The Nigerian National Petroleum Company Limited has reduced its ex-depot price of Premium Motor Spirit, commonly referred to as petrol, from N1,020 to N899 per litre.

This decision, coming days after the Dangote Refinery reduced its price to N899, was confirmed by the Petroleum Products Retail Outlets Owners Association of Nigeria in a statement released on Saturday.

The statement signed by the association’s National Public Relations Officer, Dr Joseph Obele, and quoting a document released by NNPCL’s Commercial Department indicates a reduction based on the regional pricing scheme.

The price indicated that marketers would buy the product at N899 per litre, matching the price offered by the Dangote refinery a few days ago.

Marketers purchasing from Warri, Oghara, Port Harcourt and Calabar will, however, pay N970 per litre to offtake products.

The statement read, “The Nigerian National Petroleum Company Limited has taken a significant step in response to the competitive impact of deregulation in the downstream sector.

“The company recently reduced the ex-depot price of Premium Motor Spirit from N1,020 to N899 per litre.

“The price reduction by NNPCL is seen as a response to the competitive impact of deregulation, which has led to increased competition in the downstream sector.”

Obele noted that the price reduction by the national oil firm is seen as a response to the competitive impact of deregulation, which has led to increased competition in the downstream sector.

He also expressed optimism that PMS prices will drop further before the end of January 2025, given the global decline in crude oil prices and the naira’s recent gain against the dollar.

Obele described the trend as a price war while he emphasized that the price reduction by Dangote Refinery and NNPCL demonstrates the benefits of competition and advocates for the immediate privatization of government-owned refineries.

The move is expected to spark a price war among oil marketers, ultimately benefiting consumers.

However, the NNPCL spokesperson, Femi Soneye, is yet to confirm this development.

Reacting to this development, the National President of PETROAN, Billy Harry, said the price reduction is a welcome development that will bring relief to motorists and Nigerians during the holiday season.

He said, “The reduction in PMS price by NNPCL is a demonstration of the company’s commitment to making petroleum products more affordable for Nigerians.

“We commend NNPCL for responding to our call for affordable PMS prices.”

He also listed the benefits of the price reduction to consumers, including “Reduced transportation costs: With lower PMS prices, motorists will spend less on fuel, leading to increased disposable income.

“Increased economic activity: Lower fuel prices will stimulate economic growth by reducing production costs and increasing demand for goods and services.

“Improved standard of living: The price reduction will lead to a decrease in the cost of living, enabling Nigerians to afford necessities and enjoy a better quality of life.”

Harry also commended Dangote Refinery for its earlier price reduction, which he said had helped to stimulate competition in the downstream sector.

The PETROAN national official also hinted at a report submitted by PETROAN’s technical pricing team, warning that competitive pricing can lead to compromised product quality.

He further urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority to ensure compliance with quality assurance standards.

“PETROAN is calling on the Nigerian Midstream and Downstream Petroleum Regulatory Authority to ensure compliance with quality assurance standards which may arise due to competitive pricing,” he added.

…N50 Billion Severance Payment
Fortress

Speaker of the House of Representatives, Hon. Tajudeen Abbas, PhD, has requested the Central Bank of Nigeria (CBN) to provide explanations for the recent dismissal of approximately 1,000 members of staff and the subsequent payment of a N50 billion severance package.

Speaker Abbas made the demands while declaring open an investigative hearing of the ad-hoc committee of the House, investigating the CBN’s termination/dismissal of members of staff on Thursday in Abuja.

He charged the ad hoc committee chaired by the Chief Whip of the House, Hon. Usman Bello Kumo to properly investigate the rationale behind the decision, particularly in light of the current economic challenges facing the country.

Represented at the event by the Deputy Speaker, Rt. Hon. Benjamin Okezie Kalu, Speaker Abbas emphasized the need for transparency in the matter, ensuring that the welfare and rights of the affected employees are protected.

Acknowledging the imperative of running a learner, more efficient government, and the inherent powers of the apex bank to determine its policies, Speaker Abbas however said there is a need to strike a balance against the welfare of the employees.

