Fuel price | InsideOjodu https://www.insideojodu.com ...conecting the community Tue, 30 May 2023 16:43:21 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.10 http://www.insideojodu.com/wp-content/uploads/2018/12/favicon.ico Fuel price | InsideOjodu https://www.insideojodu.com 32 32 Sanwo-Olu holds marketers responsible for fuel price increase, calls for calm https://www.insideojodu.com/sanwo-olu-holds-marketers-responsible-for-fuel-price-increase-calls-for-calm/ https://www.insideojodu.com/sanwo-olu-holds-marketers-responsible-for-fuel-price-increase-calls-for-calm/#respond Tue, 30 May 2023 16:43:21 +0000 https://www.insideojodu.com/?p=45081 Lagos State Governor, Babajide Sanwo-Olu, attributed the reemergence of long queues at fuel stations…

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Lagos State Governor, Babajide Sanwo-Olu, attributed the reemergence of long queues at fuel stations in the state to fuel marketers who, in his view, were unfairly raising fuel prices and taking advantage of Nigerians.

On Tuesday, during an unexpected visit to the Alausa secretariat in Ikeja, Sanwo-Olu expressed his dissatisfaction with the sudden hike in petrol prices and the resulting queues.

He was accompanied by Deputy Governor Dr. Obafemi Hamzat and was given a tour of the secretariat by Head of Service, Hakeem Muri-Okunola.

Sanwo-Olu criticized major marketers for capitalizing on unnecessary opportunities and emphasized the need for honesty in the country to achieve progress.

He acknowledged the importance of making certain adjustments but stressed the necessity for a better future.

The governor highlighted that there were no significant changes in the government’s previous announcements that warranted the queues.

He expressed confidence in the Federal Government’s ability to address the issue and encouraged citizens to abide by the law and continue with their daily activities, assuring them that things would improve.

Sanwo-Olu’s visit to the Civil Service Commission, as well as the Ministries of Women Affairs and Poverty Alleviation (WAPA), Economic Planning and Budget, and Youth and Social Development, aimed to motivate the staff, foster communication, address queries, and ensure the smooth functioning of operations.

He stated that the purpose of the visits was to ensure the alignment of all stakeholders with the THEME PLUS agenda for his second term.

Sanwo-Olu emphasized the importance of harmonizing additional pillars to achieve synergy and effectiveness.

The governor expressed satisfaction with the responses received from public officers and civil servants during the visits.

He also praised the conducive work environment that facilitated productivity. With work resuming and the public service ready to serve the people of Lagos State, Sanwo-Olu reassured the staff of his commitment to their welfare and demonstrated his track record in fulfilling that promise.

Following the brief tour, Sanwo-Olu intended to meet with all permanent secretaries to ensure a unified approach, as the THEMES PLUS agenda entails further reforms and citizen-centric policies aimed at improving people’s lives.

The governor assured everyone that he would continue to prioritize their needs and urged them not to worry, given his consistent track record of delivering on promises.

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Fuel prices increase by 81% despite receiving N6tn in subsidies – Report https://www.insideojodu.com/fuel-prices-increase-by-81-despite-receiving-n6tn-in-subsidies-report/ https://www.insideojodu.com/fuel-prices-increase-by-81-despite-receiving-n6tn-in-subsidies-report/#respond Wed, 12 Apr 2023 16:02:25 +0000 https://www.insideojodu.com/?p=42363 The price of Premium Motor Spirit popularly called petrol has risen by 81 per…

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The price of Premium Motor Spirit popularly called petrol has risen by 81 per cent in the past three years, according to the National Bureau of Statistics reports.

This came as findings showed that the Federal Government has paid about N5.83tn subsidy on petroleum products, The Punch reports.

NBS data showed that between February 2020 and February 2023, the price of fuel rose from N145.41/litre to N263.76/litre.

