Featured
Buhari Approves Drop In Petrol Pump Price To N125 …NNPC, PPPRA Confirm Fuel Price Reduction
President Muhammadu Buhari has approved the reduction in the pump price of Premium Motor Spirit (PMS) from N145 per litre to N125.
The reduction was as a result of the slump in the international crude oil price from $60 to $30, causing fear of a possible economic crisis.
The approval followed a presentation by Minister of State for Petroleum Resources, Chief Timipre Sylva to the Federal Executive Council (FEC), yesterday.
The minister briefed the council on the need to reduce the pump price following the global fall in oil price.
The minister said that already he had met with members of the organized labour in the oil and gas sector before proceeding to make the formal announcement for the price adjustment.
He said that the organized labour was happy with the reduction in petroleum pump price.
A statement by the minister read thus: “The drop in crude oil prices has lowered the expected open market price of imported petrol below the official pump price of N145 per liter.
“Therefore, Mr. President has approved that Nigerians should benefit from the reduction in the price of PMS which is a direct effect of the crash in global crude oil prices.
“In view of this situation, based on the price modulation template approved in 2015, the Federal Government is directing the Nigerian National Petroleum Corporation (NNPC), to reduce the ex-coastal and ex-depot prices of PMS to reflect current market realities.
“Also, the PPPRA shall subsequently issue a monthly guide to NNPC and marketers on the appropriate pricing regime.
“The agency is further directed to modulate pricing in accordance with prevailing market dynamics and respond appropriately to any further oil market development.
“It is believed that this measure will have a salutary effect on the economy, provide relief to Nigerians and would provide a framework for a sustainable supply of PMS to our country.
“The Ministry of Petroleum Resources will continue to encourage the use of compressed natural gas to complement PMS utilization as a transport fuel.”
It was reliably gathered that the outbreak of COVID-19, has made the international crude oil price to crash from $60 to $30, causing fear of a possible economic crisis.
He said the new price regime takes effect immediately and that the NNPC and PPPRA will take care of the implementation.
Responding to the president’s directive, the Nigeria National Petroleum Corporation (NNPC), yesterday, announced that it had reviewed its ex-coastal, ex-depot and NNPC retail pump prices.
The Group Managing Director, NNPC, Mele Kyari, confirmed this in a statement he personally signed yesterday evening.
The release made available to newsmen, noted that the development was compliance with the directives of the Minister of State for Petroleum Resources, Chief Timipre Sylva on PMS pricing.
Kyari noted that effective March 19, 2020, NNPC, ex-coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre.
Similarly, ex-depot price is reduced from N133.28/litre to N113.28/litre.
He said these reductions will, therefore, translate to N125/litre retail pump price.
Kyari added that despite “the obvious cost implication of this immediate adjustment to the corporation, NNPC is delighted to effect this massive reduction of N20/litre for the benefit of all Nigerians.
“Accordingly, all NNPC retail stations nationwide have been directed to change the retail pump price to N125/litre”, the statement concluded.
Meanwhile, the Minister of State, Petroleum Resources, according to sources, has scheduled to meet with members of the organized labour in the oil and gas sector before proceeding to make an announcement.
However, the Federal Government has been told to suspend its plans to sell its stakes in Joint Venture oil assets until the situation in the international crude oil market and global economy improves.
Addressing newsmen in Abuja on its forthcoming 2020 Oloibiri Lecture and Energy Forum Series, Chairman of the Society of Petroleum Engineers (SPE), Nigerian Council, Mr. Joe Nwakwue, disclosed that the decision of the government to sell its joint venture stakes was the right one, noting, however, that it should not proceed with the sale until a future date.
According to him, with the current declining price of crude oil in the international market, the government would not get the fair value from the assets if it chooses to proceed with the sale within this period of high volatility in the crude oil market.
In addition, Nwakwue called for clear policy from the Federal Government as it relates to the oil and gas sector, as this is critical to attracting the much-needed investment in the petroleum industry.
For instance, he blamed the divestment of international oil companies from the Nigerian downstream petroleum industry on lack of clarity in policies and on government’s participation in the sector.
According to him, the reason why asset disposal is rampant in the downstream sector was because it is impossible for a private sector player to compete against a state-owned entity.
