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Why we hiked price ahead of subsidy deadline – NNPC boss

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For Nigerians wondering why the Nigerian National Petroleum Company Limited (NNPCL), jerked up the price of Premium Motor Spirit (PMS), otherwise known as petrol, the answer came on Thursday from Mele Kyari, the company’s Group Managing Director and Chief Executive Officer (GMD-CEO).

Kyari, a guest of The Morning Show, a breakfast programme on Arise Television, told his hosts that the move was to reflect the current cost in the international market, which determined the price back home in order to replenish supplies in future.

Hear him: “This is the reality of the market. It applies to every commodity and not just petroleum. It could have been the other way round, prices could have collapsed downwards and those holding the old stock will have to sell at lower prices to arrive at market condition.

“It is not something serious or strange, this is a stock management issue and it is very typical, no one can do anything different about this. The prices we are seeing today at our station are the current price of the commodity. This means that prices in the market can go down at any time and of course, the market will adjust itself.”

Kyari, also tried to soften the anger of Nigerians over the development, saying the current hike in commodity prices, would only be for a while as things would begin to take shape in future, adding that competition among major players in the oil sector, following the full deregulation, would force down the price of petrol.

Explaining that the removal of subsidy would allow new entrants into the market, a move he said, would aid competition and phased out monopoly, he said, he claimed, would ensure healthy competition which would ultimately lead to a downward review of pump prices of petroleum across the country.

“The beauty of this is that there will be new entrants, because oil marketing companies’ reluctance to come into the market all along is the very fact of the subsidy regime that is in place. And that subsidy regime doesn’t have a guarantee of repayment back to the those who provide the product at subsidise price and now that the market is being regulated, oil marketing companies can actually import product or even if it is produced locally, they can buy and take it into the market and sell it at its retail price.

“Therefore, you will see competition, even with NNPC. And by the way, by law, NNPC cannot do more than 30 per cent of the market going forward. As soon as the market stabilises, oil marketing companies are able to come in.

“Competition will definitely come in and the market will regulate the prices itself. Therefore, this is just an instantaneous price and within a week or two, you will continue to see different prices because of different approaches from major players, companies have different approaches to it and competition will guide that. Ultimately, you’d see changes downwards and it is very likely because efficiency will come in.

“As soon as competition comes in, people will become more efficient in their depots, in managing their trucks and in managing their fuel stations so that people can come to their stations. And it is showing already, right now, you will see motorists going to stations where they can have price differences, so this will regulate the market and on its own, the price will come down naturally and I don’t see any doubt about this.”

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BREAKING: Mother of all strikes! D-Day, October 3! *Stockpile food, essentials – NLC, TUC   

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The Nigeria Labour Congress (NLC)) and the Trade Union Congress (TUC) on Tuesday, announced midnight Tuesday, October 3 as the date for the commencement of total strike by their workers to get the Federal Government accede to their demands to end the current sufferings of their members and Nigerians at large.

The two labour centres representing the organised labour in Nigeria, which arrived at the decision after they had met separately at their local levels directed their affiliates to mobilise for protests from October 3, saying they took the decisions were approved at the meeting of the joint National Executive Council of the two unions on Tuesday, September 26, in Abuja.

Joe Ajaero, President of the NLC, speaking on behalf of his group, while urging Nigerians to stock their homes ahead the total strike, bemoaned the situation where the government had ignored the demands of the workers, saying it “substantially failed to meet its demands after the removal of fuel subsidy,” added that adding that the grace period given by the two labour centres had expired.

The organised labour, is demanding wage awards for public workers and a new minimum wage, apart from the removal of tax exemptions and allowances to public sector workers, provision of Compressed Natural Gas (CNG) buses, the release of modalities for the N70billion for Small and Medium Enterprises (SMEs) and immediate reversal of all anti-poor policies of the Federal Government.

The union, which on September 5th and 6th, the NLC embarked on a two-day warning strike which led to the partial crippling of economic activities in some states and gave the government a 21-day ultimatum to meet its demands, is also demanding a stop to the increase in public school fees, the release of the eight months withheld salaries of university teachers and workers as well as the increase in Value Added Tax (VAT).

