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Fuel price slash: Oil marketers berate FG over uncertainty in downstream sector

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Fuel price slash: Oil marketers berate FG over uncertainty in downstream sector

Oil marketers,  Sunday, , accused the Federal Government, especially regulatory agencies in the Nigerian petroleum industry of fuelling uncertainty and not providing clarity on policies in the downstream petroleum industry.

In an interview in Abuja, the oil marketers specifically indicted the Petroleum Products Pricing Regulatory Agency (PPPRA), as well as the Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) for the uncertain operating environment.

In particular, National President of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr. Billy Gillis-Harry, said following the lack of clarity in recent policies in the downstream petroleum sector, oil marketers had resolved to prevail on the PPPRA to provide direction.

PETROAN comprises owners of all the petrol retail outlets across the country, and its members are either major or independent petroleum products marketers.

He noted that retail outlets owners were yet to commence the purchase of Premium Motor Spirit, also known as petrol, at N108 per litre, as stipulated by the PPMC, adding that promises by the PPMC that refunds would be made were yet to materialise.

According to him, retail outlets owners still purchase the commodity at around N113 per litre, I noting, however, that efforts were still ongoing to ensure refunds of the differentials were made to the marketers, though at a slow and uncertain pace.

He said, “First, N108 per litre had been announced by the PPMC as ex-depot price; we have the communication both from the PPMC and the PPPRA. But the reality is that there is no implementation of that as it is today.

“Our members have been loading from the refineries at the last price, which is about N113 per litre.  The idea was that they are going to do a credit note back to marketers. Right now, that has not been implemented.  The normal thing is to do credit note back to marketers.

“We were also advised by PPMC on Thursday, to send back our old forms. You know marketers, what we do is that sometimes we buy up to 10 trucks or 20 trucks ahead. Now, those purchases, hey have been locked up there, we have not loaded. Now we have been asked to return those forms. When you pay, you are given a form, it is the form that you take and go back to regularize your lifting processes.  Now we have been told to return that.

“Basically, when the forms are returned, they would be regularised to the current N108 or whatever it is. But right now, that has not been done.  Of course, you can also see that  there was no band issued by the PPPRA for products sales. Normally they give a lower band, say N123 per litre and a higher band, say N125. That has not been done.

“In my capacity as the National President of PETROAN, I am reaching out to marketers, our members, to try to reach out to the authorities, to be able to know exactly what the scenario is. That is the reality. We today, will assume that there is some level of partial deregulation by this process.”

Gillis-Harry further disclosed that members of the association are planning to commence importation of petroleum products in the near future, stating that they are already in talks with Nigerian banks and some foreign partners on this issue.

He said, “In the nearest future, we might venture into importation. Do not forget that we form the highest base of clients for petroleum ex-depot purchases. This is because it is our members that form Independent Petroleum Marketers Association of Nigeria (IPMAN), major marketers, NNPC Retails outlets. If we do not have products from NNPC, we would fall back to Depot and Petroleum Products Marketers Association of Nigeria (DAPPMA) members.

“If DAPPMA members are not readily available, our members would not starve the public of our essential services. So the chances of us pulling our resources together to bring in cargo from time to time, until a designated timeframe, for onward distribution to our members directly would not be ruled out.

We are already getting to  that; we are already talking to consortium of banks; we are talking to foreign partners, to be sure that we have the right marketing prices and to be sure that the Nigerian public is not starved at anytime of petroleum products.”

Also speaking, President of IPMAN, Mr. Chinedu Okoronkwo, however, noted that it’s members have started getting the commodity at the ex-depot price of N108,

He said, “This is like a partial  deregulation of the sector. we have started getting the product at theex depot price of N108  as announced that by the NNPC.

it is a welcome development but it is not that exciting  because it looks more like you will buy products high and sell cheaper.  The new price is only good for those buying in high volumes. what you will see happening now is that people will be checking out  filling stations that sell cheaper to buy petrol.

“This low price is happening because now  there is crash in the global oil market. If the price comes up,  the price of petrol will still go up.”

He also confirmed that oil marketers would soon commence the importation of the commodity while he called on the Federal Government fix the country’s refineries, promote local refining and encourage more investments in modular refining.

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JUST IN: Edo state Assembly impeaches Deputy Governor Shaibu

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The Edo State House of Assembly, on Monday, impeached the state’s Deputy governor, Comrade Philip Shaibu.

The impeachment followed the adoption of the report of the seven-man investigative panel set up by the Assembly to probe allegations of misconduct against Shaibu.

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JUST IN: Olubadan of Ibadanland, Oba Lekan Balogun joins ancestors at 81

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The Olubadan of Ibadanland, Oba Lekan Balogun has joined his ancestors after a brief illness.

He joined his ancestors at the age of 81.

