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The presidential candidate of the Labour Party in the 2023 general election, Mr Peter Obi described the recent hike in the price of petrol products as “unfortunate and insensitive”. Obi made this known in a statement he titled “Reversing the Sudden Fuel Price Increase”, on his X.com account, on Saturday. PUNCH Online reports that transportation
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A group, Yoruba Stakeholders Assembly has made some clarifications on the pump price of Premium Motor Spirit, PMS and the accompanied controversy. The group in a statement issued by its convener, Comrade Dayo Olawale said as a committed voice for transparency and awareness in Nigeria, the Yoruba Stakeholders Assembly “seeks to address the recent misinformation
Yoruba stakeholders make clarifications on fuel prices controversy
A group, Yoruba Stakeholders Assembly has made some clarifications on the pump price of Premium Motor Spirit, PMS and the accompanied controversy.
The group in a statement issued by its convener, Comrade Dayo Olawale said as a committed voice for transparency and awareness in Nigeria, the Yoruba Stakeholders Assembly “seeks to address the recent misinformation surrounding the pricing of Premium Motor Spirit (PMS) in the country.”
It said In this era of rampant speculation and misinformation, it is crucial to separate fact from fiction—especially when the livelihoods of ordinary Nigerians are at stake.
It said the statement should serve as a reminder that informed citizens are the backbone of a thriving democracy, stating that, “A nuanced understanding of market dynamics, governmental roles, and inter-business negotiations is essential in fostering a culture of accountability and transparency. We urge all Nigerians to remain vigilant, seek verifiable facts, and engage in productive discussions that ultimately contribute to a more sustainable future for our nation. “
Establishing the fact that there is non-existence of government control over PMS pricing, the group said, “Contrary to popular belief, it is imperative to clarify that neither the government nor the Nigerian National Petroleum Company Limited (NNPC Ltd) possesses the authority to fix the price of PMS. The pricing mechanism for PMS has undergone a significant transformation, evolving into a deregulated market where market forces predominantly dictate prices. This framework is designed to create a competitive environment that benefits consumers while fostering a healthier economic climate.
It went further to state that the current situation is market forces at Play.
According to the group, “In a deregulated market, the price of PMS is influenced by multiple factors, including supply and demand, global oil prices, and operational costs related to refining and distribution. The NNPC Ltd has actively engaged with private entities to ensure a steady supply of fuel, thus promoting competition and potentially lowering prices.”
Speaking on the realty of fuel acquisition rates, the statement said, recent discussions have brought to light the fact that NNPC Ltd procured fuel from Dangote Refinery at a cost of N898 per liter. “It is critical to emphasize that NNPC Ltd’s engagement with Dangote was aimed exclusively at ensuring that Nigerians have access to fuel at a fair price. This negotiation process underscores NNPC Ltd’s commitment to representing the interests of the Nigerian populace.
On sustaining and affordable fuel prices, the group said for the past year, the market price of petrol has hovered around N1,100 per liter. “However, thanks to the proactive measures undertaken by NNPC Ltd, ordinary Nigerians have been shielded from these soaring prices, benefiting from a subsidized rate of N620 per liter. This has been possible due to NNPC Ltd covering the shortfall—an effort that, while noble, has become an unsustainable endeavor. This cry for sustainability reflects NNPC Ltd’s commitment to balancing providing affordable fuel and maintaining fiscal responsibility.
“There is a misconception that the government dictated the pricing structure for Dangote’s fuel. In actuality, it is Dangote who independently decided to sell his refined fuel to NNPC Ltd at N898 per liter. Initial negotiations revealed Dangote’s proposed price to be well over N900 per liter, which NNPC Ltd successfully negotiated down to a more manageable rate for the benefit of the Nigerian consumer.
“NNPC Ltd’s directive to Dangote to also sell his fuel to other marketers, under a willing buyer-willing seller basis as outlined in the Petroleum Industry Act (PIA), reinforces the commitment to creating a competitive market. This action aims to ensure that pricing remains fair, accessible, and transparent—principles that should govern all transactions in the energy sector.
“Recent statements suggesting that Dangote intends to sell fuel to Nigerians at prices significantly lower than market rates, only for the government to intervene, are grossly misinformed. The narrative that suggests government manipulation of fuel prices is not grounded in reality. The truth lies in the fact that the price negotiated by NNPC Ltd is a direct result of market influences, competitive negotiations, and the pressing need to ensure fair access to fuel for all Nigerians.
“In conclusion, as we navigate these turbulent waters of economic discourse and fuel pricing, we urge all Nigerians to remain wise and discerning consumers of information. It is vital for the public discourse to be anchored in facts rather than fiction so that we, as a nation, can collectively address the challenges we face with integrity and transparency.
“The Yoruba Stakeholders Assembly is committed to fostering an informed citizenry—one that propels Nigeria towards a sustainable future, grounded in facts. “
Yoruba stakeholders make clarifications on fuel prices controversy
The umbrella body of pilots in Nigeria, the National Association of Aircraft Pilots and Engineers, has called on the Federal Government to upgrade emergency response and rescue infrastructure in the country’s aviation sector. This followed the recent crash of a Sikorsky SK76 helicopter with registration 5NBQG and operated by East Wind Aviation near Bonny Finima
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The umbrella body of pilots in Nigeria, the National Association of Aircraft Pilots and Engineers, has called on the Federal Government to upgrade emergency response and rescue infrastructure in the country’s aviation sector. This followed the recent crash of a Sikorsky SK76 helicopter with registration 5NBQG and operated by East Wind Aviation near Bonny Finima
The First Lady of Nigeria, Senator Oluremi Tinubu, has said no one can prosper without hard work and honesty, and that deviating from these values would have severe consequences. She said this time on Tuesday during the unveiling of the 24/7 Rapid Response Desk of the Economic and Financial Crimes Commission aimed at reducing the
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The First Lady of Nigeria, Senator Oluremi Tinubu, has said no one can prosper without hard work and honesty, and that deviating from these values would have severe consequences. She said this time on Tuesday during the unveiling of the 24/7 Rapid Response Desk of the Economic and Financial Crimes Commission aimed at reducing the