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  • Six NNPCL officials aboard chopper that crashed into ocean

    Six NNPCL officials aboard chopper that crashed into ocean

    • Three bodies recovered

    • NAAPE mourns pilot

    • President orders military to join rescue team

    President Bola Ahmed Tinubu last night directed the military and other relevant agencies to add pep to the rescue operation at the helicopter crash site in Rivers State.

    The chartered helicopter, marked 5NBQG and operated by Eastwind Aviation Logistics Services Limited, conveying senior officials of the Nigerian National Petroleum Company Limited (NNPCL), crashed into the Atlantic Ocean yesterday morning.

    The Nation gathered that bad weather occasioned by heavy rainfall caused the accident.

    The chopper took off from the  Port Harcourt Military Base (DNPM)  en route to a NUIM ANTAN oil rig near Bonny Finima.

    It went down one kilometre to its destination around 11:30 a.m. .

    There were eight people on board, six of them NNPCL officials, the pilot and the flight assistant.

    Three bodies were recovered by the rescue team.

    Although, the identities of the bodies were not made known, the National Association of Aircraft Pilots and Engineers (NAAPE) confirmed that the pilot on board, Captain Yakubu Dukas, who is the association’s vice chairman, had died.

    After hours of rescue attempts without much progress because of bad weather, the President last night issued his directive asking for intensification of the rescue effort.

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    A statement by Presidential spokesman Bayo Onanuga said: “President Tinubu urges military officers involved in various operations in the zone to join the rescue mission and provide all necessary support to the Nigerian Safety Investigation Bureau (NSIB), the Nigerian Civil Aviation Authority, and other relevant agencies.

    “The President condoles with the Board and staff of Nigerian National Petroleum Company (NNPC) and the families of all those who were confirmed to have passed away in the accident.

    “President Tinubu fervently prays that the Almighty God will grant eternal rest to the three departed souls and comfort their families.”

    The NNPCL said search and rescue operations commenced almost immediately after the accident.

    Its spokesman, Olufemi Soneye, said the public oil firm engaged the helicopter  with ‘’its staffers on board.’

    Soneye offered prayers for the passengers, the crew, and their families. 

    He said:  ‘’There were eight persons on board – six passengers and two crew members.

    “The appropriate authorities have been contacted, including the Ministry of Aviation, who have since issued a press statement. Search and rescue missions are currently ongoing. So far, three bodies have been recovered.

    ‘We shall continue to monitor the situation and provide regular updates as the events unfold. Our prayers are with the passengers, crew, and their respective families at this very difficult time. We assure you that we will continue doing everything possible to support the ongoing search and rescue operation.”

    Pilot’s body mourns Captain Dukas

    In its statement,  NAAPE mourned the passing of Dukas, whom it described as a seasoned helicopter pilot with more than 20 years of flying knowledge.

    It called on the government and stakeholders to always ‘’target zero for accidents’ because of the catastrophic nature of air crashes.’’.

    A statement by the association’s President, Abednego Galadima, on the accident partly reads: “More saddening is that the captain on board, Capt Yakubu Dukas, is a seasoned helicopter pilot with more than 20 years flying experience and until this unfortunate accident, was the Vice President of our great union.

    “We have always maintained that the operating conditions in the aviation industry must always be optimal for all professionals for the safety of all, knowing that there is no parking space up there.

    “We call on the government and all stakeholders, to always ensure that in all their operations, they target zero for accidents because of the catastrophic nature of air crashes.

    “We also call on all relevant agencies to ensure no stone is left unturned in unearthing the immediate and remote causes of this tragic occurrence and all the measures required to be put in place to forestall any further occurrence.

    “Our prayers are with all families whose beloved ones were on board.”

    The Nation learnt that immediately after the crash, the Nigerian Navy deployed one of its helicopters with elements of its special forces to the scene, but bad weather forced them to make a detour.