It was gathered that the late monarch was taken to the hospital Wednesday morning having stayed indoor throughout Tuesday on account of slight malaria fever, though, he was hail and hearty on Monday during which he personally received few guests that paid him congratulatory visits on his second year anniversary on that day.

Making this announcement was the Baba-Kekere Olubadan and his younger brother, Dr Kola Balogun in a statement by the Personal Assistant (Media) to the late monarch, Oladele Ogunsola.

According to the statement, Dr. Balogun disclosed that Oba Balogun would be buried at his Aliiwo ancestral home by 4.00pm on Friday according to Islamic rites just as he said that the State Governor Seyi Makinde, though already verbally informed, would be formally notified early in the morning.

The late Olubadan was the first most educated to have emerged as Ibadan monarch, a British trained P.hd holder, a former university lecturer, former member of management staff of Shell British Petroleum, former gubernatorial candidate of the defunct Nigeria People’s Party, NPP, former Senator and a successful business man.

His last official outing was the Olubadan Advisory Council’s meeting which he presided over last Saturday where the decision to derobed Mogaji Akinsola, Olawale Oladoja was taken.

He however, on Tuesday instructed the Ekerin Olubadan, Oba Hamidu Ajibade to midwife a small committee to deliberate on last Friday’s decision on what should be the position of Ibadan Zone in the proposed newly reconstituted Oyo State Council of Obas and Chiefs.

The decision of the small committee was earlier on Thursday ratified by the Olubadan Advisory Council at a meeting presided over by Otun Olubadan and the former governor of Oyo State, High Chief Rashidi Ladoja and was to be taken to the late Oba Balogun for his signature Friday morning so as to meet the deadline for submission to the state Commissioner for Local Government and Chieftaincy Matters later in the day.

The late Olubadan is survived by wives, children and grandchildren.

Announcing the passage of the monarch, Governor Makinde, in a statement, stated that Olubadan, who joined his ancestors late Thursday evening at the University College Hospital, UCH, Ibadan, described him as an epitome of royal excellence and a great achiever, who made great marks on Ibadanland in just a little over two years of his reign.

He expressed his condolences to the Olubadan-in-Council, the Oyo State Traditional Council and the people of Ibadanland and Oyo State, praying to God to grant repose to the soul of the deceased monarch.

Makinde said: “With total submission to the will of God, I announce the passing unto glory of our father, His Imperial Majesty, Oba Dr. Mohood Lekan Balogun, Alli Okunmade II, the 42nd Olubadan of Ibadanland.

“A mighty Iroko has fallen; Oba Dr. Balogun has joined the ancestors.

“In Kabiyesi, Ibadanland had a cosmopolitan and well-experienced Olubadan, who made indelible marks on the sands of history and achieved greatly within a short while.

“On behalf of the Government and good People of Oyo State, I condole with the immediate family of the Oba Dr. Balogun, the Olubadan-in-Council, the Oyo State Traditional Council and the people of Ibadanland.

“It is my prayer that God grants repose to the soul of our late monarch.”

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JUST IN: Labour Party National Chairman, Abure arrested for attempted murder in Edo (Video)

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Operatives of the Edo State Police Command have arrested the National Chairman of the Labour Party (LP), Julius Abure.

Abure was arrested on Wednesday in Benin City, the Edo State capital, on allegations of premeditated attempted murder, amongst other alleged infractions.

The Labour Party chairman’s arrest followed a petition by the LP Youth Leader, Comrade Eragbe Anselm Aphimia.

The petition, addressed to the Commissioner of Police, Edo State Command, dated February 13, partly reads, “I, Comrade Eragbe Anselm, write to you with utmost urgency and grave concern regarding a heinous act of violence perpetrated against me on the 29th of December 2023.

“I am a member and National Youth Leader of the Labour Party (LP) in Nigeria, and the events I am about to recount are of utmost importance for justice and the safety of individuals involved in political activities.

“On December 28, 2023, I flew into Benin City Airport around 2 p.m. as part of an official 5-member delegation authorised by the Acting National Chairman of the Labour Party, Alhaji Lamidi Basiru Apapa.

“Our mission was to organise Ward, LGA, and State Congresses in Edo State, as well as supervise the sale of nomination forms for various posts, as mandated by INEC guidelines, within the stipulated time frames.

“On arrival at the Benin Airport, I was received by one Mrs Mary Okheime Newberry, who falsely claimed to be providing transportation and accommodation on behalf of unnamed “stakeholders.”

“She proceeded to lodge us at the Smart Homes Hotel, unknown to us that she was plotting a sinister and gruesome ambush. The next morning, a man named Austin Emeka came to pick me and my colleague, Mr Patrick Anethua, up from the hotel lobby, pretending to take us to a meeting venue.

“Instead, we were violently attacked just outside the hotel gates by a waiting mob.”

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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