Connect with us

News

Fuel Scarcity Worsens as Petrol Prices Surge: November 12th, 2024 Update

Published

on

By Kayode Sanni-Arewa

As Nigerians face the impact of a recent increase in fuel prices announced by the Nigerian National Petroleum Company (NNPC) Limited, citizens continue to grapple with both rising costs and a scarcity of petrol, which has disrupted daily life.

Gists9ja reports on the latest developments surrounding petrol availability, escalating prices, and the reactions of both government officials and the public.

A significant step toward addressing these challenges was recently taken by the Independent Petroleum Marketers Association of Nigeria (IPMAN), which secured a new agreement with the Dangote Refinery for direct fuel supply. This partnership is seen as a strategic move to stabilize fuel distribution nationwide.

Advertisement

At a press briefing held in Abuja, IPMAN’s National President, Abubakar Garima, announced the partnership after discussions with the association’s National Working Committee. Garima stated that the primary goal of this collaboration is to ensure an uninterrupted and reasonably priced supply of Premium Motor Spirit (PMS) to consumers across Nigeria.

Following meetings with Aliko Dangote and his management team in Lagos, Garima shared that Dangote Refinery agreed to provide IPMAN with PMS, Automotive Gas Oil (AGO), and Dual Purpose Kerosene (DPK). These products will be supplied directly to IPMAN’s depots and retail outlets to streamline distribution channels.

“We are very pleased to have reached an understanding with Dangote Refinery. This agreement will allow us to source PMS, AGO, and DPK directly from the refinery,” Garima explained. He also encouraged IPMAN members to embrace this partnership, highlighting that the initiative would contribute to local economic growth and reinforce Nigeria’s foreign exchange reserves by reducing dependence on imported fuels.

Garima emphasized the broader economic potential of this deal, noting that this move toward self-sufficiency supports the administration’s agenda for a revitalized Nigeria. “By relying on local refineries like Dangote, IPMAN members can contribute to job creation and help advance President Bola Tinubu’s vision for economic stability and prosperity,” he said.

Advertisement

After extensive negotiations spanning several months, this agreement aims to boost efficiency in fuel supply, reduce fuel prices for consumers, and stimulate economic development.

The financial implications of fuel importation have shifted recently, as the cost of landing Premium Motor Spirit (PMS) in Nigeria decreased by approximately 20.34 percent over the past three months, reducing from ₦1,219 per litre to ₦971.57 per litre. This reduction in landing costs, which include expenses for importation and distribution, is attributed to changes in global oil prices and adjustments within the supply chain. Yet, despite these lowered landing costs, Nigerians have seen retail petrol prices rise significantly.

Since August 2024, the price of petrol has surged by ₦443, marking a 71.79 percent increase from ₦617 per litre to ₦1,060 per litre as of November 8, 2024. Independent marketers, facing their own rising costs, have been selling petrol at rates as high as ₦1,180 per litre in some regions.

Data from the Major Energies Marketers Association’s energy bulletin illustrates the pricing shifts. In August, oil marketers imported petrol at ₦1,219 per litre when Brent crude was priced at $80.72 per barrel, with an exchange rate of ₦1,611 per dollar. At that time, petrol was retailing at ₦617 per litre. By November, the landing cost had decreased to ₦971.57 per litre, with Brent crude priced at $75.57 per barrel, and the exchange rate at ₦1,665.84 per dollar

Advertisement

In response to the price hikes, the Human Rights Writers Association of Nigeria (HURIWA) issued a statement condemning the policy of repeated fuel price increases. The organization’s National Coordinator, Emmanuel Onwubiko, argued that the government’s approach to fuel pricing appears to benefit a select few rather than address the needs of ordinary Nigerians.

According to HURIWA, the successive hikes in fuel prices have led to a rise in the cost of essential goods, pushing millions of Nigerians into deeper financial hardship. “The policy of incessantly increasing the pump price of petroleum products does not serve the interests of the Nigerian populace,” Onwubiko stated. “It primarily benefits the associates and business affiliates of those in power, rather than providing relief for average Nigerians.”

