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NNPC says no plans to increase petrol price, warns against hoarding, panic buying

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The Nigerian National Petroleum Corporation (NNPC) has reiterated that it has no plans to increase the pump price of petrol.

NNPC made the denial in a statement by Mr Ndu ughamadu, its Group General Manager, Group Public Affairs Division.

The statement explained that the recent increase in bridging allowance to transporters from N6.20 to N7.20 per litre would not lead to an increase in the pump price.

”There is no plan by government or any of its agencies to review the pump price of petrol above N145 per litre.

”The rise in the bridging cost was achieved after an adjustment was made in the “lightering expenses” from N4 to N3 per litre and the difference transferred to compensate for the cost of bridging within the same templat.”

Bridging allowance refers to the cost element built into the products pricing template to ensure a uniform price of petrol across the country.

Lightering expenses involve charges for moving products to depot area from mother vessels by light vessels due to the inability of the former to berth in shallow water depth.

”What happened, in simple language, is a rebalancing of the margins allowed and approved for stakeholders.

”So what the Petroleum Products Pricing Regulatory Agency, PPPRA, did was to take N1 from lightering expenses and add same to the bridging allowance.

”That is how we arrived at N7.20. Therefore, PMS remains at the ceiling of N145 per litre,’’ it said.

On the product supply, thr statement said as at Wednesday, the country had 1.3 billion litres of petrol which translated to an inventory of 36 days.

“What this means is that even if we stop importation or refining of petrol right now, we have enough products in-country to provide for the needs of every Nigerian for a period of 36 days.’’

It noted that the supply availability was bolstered with the production of petrol from the three refineries in Port Harcourt, Warri and Kaduna.

“There is absolutely no risk of shortage in supply as we also continue to import to support the production from the refineries.

”we have informed the Department of Petroleum Resources to enforce the prevailing N145 per litre price regime and also ensure that every service station that has fuel is selling to the public,’’ he said.

It reiterated the readiness of the NNPC Management, under the leadership of Dr Maikanti Baru, to sustain the existing cordial relations among the NNPC, the leadership of the downstream industry unions and other stakeholders.

It also said the DPR had been alerted to sanction fuel station owners who engageD in hoarding or charged consumers above the approved pump price of petrol.

There had been fears that the pump price of petrol would increase following the increase in bridging costs to appease tanker drivers who went on strike to demand better working conditions.

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2019: I’m not neutral, I want Buhari out, says Obasanjo

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Ex-President Olusegun Obasanjo

Ex-President Olusegun Obasanjo

p
A former Nigerian president, Olusegun Obasanjo, has denied media reports that he has decided not to support any candidate for next year’s presidential election in Nigeria.

Mr Obasanjo made the clarification in a statement on Sunday by his media aide, Kehinde Akinyemi.

‘While Chief Olusegun Obasanjo is in Cairo to attend the maiden edition of the Intra-African Trade Fair (IATF), of which he is Chairman of the Advisory Council, his attention has been drawn to a report by the News Agency of Nigeria (NAN) with the headline “Atiku: Obasanjo Shifts Political Gear to Neutral.”

“It is disingenuous, if not malicious, for anyone to suggest that Chief Obasanjo was being neutral when he chose not to use the Owu Convention as a platform for political campaign but instead adopt a communal and familial approach in talking to members of his Owu family,” Mr Akinyemi said.

“For the records, and as accurately reported by some media organisations, what the former president said at the convention in Iwo was that while he would not impress any candidates on them, Nigerians should vote for credible candidates who will drive growth and development and make their lives better than it is now.”

He explained that Mr Obasanjo’s statement did not suggest his neutrality, as he believes that, “only a fool will sit on the fence or be neutral when his or her country is being destroyed with incompetence, corruption, lack of focus, insecurity, nepotism, brazen impunity and denial of the obvious.”

“Chief Obasanjo is no such fool nor is he so unwise,” the aide said.

The former president, who already declared his support for opposition presidential candidate, Atiku Abubakar, said he would not sit on the fence when he needs to be out and active for people to know where he stands in the best interest of Nigeria.

He urged Nigerians to stop complaining about their current situation and advised that they should and go out to get “beneficial change,” stating that, “they must know that such change will not come if they remain inactive just complaining and complacent and they allow themselves to be deceived by sycophants and enemies of Nigeria.”