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BREAKING: Total strike looms! *NLC, TUC, finally meet, agree on action

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The Federal Government, may have finally lost the move to stop the impending strike by organised labour, or at least mitigate it by dividing its membership, following a meeting of the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC), hitherto in disagreement over the issue.

In fact, the two bodies representing the junior and senior workers in Nigeria are reportedly meeting currently to announce a statewide indefinite strike, a move coming about three weeks after the NLC held a warning strike on Tuesday, September 5, and Wednesday 6, 2023, without the TUC, which it explained was to call attention of the FG to the painful suffering of Nigerians, particularly workers.

However, indications, suggests that having agreed to come to an understanding in the interest of the working masses of Nigeria, both camps, having also met separately in their different local organs, decided to hold a joint press conference at 3 p.m. on Tuesday to announce an indefinite nationwide strike in response to the FG’s failure to address the suffering and other socioeconomic hardships caused by the removal of subsidies on Premium Motor, PMS, commonly known as petrol.

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Tinubu will shock Atiku and his gang – APC *Why meeting with Biden didn’t hold

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Having met with Joe Biden, at a parley of the G20 group in India, it was unnecessary for President Bola Tinubu to hold another session with his US counterpart at the recent United Nation General Assembly (UNGA) in New York, the All Progressives Congress (APC), explained on Monday.

Felix Morka, spokesman of the party, in a statement, also explain other issues in a quick riposte to the attacks of Atiku Abubakar, presidential candidate of the Peoples Democratic Party (PDP) who claimed that the POTUS avoided Tinubu at UNGA because he did not want to be associated with the putrid stains trailing his Nigerian counterpart.

Morka, National Publicity Secretary of the party, also dismissed Atiku’s claims through his spokesman, Phrank Shaibu that fuel subsidy, which the Tinubu administration said it has jettisoned having dismissed it as a drain on the nation’s resources, had returned through the backdoor, saying the payment of the mark up in the pump price of Premium Motor Spirit (PMS) by the Nigerian National Petroleum Company Limited (NNPCL), in August, was to ensure stability.

Hear him: ”Shaibu’s claim that fuel subsidy is back is not correct. The government’s intervention to ensure some measure of price stability and predictability does not amount to the return of the ruinous fuel subsidy of the recent past.

“Lifting the Visa ban on Nigerians by the United Arab Emirates (UAE) authorities should ordinarily make any well-meaning Nigerian happy. Diplomatic rapprochement between Nigeria and UAE authorities is ongoing and details of outcomes will soon be made public.

“The matter of the proposed meeting with United States of America President Joe Biden does not even require elaboration. Having met with President Tinubu on the sidelines of the G-20 Nations summit in India, another meeting with President Biden during the United Nation’s General Assembly (UNGA) had become unnecessary and was not even on President Tinubu’s schedule, contrary to preliminary indications on the matter.

“Nigeria is facing pressing challenges that require focused efforts and undivided attention. Issues such as economic recovery, security of lives and property, infrastructure development, and social welfare demand continuous, sustained and innovative efforts.

“President Tinubu is committed to ensuring an inclusive, honest, transparent and accountable governance system. We encourage citizens to actively participate in democratic processes, ventilate their views, and contribute constructively to national conversations. As the discerning people that we are, we remain confident that Nigerians will continue to differentiate between genuine, constructive and development-oriented criticisms and those driven by self-interest, mercenary considerations and disruptive political agenda.

“While we urge Nigerians to ignore purveyors of fake news and other inanities, it is obvious that Shaibu and his likes will stop at nothing in their desperation to distort facts and give oxygen to their politically knocked-out principal. But that can only worsen his infamy in the light of the President’s determined commitment and strides to improving the social and economic conditions for all Nigerians.

“The PDP and all its agents of misinformation should know by now that no amount of sleazy propaganda, muckraking, lies, half-truths, misrepresentations, misinformation or disinformation will confer the presidency of Nigeria on their candidate.

“Nigerians have freely chosen our party, the APC, and President Bola Tinubu, to continue to steer the ship of state. And the President is making good his campaign promises to deliver purposeful leadership to remake Nigeria, open the economy to rewarding investments, promote inclusive growth, create jobs, secure lives and property and renew hope for a vibrant future.”

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