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Dangote not reason behind high fuel prices in Nigeria-OPEC Scribe

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By Kayode Sanni-Arewa

The OPEC Secretary General called for a shift away from the narrative that pits consumers against producers, emphasizing that both groups are stakeholders in the energy ecosystem

Nigeria’s fuel price hike has sparked widespread concerns, with many pointing fingers at oil producers, particularly local operators like Dangote Refinery.

However, OPEC Secretary General, Haitham Al Ghais, has set the record straight, revealing that the real reasons behind high fuel prices lie elsewhere—primarily in taxes imposed by governments, including those of major oil-consuming nations.

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In an article published on Tuesday, Al Ghais explained that crude oil and its derivatives form the backbone of global industries, powering everything from transportation to pharmaceuticals.

While many assume that rising oil prices directly benefit oil producers at the expense of consumers, the OPEC chief debunked this myth, noting that oil-producing nations are not the primary beneficiaries of retail fuel sales.

“Revenues are often generated, but they are predominantly earned by major oil-consuming countries through taxation,” Al Ghais highlighted. The Secretary General emphasized that countries within the OECD (Organisation for Economic Co-operation and Development) earn substantially more from the retail sale of petroleum products than OPEC member countries make from the sale of crude oil itself.

Between 2019 and 2023, OECD nations earned approximately $1.915 trillion more annually than OPEC nations from petroleum products. In 2023 alone, taxes accounted for around 44% of the final retail price of petroleum products in OECD countries, and in certain European countries, this figure exceeded 50%.

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For Nigerian consumers, this highlights that the high cost of fuel at the pump is not merely a reflection of crude oil prices or refinery margins. Instead, a significant portion of what consumers pay is directed towards government taxes. “It is important to recognize that the price paid by consumers at the pump is determined by multiple factors, including crude oil prices, refining, transportation, and, notably, taxes,” Al Ghais pointed out.

In the UK, for instance, fuel duties are expected to generate £24.7 billion in revenue for the government in 2023-24, amounting to 2.2% of all receipts. Such figures indicate the global trend of governments, both in producing and consuming nations, leveraging petroleum products for revenue generation.

Al Ghais also underscored that while oil-producing nations do earn revenue from oil sales, a significant portion is reinvested into exploration, production, and infrastructure projects to ensure the continuous flow of supply to consumers worldwide. This reinvestment is critical for maintaining future oil supplies and stabilizing global energy markets.

In conclusion, while taxes play a crucial role in supporting government services and infrastructure, they also represent a considerable portion of the price consumers pay at the pump.

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The OPEC Secretary General called for a shift away from the narrative that pits consumers against producers, emphasizing that both groups are stakeholders in the energy ecosystem.

The current fuel price crisis in Nigeria is a stark reminder of the complexity behind fuel pricing, where taxes, rather than oil producers, bear much of the responsibility for what Nigerians pay at the pump.

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Hours to Edo guber polls, major opposition candidate crumbles structure for Ighodalo

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By Kayode Sanni-Arewa

Hours to the Edo State governorship election, the guber candidate of the All Peoples Party (APP)Amb Osalumese Areloegbe on Thursday morning collapsed the structure for the governorship candidate of the Peoples Democratic Party (PDP), Dr. Asue Ighodalo and his running mate, Osarodion Ogie Esq.

Addressing journalists at the party secretariat in Benin City, Areloegbe said his decision to collapse the structure for the PDP candidate was because he believed that Ighodalo had all it would take to govern the state to greater heights.

According to him, I urged all my followers and supporters to disregard any information that I have aligned with the All Progressives Congress (APC) governorship candidate, Senator Monday Okpebholo.

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“I am supporting Asue Ighodalo because he is competent, not that I am not competent but I believe Asue is on the forefront. That is my reason for supporting his candidacy.

“My party is aware because they have been having a series of negotiations for us to align with the APC, and I told them categorically that I am supporting PDP. My eighteen local government followers are in full support of my decision, I mean 100 per cent supporting the PDP candidate, Barr. Asue Ighodalo and his running mate, Barr. Osarodion Ogie in this election.

