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Market forces will always determine fuel price – Lokpobiri

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The Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri yesterday assured oil and gas players of sustained collaboration.

But he clarified that market forces would continue to determine the fuel price in a deregulated market.

The minister spoke at the Petroleum Industry Stakeholders Forum Meeting in Abuja, which brought together key players, including Federal Government agencies and other private operators.

At the meeting, the stakeholders commended the Federal Government for creating an enabling environment.

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The minister noted that the forum was meant to build a consensus for articulation of what is best for the industry.

Lokpobiri said: ”The whole essence of the meeting was to bring the entire leadership of the oil industry together so that we will be able to build consensus around saying things that we think will be better for the industry.”

He said it is natural for prices to fluctuate in a deregulated market, adding that the international crude oil price is accountable for product price all over the world.

The minister said: “Nobody in a deregulated market can tell you that, okay, prices will come down or will not come down. It is dictated by the international crude oil price. And Nigeria can’t be an exception at all.”

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The minister said the essence of deregulation is for prices of petrol to oscillate in line with market forces.

He added: “The whole essence of deregulation is  for price to find its level.”

The minister recalled that during the last Yuletide, the prices crashed to as low as N1,020 per litre, N999 per litre and so on in Bayelsa State where he monitored the petrol market.

He explained that in a deregulated regime, the concern of the government is to ensure quality control, product availability, and the dispensing of the right quantity.

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He said: “What we are concerned about, and I have always had that discussion with you, with the authority, the Chief Executive of NMDPRA, that government is more interested in is quality control.

“What government is more interested in is availability. What government is particularly interested in is disposition of the right quantity. If I buy 10 liters of fuel, let it be that we are not surchanged by the pump fuel price. “

Lokpobiri said there were no queues in the last few weeks because of the competition that emanated from the deregulated market.

Asked whether the prices of the Premium Motor Spirit (PMS) petrol would rise owing to the rising prices of crude oil,  the Major Energy Marketers Association of Nigeria (MEMAN), chairman, Huub Stockman, said the rise in crude oil price does not automatically mean an increase in petrol price.

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He admitted that crude oil is a major component of the pricing template, noting that other market parameters also determine the cost of PMS.

He said apart from that it was too early to conclude that high crude oil price would result in increased petrol price, the time is also unpredictable.

His words: “I think that is always a bit of a crystal ball conversation, if you know what I mean. Because crude and product prices don’t always directly relate. And it’s not always so that when the crude changes, immediately all other products that are derivatives from it change.

“So, if I would know, I would probably not be standing here, but I would do something else. But I think normally there is a correlation. But I think it is too early to say when or what impact it would have.”

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The Independent Petroleum Marketers Association of Nigeria (IPMAN), National President, Alhaji Abubakar Maigandi, confirmed that his members have been lifting products directly from Dangote Refinery and also from the Nigerian National Petroleum Company Limited (NNPCL).

He said the direct lifting of the product has made it possible for independent marketers to sell at lower prices than the others.

The IPMAN boss said his association has maintained a uniform price of N935 per litre for petrol because of the partnership with Dangote Refinery.

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), National President, Dr. Billy Hary recommended the meeting holds quarterly to ensure policies are unanimously discussed by all the organizations before the are rolled out.

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He said: “And we recommend that it should be a quarterly one and emergencies should also be called to ensure that no organization or department of the government will roll out policies that are not discussed in a way that those who will obey those laws will certainly get answers quickly.”

The Petroleum Technology Association of Nigeria (PETAN),  Wole Ogunsanya said the industry has been battling to raise output.

He stressed that the present administration has increased production to the quota of the Organization of Petroleum Exporting Countries (OPEC).

He described the forum as the right thing to do as obtainable in the Middle East to sustain production volume.

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He said even in the face of crashing prices, the forum would make it possible to ensure the production of sufficient volume to sustain the economy.

Ogunsanya said: “If you go to the Middle East, they have policies where the volume of oil and gas that is produced year in year out is sustained.

“So we’re supporting the minister to write a policy to ensure that this boom and bust that we’ve had in the Nigerian industry, we’re able to mitigate it. If you look at the price of oil, it started increasing since 2022.

“We were struggling to increase production and thanks to this minister and this administration, for the first time we are producing the level that OPEC has allocated to. Imagine if we started producing that for two years. We were struggling.”

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SAD! Nigerian Dies In South African Police Custody

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The Nigerian Citizens Association in South Africa (NICASA), has condemned the alleged brutal killing of a 50-year-old Nigerian citizen, Jeremiah Okoye, by the country’s police, while in their custody.

Okoye, a native of Eziniffite Nnewi, in Anambra was said to have died while being detained in Limpopo Province, on Jan. 13.

