Business
Group To Buhari: Direct Marketers To Revert To Normal Petrol Price Or Face Nationwide Protest
A group, Citizens For Righteousness and Social Justice, Imo State chapter, on Sunday threatened to lead Nigerians in a nationwide protest if President Muhammadu Buhari led government refuses to use its relevant agencies to get the petroleum marketers to revert petroleum products to the old and approved pump prices in 14 days.
The Chairman, Bishop Kenneth Obi, who stated this in a release made available to newsmen in Owerri, Imo State capital, said, unfortunately, the increase in the products has consequently affected adversely the prices of goods and services in the nation.
“The disheartening aspect of it is not that bad leadership has negatively affected the country’s economy but that nobody is speaking out either for the fear of being killed or intimidated by those who are behind our woes in the society.
“It is no longer news that factors including high exchange rate have caused inflation in Nigeria, the sudden increase in the prices of petroleum products has worsened the whole situation; stemming from the fact that almost all sectors of the economy depend on the use of petroleum products to produce goods or render meaningful services to the society.
READ ALSO: Petrol Import Jumps By 88% In 12 Months, Hits N3.97tn –Report
“For instance, fuel has risen to N240 per litre against the government approved pump price of #1I65. Diesel now costs more than #550 per litre, same as kerosene and Liquefied Petroleum Gas which are three times higher than what they used to be a few years ago.
“A bag of rice which was once sold below N800 is now N38,000. The transportation sector is also affected as people now pay through their nose, to embark on journeys.
“Sadly enough, the hardest hit by this ugly development are the people considered as ordinary Nigerians; whose wages or salaries have not experienced the necessary upgrade.
“Of course, financially well to do individuals and highly placed government officials can afford petroleum products at whatever prices they are pegged which is why they rarely come out to speak for the masses.
“Recently the Federal Government imported bad fuel into the country which created an avenue for marketers to hoard the product; thereby creating an artificial scarcity which consequently skyrocketed the price even above N800. The situation which occurred in February last month has lingered with the price of fuel seemed not to be going down below N220 per litre.
” And it is crystal clear that the Federal Government has regulatory agencies like Petroleum Products Price Regulatory Agency (PPPRA) bestowed with the authority to ensure that petroleum marketers sell the products at the approved price.
“The question now is ‘does the failure of the government to get the marketers to sell at their approved price of N165 per litre entails that they have used the importation of bad fuel as a way to further increase the price of the product?
“If the answer is in the affirmative, then the Federal Government should open up to us (citizens) and provide palliative measures to cushion the effect of the accompanying hardship.
READ ALSO: We Don’t Know Exact Daily Fuel Consumption – FG
“But if the answer is ‘No’ the government should urgently prevail on the marketers to come down to the normal and approved price since the Nigerian National Petroleum Corporation (NNPC) has made persistent claims that they have enough product to serve Nigerians.”
Business
Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO
Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”
He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.
Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”
READ ALSO:BREAKING: Wike Picks Alabo George For Rivers Governorship
According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.
The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.
He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.
According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.
READ ALSO:Senatorial Seat: Ogbakha-Edo Warns Against Imposition Of Candidates In Edo South
He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.
“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.
“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.
“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”
When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”
Business
JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike
Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.
Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.
This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.
Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.
According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.
READ ALSO:Drivers Protest Fuel Increase, Raise Fares in Benin
However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.
This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.
Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.
Business
Dangote Refinery Hikes Petrol Price
Dangote Refinery has increased the ex-depot price of petrol by N75.
The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.
READ ALSO:Dangote Sugar Announces South New CEO
This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.
DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.
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