to all-time low of 420/dollar on the black market last month.

An official of one of the marketers’ associations, who spoke on condition of anonymity to one of our correspondents, said, “Let the government do the needful. We have already said it before that the price is not sustainable. When they fixed that price, dollar was N280 – N285; now the dollar is almost N400 and they want us to bring in products and sell at N145. It is not possible.

“But right now, most of us are getting the product from the NNPC; that is why you still see that there is product everywhere. It is an indirect case of subsidy. It means the government is subsidising it through the NNPC and we are buying at local price. Had it been that we were the ones that sourced the foreign exchange, we can’t sell it at N145.”

The Head of Energy Research, Ecobank Capital, Mr. Dolapo Oni, noted that the current template was adopted when the dollar was about N315 in the parallel market and the naira had not been floated then.

He said then the CBN was still selling at about N220 or so and marketers were augmenting what they got from the CBN with the parallel market supply, adding, “Thus, a range of N275 to N295 was used to arrive at the template price range of N135 to N145.

“The official market is N310 this (Monday) morning while the parallel market is N422. This gives a range of between N151 and N200. I think they’ll probably adopt a range of N330 to N370 (per dollar) so we have a fuel price range of N160 to N170.

Oni added, “The best solution, in my view, however, will be to take the last plunge and just remove cap on prices. It is probably the best in this market. Let competition regulate prices.”

Another source, who is an official of one of the marketing companies in Lagos, said, “The position of the marketers is that if the guaranteed exchange rate of N285 to a dollar will not be met, selling at that N145 is not profitable. And that is the more reason most of the chief executives or finance directors are still going cap in hand to the NNPC to facilitate the forex they promised through international oil companies instead of going to the black market.

“With the current situation in the country, I don’t see the government increasing the pump price of petrol, although it is not profitable to marketers. It would have been very easy if forex is available to marketers at N285/dollar.”

On marketers’ reliance on the NNPC for petrol, the source said, “The advantage in depending on the NNPC product is that the price they give you is better and you are not subjected to any issue of forex. And it is not as difficult as before when you had to queue for a long time because the NNPC has the product.”

Officials from the Federal Ministry of Petroleum Resources and the PPPRA stated that it was difficult for marketers to buy forex at over N350/dollar and still sell the PMS at N145 per litre.

“There must be some form of subsidy somewhere, either from where they are getting the product or from the major importer of the PMS into Nigeria, because you cannot buy a dollar at N350 and still sell petrol at N145 if you want to remain in business,” a PPPRA official, who spoke to one of our correspondents in confidence, said.

But the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, and the Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, said there was no immediate plan to increase the pump price of petrol.

Some former NNPC GMDs had last week said that due to the dollar scarcity and the falling naira, it would be unrealistic to expect the petrol price to remain the same.

However, Kachikwu and Baru, who met with President Muhammadu Buhari at the Presidential Villa, Abuja on Monday, said there would be no increase in the price of petrol.

Baru, when approached by reporters, declined to speak at length, referring journalists to the PPPRA.

Asked if there would be a review of the price, he said, “There is nothing like that.”

When Kachikwu was approached for comment, he revealed that there was no memo before the Federal Government asking for a review of the price.

Ex-NNPC GMDs had made the suggestion of fuel hike at a one-day meeting called by Baru, where they argued that the ýcurrent price cap of N145 per litre is not in line with the liberalisation policy especially with the foreign exchange rate and other price determining components such as crude cost, Nigerian Ports Authority charges, among others, remaining uncapped.

In a related development, the Chairman, Senate Committee on Media and Public Affairs, Senator Sabi Abdullahi, on Monday asked Nigerians to hold former GMDs of the NNPC responsible for the non-functional state of the country’s refineries and the non-profitability of the NNPC.

Sabi, who stated that he was not making his submission as the spokesman for the Senate but as the Senator representing Niger-North Senatorial District, in a chat with journalists in his office, said he was very disappointed with the recent comments credited to the ex-GMDs on fuel price.

He said, “As we have all known, refineries that we have in Nigeria have not been functional because if they had been functional and if that institution had been up and doing in tandem with its peers in other countries that have similar resources, for crying out loud, all of these former GMDs, can they be said to be free of blame on how we got here? Can they?

The Senator lamented that the refineries had failed to perform maximally under the military rule and the 16 years of Peoples Democratic Party’s administration.

Abdullahi said, “I think on this note, let me make it very clear that all of them that are speaking, they do not have the moral standpoint to even advise us on what to do because they had a hand in it (the problem) and I cannot see how you can solve a problem under the same condition that created it.”