“If they do not become active and get much needed change of the current administration to a government that will improve the economy, regain the confidence of investors and generally drive growth, development and economic progress with security, what is coming will be much worse than what Nigerians currently suffer.”

Mr Obasanjo said he would continue to speak against poor governance and nobody should manipulate his stance on the 2019 presidential election.

Mr Obasanjo was an ally of President Muhammadu Buhari, whom he supported for the 2015 general elections.

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Buhari can’t be forced to sign something as important as electoral bill – Sen. Lawan

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Senator Ahmad Lawan

Senator Ahmad Lawan


Senator Ahmad Lawan, majority leader of the senate, says President Muhammadu Buhari cannot be forced to sign the electoral act amendment bill.

He said the president’s decision to withhold assent is not a big deal, noting that it was done in the interest of the country.

Lawan said the 2010 electoral act is good enough for the conduct of the 2019 general election.

TheCable had reported that the president said signing the bill into law could “create uncertainty and confusion” during the forthcoming elections.

“That the president declined assent to the bill was no big deal,” Lawan told NAN on Saturday while weighing-in on the development.

“We can still use the electoral act, 2010, that was used in 2015 general election. This is to allay the fears of the citizens, who might think that the 2019 elections would not be well conducted without the amendment.

“What we need to do is to look at the few lapses, especially in terms of administration which does not need any legal backing.

“INEC conducted a very good election in 2015 with the existing act. So, I believe that we can use that and nobody should start thinking that the elections will not be free and fair.

“The 2015 elections were free, fair and transparent. All over the world, we were commended for conducting such a credible election. It is not like the current act is so defective that we cannot use it.”

Lawan added that “if we cannot use the current amendments in 2019, who says we cannot use it in the 2023 elections and elections in between 2019 and 2023.

“So, national interest is of utmost importance and not the noise being made by some people. So, there is no reason for worry or agitation.”

Lawan said the president’s action was not a selfish one, adding that he scrutinised the bill before deciding to withhold assent.

“The president believes in due process and as such he will do anything possible to ensure that our election processes are transparent,” he said.

“For me, Mr president took his time with his advisers to study the bill before coming up with the decision. We are all working in the interest of the nation and as such nobody should claim to be more patriotic than the president.

“The president has his track records. This is a president that his whole life has been devoted to public good. He has never shown selfishness or done anything to enhance his personal status.

“All he does is for Nigeria to be better. So, I want to say that he cannot be forced to sign something as important as the electoral bill.”

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Why PMB didn’t sign Electoral Bill…

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President Muhammadu Buhari

President Muhammadu Buhari


“Pursuant to section 58 (4) of constitution of the Federal Republic of Nigeria 1999 (as amended), I hereby convey to the House of Representatives, my decision on 6th December 201 to decline Presidential Accent to the Electoral (Amendment) Bill , 2018 recently passed by the National Assembly,” he wrote.

“I am declining assent to the Bill principally because I am concerned that passing a new electoral bill this far into the electoral process for the 2019 general election which commenced under the 2015 Electoral Act, could create some uncertainty about the applicable legislation to govern the process.

“Any real or apparent change to the rules this close to the election may provide an opportunity for disruption and confusion in respect of which law governs the electoral process.

“This leads me to believe that it is in the best interest of the country and our democracy for the national assembly to specifically state in the Bill, that the Electoral Act will come into effect and be applicable to elections commencing after the 2019 General Election…

“It is also important for the following drafting amendments to be made to the Bill: section 5 of the Bill, amending section 18 of the Principal Act should indicate the subsection to which the substitution of the figure “30” for the figure “60” is to be affected.

“Section 11 of the Bill, amending Section 36 should indicate the subsection in which the proviso is to be introduced.

“Section 24 of the Bill which amends Section 85 (1) should be redrafted in full as the introduction of the “electing” to the sentence may be interpreted to mean that political parties may give 21 days notice of the intention to merge, as opposed to the 90 days provided in Section 84 (2) of the Electoral Act which provides the provision for merge of political parties.

“The definition of the term “Ward Collection officer” should be revised to reflect a more descriptive definition than the capitalized and undefined term “Registration Area Collation Officer.”

-PMB

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