    Surface vessels were then deployed by the Navy to locate the helicopter and possibly rescue the remaining victims.

    No Emergency Locator Transmitter (ELT) signal was received from the chopper, a development that led to the use of manual mapping ‘’to plot the location of the accident.’’ 

    Aviation and Aerospace Development Minister  Festus Keyamo said the Nigerian Search and Rescue Unit, the Nigerian Civil Aviation Authority (NCAA), the National Safety Investigation Bureau (NSIB), and other relevant agencies were mandated to immediately carry out search and rescue efforts.  

    Keyamo added in a statement by his media aide, Odutayo Oluseyi, that the support of “neighbouring aerodromes’’ was also sought.  

    He said: “While no Emergency Locator Transmitter (ELT) signal was received, manual efforts to plot the location of the accident are underway, and all available resources, including the military and low-flying aircraft, have been deployed to assist in locating and rescuing any survivor(s).

    “So far, three bodies have been recovered.’’

    The spokesperson for   NSIB, Bimbo  Oladeji, confirmed the agency had commenced an investigation into the accident. She added that the helicopter lost contact with air traffic controllers around 10:52 am.

    Captain Alex Badeh Jr., director-general of the NSIB, sympathised with the families of the victims.

    “Our thoughts and prayers are with the families affected by this tragic incident. We are fully committed to uncovering the circumstances surrounding this accident,’’ he said.

    Eastwind Aviation, which also empathised with families of the victims, revealed that ‘’identification procedures are currently underway.

    “The bodies of three of those on board have been recovered thus far, and identification procedures are currently underway. Search and rescue operations are currently ongoing for the remaining individuals,” it said in a statement. 

    “Our thoughts are with the families and loved ones affected by this unfortunate incident. We understand this is an incredibly difficult and anxious time for them.

    “Our dedicated team is providing direct support to the families, and we will continue to update them as we receive confirmed information,’’ the company added.

  • Why prices of petroleum products can’t be cheap – Experts

    Why prices of petroleum products can’t be cheap – Experts

    There has been a lot of apprehension in some quarters over the rising prices of petroleum products in recent times.

    Lamentably, these arguments have been reechoed in every public discussion and for good measure too because the price of petrol has far reaching implications for the rest of the macro and micro economic indices.

    To the undiscerning members of the public, the prices of the petroleum products should naturally be cheaper than expected given the fact that the country now produces locally. But those who should know say this argument hardly applies to Nigeria because of its own peculiarities as an oil-producing state. 

    While raising a poser, Gboyega Bello, an economic analyst, queried, “Are you suggesting that from the belief that your country produces oil, therefore it should be sold at give-away prices?”

    Pressed further, he said: “That’s wrong economics. Accruals from oil sales should be used as a springboard to develop other sectors of the economy because oil is a wasting resource. To develop national infrastructure, to subsidise education and healthcare services, to provide security, to develop science and technology, to build human capacity, among others. Some countries do this and their citizens are happier for it e.g. UAE, specifically, Dubai, Abu Dhabi and even Norway. 

    ”In Norway the price of petrol per litre as at October 2023 when it was reviewed is between 17-20 krone depending on the regions of the country. Let’s take the region where the price is least: NOK17 per litre. NOK17 = $1.59, which in turn comes to: N2,607.6 per litre! Yet, Norway has one of the best run national oil companies in the world, Statoil, now Equinor ASA.

    “UAE is a major oil-producing country. Dubai sells petrol per litre at between AED3-3.50, which is about: N1,344.8 – N1,558. (I note income differentials among nations, but the relevant point is that these countries still charge appropriate prices for PMS despite the fact that they also produce crude oil). 

    ”As a major source of revenue, certainly it’s poor husbandry for Nigeria to subsidise petrol. There are other areas the government can subsidise like agriculture, health services, education, transportation, among others.