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ASR AFRICA BEGINS THE CONSTRUCTION OF THE ABDUL SAMAD RABIU CLASSROOM BLOCKS FOR THE UNIVERSITY OF UYO UNDER ITS TERTIARY EDUCATION GRANTS SCHEME

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ASR AFRICA BEGINS THE CONSTRUCTION OF THE ABDUL SAMAD RABIU CLASSROOM BLOCKS FOR THE UNIVERSITY OF UYO UNDER ITS TERTIARY EDUCATION GRANTS SCHEME

 

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Uyo, May 9th, 2024

 

 

 

 

 

 

 

 

Sahara Weekly Reports That The Abdul Samad Rabiu Africa Initiative (ASR Africa) has commenced the construction of four classroom blocks for the University of Uyo in Akwa Ibom State with a groundbreaking held on the university campus today. This donation forms part of a grant given to the University of Uyo through the ASR Africa Tertiary Education Grants Scheme, which was drawn from ASR Africa’s US$100 million Fund for Social Development and Renewal.

 

 

 

 

ASR AFRICA BEGINS THE CONSTRUCTION OF THE ABDUL SAMAD RABIU CLASSROOM BLOCKS FOR THE UNIVERSITY OF UYO UNDER ITS TERTIARY EDUCATION GRANTS SCHEME

 

 

 

 

 

The Vice Chancellor of the University, Prof. Nyaudoh U. Ndaeyo, expressed his gratitude to ASR Africa for considering the University of Uyo as a worthy beneficiary of the Tertiary Education Grant Scheme. He emphasised that constructing these classroom blocks was a top priority for the university and requested that the project be completed quickly so that the institution could start using it. He also appreciated the Chairman of ASR Africa, Abdul Samad Rabiu, for his various interventions in tertiary institutions in the country.

 

 

 

 

 

 

 

 

 

 

 

 

 

Dr. Ubon Udoh, MD CEO of ASR Africa, whilst giving his remarks, applauded the management of the University of Uyo for their support project so far. He also reiterated the commitment of the founder and Chairman of ASR Africa, Abdul Samad Rabiu, to supporting quality education within the tertiary education system in Nigeria and Africa. He further urged the students to make good use of the new facility when it is completed.

 

 

 

 

ASR AFRICA BEGINS THE CONSTRUCTION OF THE ABDUL SAMAD RABIU CLASSROOM BLOCKS FOR THE UNIVERSITY OF UYO UNDER ITS TERTIARY EDUCATION GRANTS SCHEME

 

 

 

 

 

So far, over 27 public and private Nigerian universities and institutions of higher learning have benefitted from the ASR Africa Tertiary Education Grants, including the University of Maiduguri, Ahmadu Bello University Zaria, the University of Ilorin, the University of Benin, and the University of Ibadan; Adamawa State University, University of Jos, Federal University of Technology, Minna amongst others.

 

 

 

 

 

 

 

 

About ASR Africa

ASR Africa is the brainchild of the African Industrialist, Philanthropist, and Chairman of BUA Group, Abdul Samad Rabiu. The Abdul Samad Rabiu Africa Initiative (ASR Africa) was established in 2021 to provide sustainable, impact-based, homegrown solutions to developmental issues affecting Health, Education and Social Development within Africa.

 

 

 

 

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More Taxes, Economic Hardship Fulfills Primate Ayodele’s Prophecy On Tinubu’s Government

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*More Taxes, Economic Hardship Fulfills Primate Ayodele’s Prophecy On Tinubu’s Government

 

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For almost one year, Nigerians have been made to go through palpable mayhem in the sectors that should drive the nation into bountifulness. Most especially, the economy and security sectors have maintained a constant downtime, leading to an unprecedented perilous season for the citizens of the once-lively nation.

 

 

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More Taxes, Economic Hardship Fulfills Primate Ayodele’s Prophecy On Tinubu’s Government

The predicament of the country cannot be separated from the current leadership; the President Bola Ahmed Tinubu-led administration cannot be exonerated from the country’s current state because the policies of the government are the major factors responsible for hardship.

Although President Tinubu’s mantra was ‘Renewed hope’ , many quarters of the country have simply exuded hopelessness in the last one year; an administration that raised the hopes of its citizens and promised to make life enjoyable didn’t waste time before inflicting pains on innocent electorates.

The beginning of Nigeria’s renewed woes was the first declaration of President Bola Ahmed Tinubu at his swearing-in ceremony that ‘Subsidy is gone’. Barely 24 hours after the President’s statement, the price of petrol increased from N189/Litre to N557, the highest in the history of Africa’s largest oil producer.

