The Nation Newspaper

Tag: Rainoil

  • Rainoil Limited rewards 16-year-old Nwali for exceptional creativity

    Rainoil Limited rewards 16-year-old Nwali for exceptional creativity

    Rainoil Limited has awarded a cash prize of ₦5 million and a full scholarship up to university level to 16-year-old Chinedu Nwali for his outstanding artistic rendition of a Rainoil station.

    Nwali, who has long admired Rainoil’s brand and service stations, was inspired each time he walked past a station to create a prototype. With his brother, Emmanuel raised funds to build a highly detailed and imaginative model of a typical Rainoil outlet, hoping it would catch the attention of the station manager.

    Instead, Chinedu’s work caught the eye of Rainoil’s Group Managing Director, Dr. Gabriel Ogbechie, who was deeply impressed by the creativity and precision of the young artist’s design.

    During a formal presentation at the Rainoil Summit Station in Asaba, Dr. Ogbechie personally awarded Chinedu a cheque for ₦5 million and announced the company’s commitment to sponsor his education through university.

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    “We are incredibly proud of Chinedu’s talent. His design captures not just the visual identity of Rainoil but also the passion and admiration behind it,” said Dr. Ogbechie.

    He also urged Chinedu’s parents to collaborate closely with Rainoil to ensure he completes his education successfully.

    Rainoil Limited continues to demonstrate its dedication to community development and youth empowerment by celebrating innovation and encouraging academic growth among Nigerian youths.

  • Association, firm give 400 packs to pupils

    Association, firm give 400 packs to pupils

    Rainoil, a tank farm, has partnered Ibassa Ijegun Egba Youth Association in Ibasa/Ijegun-Egba to give 400 education packs to pupils of L A Primary School, Ibasa.

    Speaking in the school in Ibassa Ijegun-Egba, an island in Ori-Ade LCDA of Lagos State, Youth Chair, Kareem Idowu, said the exercise was to enhance pupils’ learning.

    He said the packs were donated by Rainoil as its corporate social responsibility (CSR) to the community.

    “These packs will contribute to the academic growth of pupils, ensuring they have the resources to perform well,” Idowu added.

    Mr Olusegun Wakili, the secretary, said the presence of tank farms and other organisations in their community have brought economic benefits and jobs,’’ he said.

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    Group Head of Operations at Rainoil, Mr Paul Obande, said the firm was committed to making an impact in the communities they operate in.

    “Education is the foundation of a brighter future, and we support these pupils in their journey,’’ he said.

    Abayomi Basiru, a teacher in the school, hailed the association and Rainoil for giving packs to the pupils.

  • Rainoil boss warns on market-driven prices

    Rainoil boss warns on market-driven prices

    Founder and Group Managing Director of Rainoil Ltd, Gabriel Ogbechie, has urged Nigerians to brace for market-determined petroleum prices as the country adjusts to the federal government’s full deregulation of the downstream sector.

    Ogbechie’s remarks comes amid the public’s struggle with recent increases in fuel prices, which have soared from N175 per litre in May 2023 to as high as N1300 per litre in some regions.

    In a television interview monitored in Lagos, Ogbechie hailed President Bola Tinubu’s decision to remove the fuel subsidy, saying the move has opened the sector to healthy competition.

    He however warned that Nigerians should be prepared for continued fluctuations in fuel prices.

    According to him, “President Tinubu did the right thing by saying the subsidy was gone. He removed the subsidy and then we saw the price of petrol slide upwards.” He further explained that the government’s initial intervention to stabilise prices after the removal of the subsidy has now come to an end.

    “In October, the government directed marketers to source their products independently and set prices based on market dynamics,” Ogbechie noted.

    He emphasised that this shift marks a significant departure from the past, where the Nigerian National Petroleum Company Limited (NNPCL) often dictated prices.

    When asked if Nigerians should expect further increases in petrol prices, Ogbechie said: “The key thing is that deregulation is here to stay.”

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    He added that current prices of petrol, ranging between N1000 and N1300 per litre depending on the region, reflect the current realities of crude oil prices and the fluctuating exchange rate.

    The market price for petroleum products, the Rainoil boss highlighted, will continue to change in response to global oil prices and exchange rate movements.

    “As long as the price of crude oil keeps changing, as long as the exchange rate keeps changing, prices of petrol too will keep changing,” he said, adding that consumers could see a decrease in prices if global oil prices fall or if there is an improvement in the naira’s value against the dollar.

    The Rainoil boss noted that while the future of petroleum prices remains uncertain, Nigerians must prepare for an era where fuel prices are determined by market forces.

    “Nobody can exactly tell you what will happen in the next six months. But Nigerians should just be ready to pay the market-determined prices for petroleum products,” he cautioned.