He also charged the committee to examine the process by which the N50 billion severance package was determined, ensuring that principles of due diligence, fairness, and due process were adhered to.

He said: “The committee has been tasked with examining several critical aspects of this issue. First, we aim to understand the rationale behind the decision to lay off over 1,000 staff members, particularly during these challenging economic times. The impact of such a significant workforce reduction on individuals, their families, and the broader economy cannot be overlooked.

“Furthermore, the committee will scrutinize the process through which the 50 billion Naira severance package was determined. We must ascertain whether the principles of due diligence, fairness, and due process were strictly adhered to in arriving at this figure.

“Transparency in such matters is key to maintaining public trust and ensuring the integrity of our institutions.

“As a legislative body, we recognise the widely accepted principle of running a leaner and more efficient government. We also understand the CBN’s prerogative in determining policies that align with its operational efficiency. However, such decisions must be balanced against the welfare and rights of employees, as well as the long-term implications for institutional stability.

“The House of Representatives cannot and will not remain silent when Nigerians feel aggrieved or when there are allegations of coercion or injustice against those who have been lawfully employed. We must provide a platform for all affected parties to be heard and to ensure that their concerns are addressed fairly and justly”.

Speaker Abas urged the CBN and other affected agencies of government to cooperate fully with the investigation, emphasizing the importance of restoring public trust and confidence in government institutions.

“Your cooperation is vital as we seek to uncover the facts, provide clarity to Nigerians, and ultimately restore confidence in the integrity of government institutions.

“As we proceed with this investigative hearing, let us remain steadfast in our commitment to justice, accountability, and the greater good of our nation. I hope that at the end of this hearing, all controversies will be cleared, and we can be assured that the CBN’s actions align with the principles of fairness, equity, and the rule of law”, the Speaker said.

…as Police mandate organisations to get security approval, support henceforth

Another stampede for food items has killed ten persons at the Holy Trinity Catholic Church, Maitama, Abuja.

The fatal incident happened on Saturday [December 21, 2024] morning.

The FCT Police Command has swiftly moved to the scene to maintain law and order.

In a statement by Superintendent Josephine Adeh, Police Public Relations Officer, FCT Police Command,
Abuja, the Police said the incident happened at 6.30 am.

The statement entitled: “TRAGIC STAMPEDE IN MAITAMA: FCT POLICE COMMAND CALLS FOR STRICT ADHERENCE TO EVENT NOTIFICATION” reads:

“The FCT Police Command expresses its profound sorrow over the tragic incident that occurred at Holy Trinity Catholic Church, Maitama, on Saturday, December 21, 2024, during the distribution of food items to vulnerable and elderly individuals.

“This unfortunate event, which took place around 6:30 AM, resulted in a stampede that claimed the lives of ten (10) individuals, including four (4) children, and left eight (8) others with varying degrees of injuries. Four (4) of the injured have been treated and discharged, while the remaining victims continue to receive medical care.

“The FCT Police Rapid Response Squad and the FCT Joint Task Force have successfully evacuated the remaining crowd, which numbered over a thousand.

“The FCT Police Command extends its heartfelt condolences to the families of the deceased and wishes a swift recovery to the injured. In a show of compassion and support, the Commissioner of Police Cp Olatunji Disu psc, has visited the victims in the hospital to offer assistance and reassurance during this difficult time.

“To prevent such tragic incidents in the future, the Command mandates that all organizations, religious bodies, groups, or individuals planning public events, charitable activities, or large gatherings in the FCT must notify the Police Command in advance.

“This notification is crucial for the deployment of adequate security measures to ensure public safety and prevent avoidable tragedies.

“Failure to comply with this directive will result in the organizers being held liable for any incidents or loss of life resulting from negligence.

“The FCT Police Command remains steadfast in its commitment to safeguarding lives and property in the Territory. We urge the public to collaborate with the Police by adhering to these guidelines and promptly reporting emergencies through the FCT Control Room at 0803 200 3913 or 0806 032 1234.”