By Mario Deepromoter

The Presidential Candidate of the Labour Party in the 2023 election, Peter Obi, has described the General Overseer of the Living Faith Church, Bishop David. O. Oyedepo is an exceptional servant in God’s vineyard.

In a congratulatory message to the Bishop on his 70th Birthday anniversary today, Obi said the cleric exemplifies the true purpose of God’s creation.
Writing on his X handle, the former Anambra State Governor said Bishop Oyedepo has remained “A remarkable figure in faith, a dedicated servant in God’s vineyard, and a leader who exemplifies the true purpose of God’s creation.
“Your life continues to be a source of blessing, reflecting dedication, tireless work, and a commitment to God’s mission.

“Through your ministry, countless lives have been touched, embodying faith, hope, and love. Outstanding Institutions such as Living Faith Church, Covenant University, and Kingdom Heritage Model School stand as lasting testimonies to your pursuit of excellence.

“Today, we honor your enduring legacy, your compassionate outreach, and your immense contribution to humanity. May God continue to strengthen, guide, and bless you in all your endeavors.

“Thank you for being a beacon of God’s grace. Your remarkable journey will inspire generations to embrace faith, integrity, and purposeful living.

“May your continued intervention through prayer in the affairs of our country help us to find direction for a new Nigeria.

By Mario Deepromoter

Local elections in Akwa Ibom is scheduled for 26 October and political parties have been campaigning for votes.

The Peoples Democratic Party (PDP) in Akwa Ibom State has put its political campaign for local elections in the state on hold following the death of the Akwa Ibom First Lady, Patience Eno.

Local elections in Akwa Ibom is scheduled for 26 October and political parties have been campaigning for votes.

Mrs Eno died on Thursday in a hospital following an undisclosed illness, according to a statement issued on Friday morning by the Commissioner for Information and Strategy in Akwa Ibom, Ini Emembong.

“She passed away peacefully at the hospital on 26th September 2024, in the presence of her family.

“The family submits to the will of the Almighty and asks for the prayers and support of kind-hearted individuals during this difficult time.

“Further details will be provided by the family as necessary. In the meantime, the family kindly requests privacy as they mourn their beloved wife, mother, and grandmother.

“His Excellency, the Governor, Pastor Umo Eno appreciates all who have stood by the first family in this period and assures all the citizens that despite this huge personal loss, his commitment to the service of the state is unwavering.”

Announcing the suspension of campaigns in a statement on Friday, the PDP Publicity Secretary in the state, Edwin Ebiese, said “This devastating news has left our party, and indeed the entire state, in a state of mourning.”

“As we struggle to come to terms with this immense loss, we are compelled to pause our campaign activities as a mark of respect for the departed First Lady.

“We regret any inconvenience this suspension may cause and appreciate the understanding of our supporters and the general public during this difficult time.

“We extend our heartfelt condolences to His Excellency, Pastor Umo Eno, Executive Governor of Akwa Ibom State and his immediate family, the government, and people of Akwa Ibom State. May God grant the family of the deceased and our state the fortitude to bear this irreparable loss.”

The landing cost of Premium Motor Spirit (PMS), commonly known as petrol, has fallen to N981 per litre, according to recent data from the Major Energies Marketers Association of Nigeria (MEMAN).

This marks a significant decrease from the previous cost of approximately N1,130 per litre as of September 25, 2024, primarily driven by a decline in global crude oil prices.

Global Crude Oil Prices Influence Petrol Costs

Recent fluctuations in crude oil prices have had a direct impact on the cost of refined petroleum products in Nigeria. Brent crude, the global benchmark, traded at $71.41 per barrel on Thursday, down from $73.46 the previous day. In August 2024, the average price was around $80.36 per barrel, but has since fluctuated between $70 and $75 per barrel due to lower oil demand in China and expectations of increased production from the Organisation of Petroleum Exporting Countries (OPEC).

Increase in Petrol Imports Amid Local Production

Despite the decrease in landing costs, petrol pump prices in Nigeria have seen an increase. Major oil marketers have begun importing petrol following recent deregulation in the downstream oil sector, with three major marketers confirming the arrival of vessels carrying approximately 141 million litres of PMS. This shift comes as the Dangote Petroleum Refinery ramps up local petrol production after decades of reliance on imports.