He, however, noted that the international oil companies’ divestment from the downstream sector was not a signal of loss of confidence in the sector, noting that if the role of the Nigerian National Petroleum Corporation (NNPC) was reduced in the market today, a number of multinationals would return to the sector.
Nwakwue said, “The disposal from the downstream sector is because it is difficult to compete against a state-owned entity. So, why would you create a situation where the NNPC becomes a major supplier of the market and you expect those entities to exist and continue to compete with an NNPC? It does not.
“No sensible investor goes to compete against a state-owned entity, because you will not win. This is because the state-owned entity has all the power and strength of the state behind it. You cannot win. Your best bet is to partner with the entity.”
He further disclosed that the inability of the country to fix its refineries was more as a result of institutional challenges than technical challenges.
He noted that the fact that the country was unable to revamp the refineries after several years of dilapidation was a reflection of the failure of the state to effectively manage its assets.
Nwakwue explained that the refineries can be revamped, adding that the problems of the facilities were not technical but institutional.
He said, “Running refineries is not rocket science. Refineries are run everywhere in the world. I had worked in a company whose refinery built in 1932, was still running till today.
“That we cannot run the refineries here have more to do with institutional challenges than technical challenges. We can see that private refineries are coming and they would be run. It is not that we cannot run refineries, Nigeria can run refineries.
The Sole Administrator of Rivers State, Vice Admiral Ibok Ete Ekwe Ibas (rtd), has charged the new Secretary to the State Government (SSG), Prof Ibibia Lucky Worika to bring his wealth of experience to bear in governance of the State.
Vice Admiral Ibas (rtd) gave the charge shortly after swearing in the new SSG at the executive chambers of Government House on Wednesday night.
The Administrator who congratulated Prof Worika on his appointment said the choice was not merely an administrative decision but a statement of intent.
Vice Admiral Ibas (rtd) explained that the new SSG has an unparallel expertise in law, policy and international governance, which align perfectly with the mission to restore law, order, integrity and public trust in Rivers State.
He said: “To our new SSG, the task ahead is onerous, but your track record leaves no doubt in our minds that you will prove your mettle. Rivers State needs your intellect, grit and unweaving dedication. Together, we will write a new chapter of progress for this great state.
“Prof Worika’s role will be critical in driving this vision, ensuring that every policy, every decision and every action is in consonance with this administration’s mandate to restore law and order, stabilize the polity and to create the necessary conditions for the restoration of democratic institutions and representations.”
Vice Admiral Ibas (rtd) pointed to his maiden address to Rivers people wherein he emphasised that his administration will be committed to delivering an effective governance that is anchored on transparency, accountability and service.
He therefore, enjoined the new SSG to brace up to the demands of his office, and offer his best service as required while also working cooperatively with civil servants.
Vice Admiral Ibas (rtd) said: “You have no time to settle down. You must roll up your sleeves and get to work with the team.
“Our civil servants with whom we will work closely to run this administration are critical stakeholders and we must work with them to ensure that the state continues to function effectively during this administration.
“To the Permanent Secretaries and civil servants as a whole, once more I will ask your kind cooperation and support as we work to achieve our objectives at this time,” he added.
Featured
I Am One Of You, Sole Administrator Tells Rivers People …Warns Against Violence, Crude Oil Sabotage
The Sole Administrator of Rivers State, Retired Vice Admiral Ibok-Ete Ibas (rtd), has assured residents that he is not in the State as a partisan actor or political competitor but as a stabilising force to restore governance and order.
In a state broadcast yesterday, Ibas, who assumed duty at Government House, Port Harcourt, emphasised his commitment to protecting civil liberties and ensuring the safety of all citizens.
However, he issued a stern warning against crude oil sabotage and violence, urging residents to resist any temptation to return to past hostilities.
“For decades, I have dedicated my life to the service of our great nation—first as the 20th indigenous Chief of Naval Staff and later as Nigeria’s High Commissioner to Ghana. I answered this call out of the need for peace in Nigeria, and most importantly, in Rivers State,” Ibas stated.
Describing the prolonged political impasse as a major setback to governance and democracy, he acknowledged the hardships faced by families and businesses due to the prevailing uncertainty.
“As a son of the Niger Delta, I am one of you. I feel the weight of this crisis on families, businesses, and the future of our people,” he said.
Ibas commended President Bola Tinubu’s decisive action in declaring a state of emergency in Rivers State, stressing that it was a necessary move to restore stability and revive economic activities.