“My choice for Asue Ighodalo is because, apart from myself, I see him as the next better candidate that I can support and I can put my weight on because he has the capacity, mentally, physically and otherwise to pilot the affairs of Edo State to greater heights.

“The national secretariat of my party, APP – they are in Abuja and I am in the state, and know much more of what is happening in Edo State. They are not here and don’t know what is going on here in Edo. And I am in a position to tell them what will be better for the Edo people.

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“There is a parable that says, ‘You cannot shave a man’s head when he is not present’. I am here in Edo State and I know who to support and why I am supporting him. The national leadership might have taken a different tone, but this is what I and my followers have chosen.

“We had a series of other politicians who had made such decisions before. That is why I agreed with the support of my supporters to collapse my structure for the governorship candidate of the PDP Barr. Asue Ighodalo and his running mate, Barr. Osarodion Ogie.”

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SAD! Woman reportedly d!3s in Osun building c0llapse

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By Kayode Sanni-Arewa

A resident of Ifetedo in Osun State, simply identified as Idowu, had reportedly died in an incident of collapse building that occurred in the town.

The collapsed structure was said to be a dilapidated building that suddenly caved in and killed the woman.

A resident of Ifetedo, simply identified as Ogunyemi, while speaking to The PUNCH on Thursday, said operatives of the Nigeria Security and Civil Defence Corps, responding to a distress call, were at the scene of the incident.

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Some NSCDC operatives rushed to the scene after they were informed of the incident. They were joined by some other people in the community.

Idowu was the only person in the building when the incident happened. She was brought out dead from the rubble.

“The incident caused panic in Omiloode Area, where the building is located. The building that collapsed is a dilapidated structure,” Ogunyemi said.

Osun NSCDC Public Relations Officer, Kehind Adeleke, when contacted confirmed the incident, adding that the scene was immediately cordoned off by security men.

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“An abandoned dilapidated building located along Omiloode Street, Ifetedo collapsed and killed one Mrs Idowu, who was said to be around the structure when the incident happened.

“The tragic incident occurred at about 17:30 hours on Tuesday.

“Officers and men of NSCDC Ife South Division, upon getting information rushed to the scene of the incident for rescue operation. But unfortunately, the woman had passed on. She was brought out of the rubble dead. The site was immediately cordoned off,” Adeleke said.

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Yahaya Bello: CNPP Hammers EFCC Over Poor Handling of His Alleged Money Laundering Case

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By Kayode Sanni-Arewa

The Conference of Nigeria Political Parties (CNPP) has hammered the Economic and Financial Crimes Commission’s (EFCC) handling of allegations against ex-Kogi Governor, Yahaya Adoza Bello, accusing the agency of embarrassing the nation and compromising the anti-corruption campaign.

“The EFCC’s actions have not only brought embarrassment to our nation but have also fueled the perception that the anti-corruption campaign has been compromised and politicized,” stated Comrade James Ezema, CNPP’s Deputy National Publicity Secretary.

The CNPP criticized the EFCC’s methods, particularly the “gestapo-style raid” on the Kogi State Governor’s lodge in Abuja, after Bello voluntarily surrendered. This approach has led many Nigerians to question the EFCC’s true intentions

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Bello faces 19 counts of money laundering, totaling N80.2 billion, alongside three other suspects. The EFCC had previously attempted to arrest him on April 17, 2024, ahead of his scheduled arraignment on April 18, 2024.

The CNPP demanded that the EFCC cease its “wanton dramatization” and redirect efforts towards genuine anti-corruption initiatives, providing clear explanations for its contradictory actions. The CNPP stands in solidarity with Nigerians advocating for transparency and fairness in EFCC operations.

“We stand in solidarity with Nigerians who seek transparency and fairness in EFCC’s operations,” the CNPP stated, highlighting Bello’s willingness to cooperate, demonstrated by his voluntary surrender and ongoing legal representation.

The CNPP urges the EFCC to adhere to the rule of law, rather than political expediency or personal vendettas, and restore its integrity by focusing on the genuine fight against corruption.

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“The actions of the EFCC must be guided by the rule of law, rather than political expediency or personal vendettas,” the CNPP emphasized.

As the situation unfolds, the CNPP stated they will continue to monitor developments closely and demand accountability from the EFCC.

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