    “At the risk of repeating myself, accruals from the sale of oil should serve as the springboard to develop several sectors of the economy. It should not be for mere consumption, not in our part of the world where it encourages arbitrage, leading to Nigeria using our hard-earned resources to subsidise our neighbouring countries‘ economy.”

    Mr Smart Opeyemi is on the same page with Bello. 

    In the view of Opeyemi, an independent petroleum marketer the global market forces remain the decider of fuel pricing everywhere in the world.

    According to him, granted that Dangote Refinery produces locally, the cost of crude oil and other production factors will continue to be determined by the global computations significantly.

    Pressed further, Opeyemi said the removal of subsidies also means that the prices Nigerians pay at the pump would now reflect the actual cost of refining, including logistics and distribution.

    He was however quick to add that the long effect of the reforms introduced by the government will lead to sustainable investments in the sector long deprived of such opportunities.

    With non-reliance on the importation of refined petroleum products local jobs will be guaranteed amongst other socioeconomic benefits, he stressed.

    While noting that the recent discussions among stakeholders, including oil marketers and government officials, have focused on the pricing framework for petrol produced by the Dangote Refinery, Opeyemi said there is more to consider. 

    It would be recalled that the Federal Government has established a committee to ensure that crude oil is sold to local refineries in naira, and this committee is set to finalise the pricing details for petrol from Dangote.

    However, there are concerns that the price of petrol from the refinery may exceed current market rates, which could lead to further complications for consumers and marketers alike.

    The landing cost of petrol, which is the price at which the commodity arrives in Nigeria, is currently around N1,120 per liter. This figure has raised alarms among marketers, who fear that if the price from Dangote is set too high, it will lead to increased imports of petrol, undermining the refinery’s purpose of boosting local production. The NNPC has stated that it will only purchase petrol from Dangote if it is cheaper than international market prices, which adds another layer of uncertainty to the pricing landscape.

    But some economists have expressed cautious optimism that the commencement of operations at the Dangote Refinery could alleviate some of the supply challenges that have plagued the Nigerian fuel market. However, they cautioned that while the refinery may help ensure the availability of refined products, it does not guarantee lower prices. The domestic price of petrol will still largely depend on global oil prices and local market conditions.

    The economic analysts noted that while the Dangote Refinery has the potential to transform Nigeria’s fuel market by increasing local production and reducing reliance on imports, the actual impact on fuel prices remains to be seen as discussions around pricing and market dynamics continue. 

    The interplay between local production and international pricing will be crucial in determining whether Nigerians will see relief from the current high fuel prices.

    Over the last few decades, fluctuations have existed in the prices of fuel in Nigeria but have averaged at a price of 0.43 USD per litre from 1991 until 2021, with its highest ever being 0.73 USD per litre in May 2016 and its lowest ever being 0.02 USD per litre in December 1992.

    That was until the notable spike occurred in June 2023, when petrol prices surged by 129.23%, reflecting the broader economic shifts following subsidy removal. The current prices represent a substantial increase from previous levels, with petrol prices having risen from around N600 to the current range within a few months. This trend has been exacerbated by infrastructure issues, including pipeline vandalism and inadequate storage facilities, which have led to supply shortages and further price hikes.

    Unlike most products, oil prices are not determined entirely by supply, demand, and market sentiment toward the physical product. Rather, supply, demand, and sentiment toward oil future contracts, which are traded heavily by speculators, play a dominant role in price determination. 

    A change in fuel price has a great effect on the GDP (gross domestic product) of the country, paying high price for petrol and using less of it will affect the demand for goods and services. Nigeria is known more as a consuming nation than a producing nation. The production industries in Nigeria face a daunting challenge to staying in business due to the high cost of production.