HURIWA expressed concerns that the rising fuel costs have driven up food prices, which many households can no longer afford. This has resulted in widespread malnutrition, increased hunger, and an alarming rise in the number of out-of-school children as families struggle to make ends meet. The organization noted that while most Nigerians face these difficult conditions, only a few in the oil and gas industry are profiting from the current situation, as recent statistics indicate.

HURIWA’s critique underscores the growing public frustration with the economic burden that fuel price hikes impose on Nigerians. Many are hopeful that initiatives like the IPMAN-Dangote partnership will alleviate these issues by ensuring a more stable and affordable fuel supply across the nation.

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Nigeria Needs To Focus on Local Solutions to Fight Poverty – Speaker Abbas

Published

on

 

By Gloria Ikibah

Speaker of the House of Representatives, Rep. Tajudeen Abbas, has said the fight against poverty in Nigeria must start at the community level.

Representatives by the Chief Whip of the House, Rep. Isiaka Ibrahim, at the inauguration of a new House Committee focused on community and social development on Wednesday, Abbas stressed that real change will only happen when policies are designed to meet the everyday needs of people in towns and villages.

Advertisement

He also called on the government to create people-friendly programmes that reduce the gap between the rich and the poor.

The event, held at the National Assembly in Abuja, marked the official takeoff of the Committee on Community and Social Development Agency/NG-Cares. Abbas urged members of the Committee to approach their work with honesty and a genuine desire to help struggling Nigerians.

He said, “With inflation eroding household incomes and widening social gaps, there is a pressing need for structured, grassroots-driven mechanisms to deliver measurable poverty reduction and enhance economic self-reliance. 
 
“Given the multidimensional nature of poverty in Nigeria, where deprivation extends beyond income to basic infrastructure, there is an urgent need for quick intervention to provide services and opportunities that are both community-sensitive and adaptable. That is the reason for the creation of this committee.  
 
“Community and social development occupy a foundational place in the architecture of national advancement. They serve as primary conduits to actualise inclusive growth, distributive equity, and societal cohesion. 
 
“In a country as demographically diverse and economically stratified as Nigeria, the decentralisation of development initiatives ensures that no region remains a peripheral participant in the nation’s progress.”
 
According to Speaker Abbas, “When strategically harnessed, community-based interventions do more than provide services. They stimulate local agency, fortify social capital, and generate ownership that transcends administrative cycles. 
 
“The direct impact on poverty alleviation, access to education, healthcare penetration, and localised economic activity has been empirically affirmed in multiple National Bureau of Statistics surveys, reinforcing the need for sustained investment in this policy domain.”
 
He further noted that the role of institutions such as the Community and Social Development Agency and the NG-CARES initiative has grown increasingly vital, particularly in a post-pandemic fiscal environment marked by inflationary pressures and fragile livelihoods. 
 
“NG-CARES, supported by the World Bank, has already reached over two million Nigerians with livelihood grants, social transfers, and basic services, a feat that illustrates the efficacy of decentralised interventions in cushioning systemic shocks.
 
“Beyond immediate relief, such programmers function as quiet architects of democratic stability, especially in regions historically marginalised by state infrastructure. By enhancing service delivery in underserved communities, they curtail grievance cycles, reduce dependency on external aid, and re-anchor citizenship in the legitimacy of the state. 
 
“To date, CSDA interventions have impacted more than 23 million Nigerians across 29 states, while NG-CARES continues to cushion economic shocks for vulnerable households through its performance-based financing mechanisms,” he added. 
 
“The Committee,” the Speaker added, “Has been created to recommend measures for consideration by the House in respect of policies, projects, and programs aimed at addressing developmental challenges, rural and suburban communities in the country.”
 
Earlier in his welcome address, Chairman of the Committee, Rep. Abubakar Kusada said the NG-CARES initiative is an opportunity to translate government’s well-intended programs and projects into reflective actions to provide succour to the populace population.
 