“My mandate is clear: restore law and order, ensure stability, and create an enabling environment for economic growth. But this mission requires collective support from all stakeholders, regardless of political affiliation or ethnicity,” he stated.
He discouraged attacks on oil infrastructure, reminding residents of the devastating environmental and economic consequences of such actions.
“The Niger Delta has moved beyond the destruction of oil facilities. We must resist the temptation to return to those ugly days,” he cautioned.
While pledging to uphold civil liberties and the rule of law, the Sole Administrator warned that lawlessness and violence would not be tolerated.
“We will not act arbitrarily, but we will not hesitate to deal decisively with anyone who threatens the peace and stability of Rivers State,” he declared.
Ibas revealed that he had concluded a State Security Council meeting where strategic measures were outlined to de-escalate tensions and prevent further conflict.
Expressing gratitude to President Tinubu for entrusting him with the responsibility, he also acknowledged the National Assembly for approving the emergency declaration.
“I will work closely with the national leadership under the guidance of the President. I am optimistic that Rivers State will emerge stronger and greater,” he concluded.
The Federal Capital Territory Emergency Management Department has confirmed that 10 persons have died in the truck explosion that occurred near Karu bridge, along the Abuja-Keffi Expressway, on Wednesday.
The FEMD’s Head of Public Affairs, Nkechi Isa, confirmed the numbers in a statement, yesterday.
The Acting Director General of the Emergency Department, Abdulrahman Mohammed, had earlier confirmed that eight persons had died as of yesterday morning, with five confirmed dead on the scene, and four others burnt beyond recognition.
““Five people were taken dead from the scene yesterday (Wednesday). Out of the people that were injured, one died, making six. Then this morning (yesterday), when I asked my people to go round, they discovered that two had already died again, making eight. Four of them from yesterday were burnt beyond recognition.”, he explained.
However, in her statement, Isa said the Head, Forecasting Response and Mitigation of FEMD, Mr Mark Nyam, said eight bodies were deposited at the Karu Hospital Morgue, one body at the Asokoro Distinct Hospital Morgue while another body was deposited at the National Hospital.
He added that some victims had been referred to the Gwagwalada Teaching Hospital, Federal Medical Centre, Keffi, and Cedercrest Hospital Abuja for proper care.
Part of the statement reads, “The FCT Emergency Management Department FEMD can confirm that 10 persons lost their lives to the truck explosion that occurred at Karu bridge along Abuja / Keffi expressway.
“The Head Forecasting Response and Mitigation of FEMD, Mr Mark Nyam said eight bodies were deposited at the Karu Hospital Morgue, one body at the Asokoro Distinct Hospital Morgue while another body was deposited at the National Hospital.”
He informed that over 30 persons suffered various degrees of burns.
“Some of the victims have been referred to Gwagwalada Teaching Hospital, Federal Medical Centre,Keffi and Cedercrest Hospital Abuja for proper care,” he said.
Isa also stated that no fewer than 10 vehicles were burnt during the incident, adding that the FEMD boss after a visit to the incident scene, appealed to motorists to observe traffic rules and regulations.
He also cautioned against reckless driving, dangerous overtaking and poor maintenance of vehicles, while urging FCT residents to always use the 112 emergency toll free number in the event of an emergency.
Meanwhile, barely 24 hours after the incident, another fertiliser-laden truck has collapsed on the same spot.
The Tide learnt that the incidence occurred at about 3:54pm yesterday.
The Head of Public Affairs of the FCT Emergency Management Department, Nkechi Isa, confirmed the accident in a statement, stating that the truck collided with a Hijet and a dump truck, adding that no life was lost.
She cautioned road users to drive with caution as the Federal Road Safety Corps was making efforts to tow away the affected vehicles, to avoid traffic built up.
“Another accident has occurred under Karu bridge along the Abuja-Keffi Expressway. Thankfully, no life was lost to the incident. Our Search and Rescue say the accident occurred when a truck laden with fertilizer ran into a Hijet and a dump truck also known as tipper.
“Motorists are advised to drive with caution as the Federal Road Safety Corps is taking steps to tow away the affected vehicles in order to avoid traffic built up,” the statement read.
Meanwhile, several videos showed some persons trying to clear the fertiliser bags from the fallen truck to ease traffic.