    The effects on demand, however, have a great potential impact on GDP in the short run. In a perfect world, using less energy has only a small direct effect on production because, of all the inputs to production (labour, equipment, energy, and other raw materials), energy costs account for a relatively small share of output, but in the case of Nigeria, energy is a major share of output, as organisations have to provide for their own power in-house, with the use of alternative power supply, such as generators and are exposed to the market as it relates to energy prices with the subsidy gone. The effects on demand and the consequent indirect effects on production—could be a much bigger problem, since spending more on petroleum imports and the nation’s poor power sector will generally reduce spending on goods and services in Nigeria while it will increase prices on virtually every good and service.

    Read Also: Lokpobri calls for stricter safety measures for transportation of petroleum products

    As of October 9, 2024, the price of petrol (Premium Motor Spirit or PMS) in Nigeria has increased significantly, with the Nigerian National Petroleum Company Limited (NNPC) raising the price initially from around N600 to between N855 and N897 per liter, and currently to N1030 per liter depending on the region. This price hike has led to a surge in transport fares across the country, with commuters expressing frustration at the elevated costs.

    The recent price increase comes as a result of the NNPC terminating its exclusive purchase agreement with Dangote Refinery.

    However, the thinking in some quarters is that once the independent oil marketers are able to get access to fuel from the Dangote Refinery it will not only promote fair pricing, healthy competition but will in turn have a positive ripple effect on the economy.

    While the refinery aims to enhance local production and reduce reliance on imports, its impact on pricing remains uncertain. 

    Analysts suggest that while the refinery may alleviate supply challenges, it may not necessarily lead to lower prices due to the prevailing global market conditions and production costs.

  • Now that NNPCL is out of the radar

    Now that NNPCL is out of the radar

    By James Odemu Brigidi

    The growing concerns surrounding fuel supply and prices in Nigeria have ignited a fierce conversation about accountability in the oil and gas sector. For many Nigerians, it seems like the Nigerian National Petroleum Company Limited (NNPCL) has become a convenient scapegoat for various economic challenges, particularly the recent bout of scarcity and resultant spike in fuel prices.

     However, this narrative overlooks critical factors influencing fuel availability and pricing, particularly the failure of private players like Dangote Refinery to meet operational promises.

    It has to be established from the get go, that NNPCL has now divested itself of the role of being the sole off taker of petroleum products, especially Premium Motor Spirit (PMS) more popularly known as petrol from Dangote Refinery.  With the recent approval by the government for all private marketers to buy directly from Dangote Refinery, we can correctly now say NNPCL is out of the radar as a sole supplier. It is in this regard that the conversation must shift from the previous focus to reflect the current situation of things.

    Firstly, it’s essential to understand the dynamics of fuel pricing in Nigeria, which is intricately woven into the nation’s economic fabric. The recent price hike has left many citizens outraged, prompting questions about who is truly responsible. For years, NNPC was often wrongly criticized for its seemingly ‘inefficiencies and lack of transparency’, leading many to mistakenly believe that the national oil company is solely accountable for fuel shortages and price fluctuations. However, the landscape has changed.

    We now have one new major player in the oil supply chain in Nigeria — the Dangote Refinery, a prominent private sector entity expected to significantly contribute to the nation’s fuel supply. With ambitious plans to refine crude oil and bolster local production, Dangote’s entry into the market was greeted with enthusiasm. Expectations were set high, with the refinery projected to handle about 650,000 barrels per day, amongst which a substantial quantity was anticipated to be made available to Nigerian consumers at a reduced cost. However, reality has shown a different picture.

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     Many Nigerians think that the Dangote Refinery is the messiah or saviour, no please. He is first and foremost a business man who will not give us PMS for free.

    We read about an agreement between NNPCL and Dangote Refinery to the effect that NNPCL will be the off taker for Dangote’s product to the tune of 25 million litres a day, and that was to start from September 15. However, information available shows that till date, the NNPCL has not been able to get anything more than 7 million litres a day, leaving a whooping shortfall of 17 million litres daily. Without being told, that’s a recipe for crisis. Marketers that were supposed to link up with NNPCL to receive whatever they had deposited for, could not get the product with the huge shortfall. And so, an artificial scarcity surfaced immediately.