Regional Variations in Petrol Pricing

According to MEMAN, the average ex-depot price of petrol varies across Nigeria. In Lagos, it ranges between N865 and N1,200, while in Calabar, it is between N980 and N1,400, and in Port Harcourt, it falls between N1,200 and N1,400. Diesel prices have also seen changes, now averaging N1,089 per litre, with aviation fuel priced at N1,117.34.

Implications of Pricing Negotiations

The Nigerian National Petroleum Company (NNPC) has faced scrutiny over its pricing strategy, especially following the unveiling of locally-produced fuel by Dangote. The NNPC announced that it would sell petrol lifted from the Dangote refinery at prices exceeding N1,000 per litre in northern states, with varying prices across the country. Despite negotiations, pricing remains market-driven, as explained by NNPC’s Executive Vice President, Dapo Segun.

Future Outlook

With the impending commencement of naira crude sales on October 1, 2024, there is optimism among Nigerians that petrol prices may stabilize further. As the market continues to evolve, consumers are hopeful for a reduction in petrol costs, benefiting from both local production and imported supplies.

Overview of Nigeria’s Oil Sector

Nigeria is one of Africa’s largest oil producers and has a significant role in the global oil market. The country’s economy is heavily reliant on oil exports, which account for a large portion of government revenue and foreign exchange earnings. However, Nigeria has faced numerous challenges, including fluctuating global oil prices, inadequate refinery capacity, and currency instability.

Recent Developments in Petrol Pricing

1. **Landing Cost Reduction**: The recent drop in the landing cost of petrol to N981 per litre is a significant development, especially as it was previously over N1,130. This reduction is attributed to a decrease in global crude oil prices, which have fluctuated due to various factors, including demand changes and OPEC production decisions.

2. **Impact of Global Oil Prices**: The Brent crude oil price has been volatile, affecting local petrol prices directly. When global oil prices decrease, it typically leads to lower landing costs for imported fuel. Conversely, increases in prices can trigger higher consumer prices domestically.

3. **Deregulation and Imports**: The Nigerian government has recently deregulated the downstream oil sector, allowing private marketers to import petrol. This move aims to foster competition and stabilize supply. Major oil marketers have begun importing petrol, which is essential for meeting local demand, especially as local refineries ramp up production.

4. **Local Refinery Operations**: The Dangote Petroleum Refinery, one of the largest in Africa, has recently started producing petrol. This is a pivotal change for Nigeria, which has long relied on imported fuel. The refinery is expected to enhance local production capacity, reduce dependence on imports, and potentially lower prices.

Challenges Facing the Oil Sector

1. **Currency Fluctuations**: The Nigerian naira has faced depreciation against major currencies, impacting the cost of imported goods, including fuel. The exchange rate plays a crucial role in determining the landing costs of petrol and other petroleum products.

2. **Infrastructure Issues**: Despite having significant oil reserves, Nigeria’s refining capacity has been historically underutilized due to infrastructural challenges and maintenance issues. Investments in refining capacity and infrastructure are essential for boosting local production.

3. **Economic Diversification**: The heavy reliance on oil has made Nigeria vulnerable to price shocks in the global oil market. As a result, there are ongoing discussions about diversifying the economy to reduce dependence on oil and enhance resilience against market fluctuations.

4. **Regulatory Environment**: The shift towards deregulation is part of a broader strategy to improve efficiency in the oil sector. However, the transition comes with challenges, including ensuring that consumers benefit from competition and that prices remain stable.

Future Prospects

Looking ahead, the combination of local refinery production, increased imports, and ongoing regulatory changes could lead to a more stable petrol market in Nigeria. If the Dangote refinery operates at full capacity and other private refineries follow suit, there may be a significant reduction in import dependency.

Moreover, effective management of the oil sector, along with strategic investments in infrastructure and technology, could enhance productivity and efficiency. This would not only stabilize petrol prices but also contribute to overall economic growth.

In summary, while there are positive developments in the Nigerian oil sector, challenges remain. The government’s approach to deregulation, support for local production, and management of external factors will be crucial in shaping the future of petrol pricing and energy security in Nigeria. If you have more specific aspects you want to explore or questions about, feel free to ask!

Source: thecheernews.com