While many couldn’t see more to President Bola Ahmed Tinubu than meets the eye during the campaigns, a distinguished Nigerian prophet, Primate Ayodele already X-rayed through his prophetic lens what would become of the APC government if Nigerians voted for the party.

Several Nigerians banked on the renewed hope mantra of President Tinubu but Primate Ayodele was that fearless voice warning Nigerians against voting for Tinubu or the All Progressive Congress (APC) because it would be a government of hardship for the country.

Some of his warnings were hinged on the state of Nigeria’s economy and security. In viral videos, he was heard saying voting for President Tinubu would lead Nigeria into a dungeon. In follow-up prophecies, He prophesied that Dollar will be sold for N1,500, fuel will be sold for N800/Litre, a bag of rice will be sold for N6500, to mention a few.

‘’ I’m not saying anyone should not insult me, I am not scared of any human being. If Nigeria votes APC in 2023, things will be tougher. We will see human beings and want to eat them like food. This is how God told me. I am not saying you should not criticize me or say anything against me even as an APC member, I warned you in 2015 too. You want to vote for lies in 2023, if you vote for the party that has a broom as their symbol, I pity churches. I am not against anybody and I don’t vote, Nigeria will be tough. If you vote and Tinubu enters, there will be serious problems.’’

‘’If Nigerians vote for APC in 2023, the country will sink, we will swim in poverty, and the economy will be in shambles. If APC wins, Nigeria will suffer extraordinarily. We have not yet seen hardship; if APC wins, the real hardship will come. The economy will be sick.’’

As the cleric foretold, citizens are swimming in serious poverty, food items have become unaffordable for the common man, the Nigerian economy has been struggling to breathe for one year without any significant headway and in short, Nigeria has been thrown into an endless dungeon.

Moreover, suffice to say that the President Bola Ahmed Tinubu-led administration, just as Primate Ayodele foretold, is one that is bent on making Nigerians suffer extraordinarily. The government through the Central Bank of Nigeria (CBN) just recently introduced some taxes despite the current hardship faced by those who will still be required to pay the newly imposed taxes.

In a memo, the Central Bank of Nigeria (CBN) ordered all commercial banks to impose a 0.5% levy on some electronic transactions. The fund is supposed to be transmitted to the Office of the National Security Adviser for the purpose of cyber security. The levy is imposed on the initiator of the transaction and not the receiver.

There is the stamp duty, the Nigerian Inter-Bank Settlement System (NIBSS) charge, and the Value Added Tax. This is apart from the charges imposed by banks like the maintenance fee and the SMS charges.

Meanwhile, the introduction and increment of some of these taxes were all foretold by Primate Ayodele who warned the citizens against voting for another APC government.

In his 2024 prophecies which were released in December 2023, the cleric revealed that there will be an increase in tariffs and more taxes would be introduced for Nigerians in the coming year.

‘’I foresee there will be a high cost of living as tariffs on goods and Services will be raised and taxes will be too high despite the fact that the goods are not contrabands. The spirit of God says the economy will still be very difficult to manage. The government needs to do something good for the people and seek the face of the Lord for divine direction.’’

In another video, he asserted that the government would increase stamp duty and Value added Tax (VAT).

‘’I am seeing an increase in stamp duties. The bank stamp duty will not be friendly to the people…it’s going to be a new thing that will come out. Also, increment in VAT will shut down the economy. The government must not try to increase it because it will make the economy tougher’’

@primateayodele

#centralbank #cardoso #olayemicardoso #cbn #centralbankofnigeria #banking #duties #charge #stampduties #primateayodele #iescworldwide

♬ original sound – Primate Ayodele

The prophecies of Primate Elijah Ayodele and their manifestation further explain the negligent attitude of people especially when it comes to divine revelations from the almighty God. There are no questions about Primate Ayodele’s credibility; there are proven records of over 15,000 fulfilled prophecies credited to him but the ears of the electorate have simply been deafened towards divine warnings.

Well, 2027 is by the corner and hopefully, they listen; maybe Nigeria will become a better nation that exudes hopefulness, liveliness, and wellness.

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Jumbo Emerges Rivers Assembly Speaker

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Jumbo Emerges Rivers Assembly Speaker

*Jumbo Emerges Rivers Assembly Speaker

 

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Rt. Hon. Oko Jumbo representing Bonny Constituency has emerged as the Speaker of the Rivers State House of Assembly.

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Oko becomes the third Speaker under the current administration after Edison Ehie and Martin Amaewhule.

Details later…

 

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Jumbo Emerges Rivers Assembly Speaker

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