    When the pump price jumped in about three  occasions from N468 to N898, people thought NNPCL was responsible as the sole off taker. Today, without NNPCL in the radar, Dangote is rolling out at N977 per liter. So, will a marketer go to Dangote Refinery and buy for N977 and sell the same for N700? Who does that?  Therefore, what is happening has nothing to do with the NNPCL.

    We must, therefore, come to terms with the fact that since commencing operations, Dangote Refinery has struggled to meet its supply agreements. The inability to deliver the promised volume of 25 million liters of fuel a day to the NNPCL as contained in the agreement earlier referenced had critical ramifications for the market, as a reliable supply is fundamental for stabilizing prices and ensuring adequate fuel availability. A reduction in supply directly contributes to higher prices, as demand remains consistent despite the lag in delivery.

    Many intelligent stakeholders in the sector have pointed to Dangote’s inability to fulfill the supply contracts as a key factor behind the recent price hikes. The anticipation surrounding the refinery and its promise to improve fuel distribution has, unfortunately, led to disappointment. When a significant supplier fails to meet its quota, market prices rise, and consumers are left grappling with the consequences. It is increasingly clear that the responsibility for the current spike in fuel prices and the scarcity being experienced must extend beyond the NNPCL and include scrutiny of Dangote’s operational capabilities.

    Moreover, it is crucial to address the underlying costs associated with fuel production. The conversation about fuel pricing in Nigeria must be transparent regarding the actual cost of refining, transportation, and distribution. For Dangote and other suppliers, the decision to raise prices is often driven by production costs, local and international market fluctuations, and their margin expectations. Businessmen, even those in positions of influence like Aliko Dangote, who runs one of Africa’s largest conglomerates, must navigate the tricky balance between ensuring profitability and serving the local market’s needs. This reality often leads to difficult decisions that may not be favourable for consumers.

    It is also worth mentioning that, as a businessman, Dangote cannot be expected to behave like a benevolent figure funding the nation’s fuel needs. He operates within the parameters of profitability, competition, and corporate responsibility. His obligation is to ensure that his refinery runs efficiently and serves its stakeholders, which in theory includes Nigerian consumers. However, it is unrealistic to expect any private entity to operate solely as a charitable organization.

    Acknowledgment of this fact is critical to understanding the broader dynamics at play in the Nigerian fuel market.

    In light of these realities, it becomes essential to challenge the prevailing narrative that conveniently places blame on the NNPCL for rising fuel prices. Instead, a more nuanced analysis is warranted — one that examines the roles and responsibilities of private players like Dangote Refinery and acknowledges the complexity of the market’s economic conditions.

    Furthermore, there is an urgent need for the government demand from private players like Dangote Refinery to establish a framework that promotes transparency within the industry. This entails not only determining the cost of producing fuel but also ensuring accountability in operational deliveries. This approach would empower consumers with the information necessary to hold stakeholders accountable for their actions, thus fostering a healthier market environment.

    As a nation, Nigeria can significantly benefit from a reevaluation of its oil supply chain dynamics. With private players like Dangote Refinery struggling to meet expectations, it is crucial to assess the conditions that inhibit their operational efficacy. To alleviate the burden of fuel price hikes, the government must engage in meaningful dialogue with these businesses and ensure that they are positioned to succeed.

    In conclusion, while NNPCL has historically faced its share of criticism, blaming it solely for the current fuel price increases in Nigeria oversimplifies a complex issue. The failure of the Dangote Refinery to meet its commitments — alongside the realities of operational costs and market demands — reveal that the answers are more multifaceted than the prevailing narrative may suggest. Moving forward, it is the responsibility of both state-owned and private entities to strengthen collaboration and transparency that benefits all stakeholders in the fuel supply chain. Only then can Nigerians hope to see a more stable fuel economy that reflects both market realities and their expectations for fair pricing.