He noted that the newly inaugurated Committee has already “Worked out a well-recapitulated work-plan that captures a guide for us to deliver on the mandate, focusing on strategic oversight, legislative support and collaboration with stakeholders to ensure that CSDA fulfills it developmental objectives.”
Continue Reading

News

White smoke rises, new pope elected at Vatican +Video

Published

on

By

By Francesca Hangeior
 
White smoke billowed from the chimney of the Sistine Chapel on Thursday, signalling that cardinals locked inside have elected a new leader for the world’s 1.4 billion Catholics.

Thousands of pilgrims and curious onlookers in St Peter’s Square cheered and applauded as the smoke appeared and bells began to ring, indicating the 2,000-year-old institution has its 267th pope.

All eyes now turn to the balcony of St Peter’s Basilica to see who has been elected to succeed Pope Francis, an Argentine reformer who died last month after 12 years as leader of the worldwide Church.

The new pontiff will be introduced in Latin with his chosen papal name and address the world for the first time.

Advertisement

He faces a momentous task: as well as asserting his moral voice on a conflict-torn global stage, he faces burning Church issues from the continued fall-out from the sexual abuse scandal to the Vatican’s troubled balance sheets.

Some 133 “Princes of the Church” from five continents — the largest conclave ever — began voting on Wednesday afternoon.

Sworn to secrecy, on pain of excommunication, their only means of communicating their progress to the outside world was by sending up smoke through the chimney of the Sistine Chapel.

On Wednesday evening and then again on Thursday lunchtime, the smoke was black, emitting disappointed sighs from the tens of thousands watching.

Advertisement

But on Thursday afternoon just after 6pm (1600 GMT) the smoke emitted was white, confirming that the Catholic Church has a new spiritual leader.

By tradition, he now enters the Room of Tears — where freshly-elected popes give free rein to their emotions — to don a papal cassock for the first time, before returning to the Sistine Chapel so the cardinals can pledge their obedience.

He will then appear on the balcony along with a senior cardinal, who will announce to the waiting crowds “Habemus Papem” (“We have a pope”).

The pope will then give a short speech and impart his first “Urbi et Orbi” (“To the City and the World”) blessing.

Advertisement

The election has come at a time of great geopolitical uncertainty, which was seen as a key voting issue, along with the rifts within the Church.

Francis was a compassionate reformer who prioritised migrants and the environment, but he angered traditionalists who wanted a defender of doctrine rather than a headline-maker.

Some 80 percent of the cardinal electors were appointed by Francis. Hailing from 70 countries around the world, it was the most international conclave ever.

That was no guarantee, however, that the cardinals would pick someone in his vein.

Advertisement

The question was whether to choose a pastor or diplomat, a liberal or conservative, someone versed in the Curia — the Church’s governing body — or a relative outsider from areas of the world where Catholic faith is thriving.

Before the cardinals were locked into the Sistine Chapel Wednesday, their dean Giovanni Battista Re urged them to choose someone able to protect the Church’s unity.

The next pope must also be able to lead “at this difficult and complex turning point in history”, amid raging conflicts around the world and the rise of ultra-nationalist parties.

The Church has also had difficulty in adapting to the modern world, with declining priest numbers and increasingly empty pews in the West.

Advertisement

The papal inauguration usually takes place less than a week after the election with a mass celebrated before political and religious leaders from around the world.

The new pope will likely do a tour of St Peter’s Square in his popemobile for the first time, before delivering a homily outlining his priorities.

Advertisement
Continue Reading

News

Meet the new Pope, Pope Leo XIV +Photo

Published

on

By

By Francesca Hangeior

Formerly Cardinal Robert Francis Prevost, he hails from the United States and is the first American to be elected pope in the history of the Roman Catholic Church.

A member of the Augustinian order and former Prefect of the Dicastery for Bishops, Pope Leo XIV brings decades of pastoral and administrative experience to the papacy.

He is a moderate who was close to Pope Francis and spent years as a missionary in Peru, he becomes the Catholic Church’s 267th pontiff, taking the papal name Leo XIV.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News