NICASA President-General, Dr Frank Onyekwelu, in a telephone interview with the News Agency of Nigeria (NAN) on Friday, said investigations were ongoing to unravel the circumstances surrounding the deceased’s death.

“We implore the police authorities to follow the rule of law in discharging their constitutional duties,” he said.

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Onyekwelu said that Okoye, who resided at No. 71, Magazyn Street, Polokwane, Limpopo Province, had lived in the country for 22 years.

He said NICASA had officially informed the Nigerian High Commission and Consulate in South Africa, as well as contacted the Okoye family and friends in Limpopo, following the sad incident.

“Nigerian citizens in South Africa say no to police brutality and killings and demand justice for the late Okoye.

“Our lives matter, nationality is not criminality.

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“We implore all our citizens to be law-abiding and allow the authorities to utilise all their resources, to unravel the circumstances surrounding the death of Okoye,” he said.

Onyekwelu expressed hope that Okoye’s death would not become another statistic like others before him.

“The death of Nigerians in South Africa, particularly under police custody has become a recurring issue that needs to be stopped.

“We fear that these recurring deaths of Nigerians in police custody, if unchecked, will become a dangerous pattern. May his soul rest in perfect peace,” he added.

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Donald Trump’s inauguration moved indoors

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President-elect Donald Trump’s inaugural address on 20 January will take place indoors due to dangerously cold weather being forecast next week in Washington, he has confirmed.

The address, as well as other speeches, will now take place inside the US Capitol’s rotunda, rather than outside the building.

The inaugural parade will also be held indoors at Washington’s Capitol One Arena, along with all three inaugural balls.

The last president to be sworn-in indoors was Ronald Reagan in 1985, when cold weather also plagued the US Capitol.

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How my 34-Yr-Old graduate son took his own life after NYSC Service Year – Mother

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A 34-Year-Old Graduate who recently participated in the Passing-out-Parade of the National Youth Service Corps, Bryant Michael Ogah, in the Chikun Local Government Area of Kaduna State has reportedly killed himself in a hotel in the area after taking a harmful substance suspected to be snipper.

It was gathered that Bryant, who recently concluded his NYSC program, was suspected to be having some mental challenges before his death and had battled the health issue for almost 12 years.

Speaking Punch on the matter, the mother of the deceased who simply identified herself as Mrs Ogah, lamented that her son took his own life despite several efforts by the family to make him feel comfortable amid his health challenges.

She explained that Bryant being the first son and first child of the family had always wished to contribute to the family’s upkeep and growth, but his unstable mental health issues were a major challenge for him to achieve his dreams and aspirations.

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Mrs Ogah further told our correspondent that “his (Bryant’s) sudden decision to commit suicide was because he was tired of his health condition, and also because he could not support the members of his family due to his health condition.”

She added, “It was the mental health issue that affected him. He took poison and killed himself. He was tired of the situation. He could not help himself. He could not help anybody. So he felt there was no need to continue living.

“But as a family, we kept encouraging him to be strong. We told him that despite his health issues, he should stay with us because we are not complaining about his challenges. We also told him that even though he does not take care of us, seeing him alive gives us joy.”

Narrating further on how Bryant took his life, his mother said, “On December 23, 2024, her late son approached the family that he would be going to visit his friend who is resident in another community in the LGA.”

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She added, “We allowed him to go, not knowing that it was an excuse to enable him to execute his negative plans which ended his life.”

According to her, who was very emotional and in tears while speaking with the publication, pointed out that “he (the late Bryant) went to lodge in a hotel in the Television area of Kaduna South, where he drank a chemical which led to his untimely death.

“Due to the shame and embarrassment that his health condition caused him, it became a pain to him. He wanted to turn the family’s story around for good. But he later took his life as a result of the challenges that he was facing.

“On December 23rd, he woke up, took his bath, ate his breakfast, and after some time, he said he was going out to see his friend to rest, that he just needed a change of environment.

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“Instead of going to his friend’s place, he went to a hotel around a place called the Television Area in Kaduna South. He paid for a room and lodged into the hotel.

“After 24 hours that he was supposed to vacate the room, the hotel workers did not see him come out, so they went to knock on the door, but he was not responding.

“They forcefully opened the door and met him on the floor, even though he was still breathing.

“They immediately rushed him to the hospital where he died within a short time of when he was admitted into the hospital,” she added.

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When he was first contacted to speak on the issue, the Public Relations Officer of the Kaduna State Police Command, DSP Mansir Hassan, said he could not readily confirm the incident and implored the publication to call back, saying, “I will get back to you.”

However, when contacted a second time, DSP Mansir Hassan confirmed the sad incident, saying, “the command is investigating the matter.”

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