    •Brigidi, an Energy and Security Expert, writes from Abuja.

  • Tinubu consoles NNPCL GCEO Kyari over daughter’s death

    Tinubu consoles NNPCL GCEO Kyari over daughter’s death

    President Bola Ahmed Tinubu has extended condolences to the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, over the passing of his 25-year-old daughter, Fatima.

    Fatima Kyari died on Friday after a protracted illness, leaving her family and loved ones in immense grief. 

    In a statement by his Special Adviser on Information and Strategy, Bayo Onanuga, the President sympathised with Kyari and his family, acknowledging the irreparable and painful loss they have suffered.

    President Tinubu prayed for the repose of Fatima’s soul and urged the Kyari family to stay strong during this difficult time.

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    “President Bola Tinubu condoles with the Group Chief Executive Officer (GCEO) of the Nigeria National Petroleum Company Limited (NNPCL), Mr Kolo Mele Kyari over the death of his daughter. 

    “Kyari’s daughter, Fatima died Friday at the age of 25 after protracted illness.

    “The President sympathises with Kyari and the rest of the family on the irreparable and painful loss.

    “President Tinubu prays for the repose of the soul of  Fatima and urges the Kyari family to stay strong at these trying times,” the statement reads.

  • NNPCL restates commitment to lasting peace in Niger Delta

    NNPCL restates commitment to lasting peace in Niger Delta

    The Nigerian National Petroleum Company Limited (NNPC Ltd) has reiterated its commitment to work with host communities in the Niger Delta region towards lasting peace and economic prosperity.

    Group CEO, Mallam Mele Kyari, disclosed this during a dialogue session with the Niger Delta communities held in partnership with the Office of the Senior Special Assistant to the President on Community Engagement (South-South) Hon. Gift Johnbull, at the Igurubia Square Ultra-Modern Town Hall, Yenagoa, Bayelsa State.

    NNPCL Chief Corporate Communications, Mr. Olufemi Soneye disclosed this in a press statement on Thursday, October 10.

    The statement said the session is also part of the citizen assembly engagements, which is a side event of the forthcoming Climate of Parties (COP) 29 Conference taking place in Baku, Azerbaijan in November, this year.

    Kyari, who was represented at the occasion by the Head of Business Services of the NNPC Upstream Investment Management Services (NUIMS), Mr. Sani Kabo said the engagement marked an important step in the journey to strengthen unity and promote development in the region through the Third Phase Amnesty Program.

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    According to the GCEO, the NNPC Ltd is committed to sustained dialogue with traditional, ex-agitators and youth leaders towards addressing local concerns and restoring trust across the nine Niger Delta states.

    Kyari said the coming of the Petroleum Industry Act (PIA) has placed allocation of 3% of NNPC Ltd’s operational expenditures (OPEX) to community development, a development that will ensure projects reflect the communities’ priorities whilst investing in skills acquisition, community empowerment, and sustainable livelihood initiatives for the benefit of the various communities.

    “Our mission is clear. We are committed to fostering lasting peace, creating economic opportunities and transforming the Niger Delta into a model of unity and progress. NNPC Ltd stands with the Niger Delta as it builds a prosperous future that is driven by mutual respect and collaboration,” Kyari concluded.

  • We’re not responsible for petrol price hike – FG

    We’re not responsible for petrol price hike – FG

    The Federal Government has said it is not responsible for the hike in the pump price of petrol.

    The Nigerian National Petroleum Company Limited (NNPCL) on Wednesday raised the pump price of petrol.

    PMS raised from N897 per litre to N1, 030 in Abuja; from N855 to N998 in Lagos; N1, 070 in North-East; N1,025 in other South-West States; N1,045 in South-East and N1,075 in South-South.

    However, the Minister of Information and National Orientation, Mohammed Idris, said NNPCL’s decision was not influenced by the Federal Government.

