Business

Reps to probe hike in pump price of petrol, reject call for reversal

Published

1 year ago

July 20, 2023 8:10 am

BodexNG

The house of representatives has resolved to set up an ad hoc committee to investigate the circumstances leading to the increment of the petrol pump price.

The committee will also propose palliative measures to be taken by the federal government to cushion the effect of the petrol subsidy removal.

The lower legislative chamber passed the resolution during the plenary session on Wednesday following the adoption of a motion of urgent public importance sponsored by Ugochinyere Ikeagwuonu, a Peoples Democratic Party (PDP) member from Imo.

Oil marketers had on Tuesday increased the pump price of petrol at retail outlets from N537 to N617 per litre in Abuja and N568 per litre in Lagos.

The development comes just weeks after the complete deregulation of the downstream petroleum sector.

Deregulation is the elimination or removal of government controls over a sector, allowing market forces to determine the prices of products.

On May 29, President Bola Tinubu announced that the “petrol subsidy is gone” — a pronouncement which immediately led to a hike in the pump price of the product across the country.

While moving the motion, Ikeagwuonu said that section 88 (1) and (2) of the constitution empowers the national assembly to investigate the activities of any authority executing or administering laws passed by the parliament.

He said that section 32 of the petroleum industry act, 2021 saddles the Petroleum Midstream and Downstream Regulatory Authority with the task of regulating and monitoring technical and commercial midstream and downstream petroleum operations in Nigeria.

The legislator said the pump price was increased by petrol marketers “without conferring with the relevant agencies of government”.

“Given the current socio-economic challenges being faced by Nigerians, a hike in the price of fuel will heap great suffering and hardship on Nigerians,” he said.

While contributing to the debate, Zakaria Nyampa, a member of the All Progressives Congress (APC) from Adamawa, proposed that the house should ask oil marketers to revert to the old price pending the outcome of the investigation.

However, his proposal was rejected by the lawmakers when it was put to a voice vote by Benjamin Kalu, the deputy speaker and presiding officer.

The substantive motion was voted for when Kalu subjected it to a vote.

Business

Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

Published

1 hour ago

November 25, 2024 1:29 pm

BodexNG

The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

Business

Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers

Published

4 hours ago

November 25, 2024 11:01 am

BodexNG

The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.

This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.

The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.

Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.

“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.

“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

Business

Allegation of missing fund untrue, says Access Bank

Published

5 hours ago

November 25, 2024 9:16 am

BodexNG

Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.

The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.

“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.

“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.

“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.

“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.

“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.

“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.

“We remain committed to serving our customers.”

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