    The Minister explained that the NNPCL made the decision in response to prevailing circumstances in the energy industry, emphasising that it did not act on any instruction from the Federal Government, which he said can no longer fix prices of petroleum products,  in line with the provisions of the Petroleum Industry Act (PIA).

    Read Also: JUST IN: NNPCL releases adjusted ex-depot price

    He said since the subsidy regime ended in May 2023, the NNPCL had only been paying differential to keep the price within the range it had been, but the company said it could no longer absorb the losses.

    “The differential you’re seeing is a result of different factors. One of them is the crisis in the Middle East. There’s volatility in the market. Therefore, the prices of petroleum products are going up, consistent with what is happening with other operators in the industry globally.

    “Secondly, NNPC cannot continue to absorb these losses for Nigeria because as a limited liability company, it would be operating at a loss,” he said.

    The Minister appealed to Nigerians to understand the situation, assuring that prices would eventually decrease.

  • NNPCL sells petrol for N998 in Lagos, N1,030 in Abuja

    NNPCL sells petrol for N998 in Lagos, N1,030 in Abuja

    • Oil giant ‘buys from Dangote at N977/litre’

    • Full deregulation of downstream oil sector begins

    The full deregulation of the downstream oil sector might have taken off with the new template of petrol pump pricing.

    Yesterday, the Nigerian National Petroleum Company Limited (NNPCL) adjusted its retail pump price to N998 per litre in Lagos and N1,030 in Abuja.

    It was N855 per litre in Lagos and N916 in Abuja in the September template.  

    The oil giant, it was learnt, bought the product at N977 per litre from Dangote Refinery and added N21 for costs and taxes.

    NNPCL is not bearing any shortfall, unlike last month when it announced that Dangote Refinery sold to it at N898 per litre.

    Dangote Refinery, which disputed the claim, did not state the amount it sold the product.

    “The new price announced yesterday is based on the N977/litre we are buying from Dangote,” an NNPCL source said.

    “What we announced is based on Dangote pricing. It is N977 per litre that NNPCL buys from the refinery.

    “When the pump price is reduced by the refinery, NNPCL will reduce it.”

    Asked if the new pump price was based on President Bola Tinubu’s directive that crude be sold in naira to Dangote and modular refineries from October 1, the source directed The Nation to the Federal Ministry of Finance or Federal Inland Revenue Service (FIRS).

    Dangote Refinery spokesperson, Anthony Chiejina, said he could not speak on the telephone because of where he was. He promised to get in touch. As of 10 pm, he did get in touch.

    Lagos Chamber of Commerce & Industry (LCCI) Director General, Chinyere Almona, said most Nigerians had expected that with the planned take-off of naira-crude-sale to Dangote Refinery, pump price would naturally crash.

    She said: “The crude Dangote Refinery is using currently was bought at an international rate outside the confines of Nigeria and what we are witnessing today is market forces at play.’’

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    According to her, the increase in the price of petroleum products is made worse by the government stopping subsidy payments.

    Almona added that since the current product used by Dangote Refinery was bought in foreign currency, “it cannot be sold lower than how much it was bought.’’

    Center for the Promotion of Private Enterprise (CPPE) Chief Executive Officer, Dr. Muda Yusuf, said the full deregulation did not take cognisance of social, economic and political implications.

    According to him, a lot of measures should have been put in place before such a decision is taken.

    The Nigeria Labour Congress (NLC) condemned the hike, saying it would worsen poverty and cause a drop in production and job losses. 

    The Labour Centre asked the Federal Government to reverse the latest increase. 

    Labour said in a statement by its President Joe Ajaero that it was unfortunate that “the only thing this government is known for is the increase in the pump price of petrol.’’

    The statement reads: “We are dismayed by the latest increase in the pump price of petrol.

    “It looks like the only thing this government is known for is increase in the pump price of petrol without commensurate capacity of Nigerians or mitigating measures.

    “Even following the logic of market forces, we find it an aberration that a private company (NNPCL) is the one fixing prices and projecting itself as a hegemonic monopoly.

    “We challenge the government to go to the drawing board and present us with a blueprint for an inclusive economic growth and national development instead of this spasmodic ‘ad hocism’ and palliative policy.

    “It needs no stating the fact that the latest wave of increase has grossly altered the calculations of Nigerians once again at a time they were reluctantly coming to terms with their new realities.

    “It will further deepen poverty as production capacities dip, more jobs lost with multidimensional negative effects.

    “In light of this, we urge the government to immediately reverse this rate hike as previous increases did not produce any good results. People only got poorer.

    “But more fundamentally, the government should be bold enough to tell Nigerians in advance the destination it wants to take the country.”

  • JUST IN: NNPCL releases adjusted ex-depot price

    JUST IN: NNPCL releases adjusted ex-depot price

    The Nigerian National Petroleum Company Limited (NNPCL) on Wednesday, October 9, informed marketers of its upward review of the Premium Motor Spirit (PMS) ex-depot prices.

    Its NNPCL Retail Limited sent a price list informing them that the ex-depot price at Calabar is N1,050 per litre.

    Read Also: NNPCL hikes petrol pump to N1,030 in FCT

    The National Oil Company said the depot price in Lagos is N1,010 per litre while Port Harcourt ex- depot price is 1,045 and it is N1,040 per litre in Ogara, Koko and Warri.

  • NNPCL hikes petrol pump to N1,030 in FCT

    NNPCL hikes petrol pump to N1,030 in FCT

    The Federal Capital Territory (FCT) was plunged into a moment of lamentation on Wednesday, October 9, after the Nigerian National Petroleum Company Limited (NNPCL) hiked its Premium Motor Spirit (PMS) pump price to N1,030 from N897 per litre.

    At press time, most of the retail outlets stopped vending waiting to recalibrate their meters.

    Read Also: JUST IN: I didn’t direct NNPCL to stop running its refinery – Lokpobiri

    Meanwhile, some passengers were left stranded at different bus stops thinking of what to do and blaming the federal government for the upward review.

    Details shortly…

  • JUST IN: I didn’t direct NNPCL to stop running its refinery – Lokpobiri

    JUST IN: I didn’t direct NNPCL to stop running its refinery – Lokpobiri

    The Minister of State for Petroleum Resources, Senator Heineken Lokpobiri has stated reports he directed the Nigerian National Petroleum Company Limited (NNPCL) to stop running its refineries and focus solely on equity participation in other refineries is false.

    He made this known in a statement late Tuesday.

    Lokpobiri clarified that the viral statement does not represent him as the minister overseeing the oil sector, nor does it reflect the stance of the Federal Government.

    The statement reads: “My attention has been drawn to statements attributed to Engr. Kamoru Busari, Director of Upstream in the Ministry of Petroleum Resources, who represented me at a recent conference in Lagos.

    “I wish to categorically state that the claim that I directed the Nigerian National Petroleum Company Limited (NNPCL) to stop running its own refineries and focus solely on equity participation in other refineries is false.

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    “This does not represent my position as Minister overseeing the oil sector, nor does it reflect the stance of the Federal Government.

    “It is important to clarify that NNPCL is a company governed under the Companies and Allied Matters Act (CAMA), with a functional board and management. The Ministry of Petroleum Resources does not control or run NNPCL, as it operates independently like any corporate entity.

    “The oil and gas sector is fully deregulated, and the Nigerian government remains committed to promoting in-country refining. We encourage companies, including NNPCL, to operate independently, following global best practices. While we provide strategic guidance, we do not interfere directly in the operations of these companies.

    “I reaffirm our commitment to supporting the growth and independence of NNPCL, ensuring that its operations are in line with international standards for efficiency and transparency and profitability.”