The NBS report stated that the average retail price paid by consumers for Premium Motor Spirit in February 2023 was N263.76, indicating a 54.76 per cent increase when compared to the value recorded in February 2022 (N170.42).

Likewise, comparing the average price with the previous month (January 2023), the average retail price increased by 2.58 per cent from N257.12.

At the onset of 2020, the average price paid by consumers for petrol increased by 0.08 per cent year-on-year and month-on-month by 0.03 per cent to N145.41 in February 2020 from N145.37 in January 2020, according to the NBS.

At the time, the Federal Government had paid about N134bn as fuel subsidy payment.

States with the highest average price of petrol were Abia (N146.87), Adamawa (N146.67) and Niger (N146.57). States with the lowest average price of premium motor spirit were Abuja (N143.67), Enugu (N144.50) and Lagos (N144.73) in 2020

In the last three years, fuel subsidy has gone from N134bn in 2020 to N1.43tn in 2021, N4.39tn in 2022 and a projected N3.63tn by June of 2023. This led to a total of N5.83tn in subsidy payments, excluding the figures for 2023.

The Federal Government has continued to restate plans to remove fuel subsidy with a plan to deregulate the oil market by June this year.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said last week Nigeria had borrowed $800m from World Bank for the purpose of palliatives for Nigerians ahead fuel subsidy rmeival.

A September 2022 report by the Nigeria Extractive Industries Initiative disclosed Nigeria had spent N13.7tn ($74.386bn) on fuel subsidies between 2005 and 2022.

However, there are fears that the removal of fuel subsidy might be drastic for the populace as the countdown to the June 2023 date for subsidy removal inches closer.

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Buhari, govs to discuss fuel pricing Thursday —Ngige https://www.insideojodu.com/buhari-govs-to-discuss-fuel-pricing-thursday-ngige/ https://www.insideojodu.com/buhari-govs-to-discuss-fuel-pricing-thursday-ngige/#respond Mon, 22 Feb 2021 09:36:55 +0000 https://www.insideojodu.com/?p=20203 President Muhammadu Buhari and the state governors will on Thursday meet to discuss the…

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President Muhammadu Buhari and the state governors will on Thursday meet to discuss the issue of fuel pricing.

The Minister of Labour and Employment, Senator Chris Ngige, made this known on Sunday night after a bipartite meeting of the Federal Government and the organised labour at the Banquet Hall of the Presidential Villa, Abuja.

Ngige, while briefing the newsmen after the meeting said the labour had investigated the report of the Technical Committee on Premium Motor Spirit (popularly called petrol) Pricing Framework as agreed at the last meeting and made their submissions alongside the Nigerian National Petroleum Corporation.

“The labour side saw that they were making some points and like I said, it is work in progress. Governors are going to discuss this on Thursday.

“They have discussed this at the National Economic Council and so, everybody is involved because we find ourselves in dire straits. There is no money for subsidy.

“The NNPC has explained: What they are doing is import- dependent. Deregulation is import-dependent but they are doing bulk purchasing. So, they can get discounts.

“They are also using foreign exchange that is discounted for them. They are not buying from the parallel market. So, all these things will be put in basket and a price will emerge from it,” The minister said.

Ngige maintained that the Federal Government has concluded discussions with the organised labour on the fuel pricing.

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FG reveals how increase in petrol price will benefit Nigerians https://www.insideojodu.com/fg-reveals-how-increase-in-petrol-price-will-benefit-nigerians/ https://www.insideojodu.com/fg-reveals-how-increase-in-petrol-price-will-benefit-nigerians/#respond Sat, 26 Sep 2020 14:12:57 +0000 https://www.insideojodu.com/?p=16919 The Federal Government has explained how the recent hike of fuel price will benefit…

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The Federal Government has explained how the recent hike of fuel price will benefit Nigerians.

The hike in the cost of fuel, as a consequence of deregulation in the past few days, has led to various reactions, including planned nationwide strike by the labour union.

Some Nigerians accused the government of being insensitive to the plight of Nigerians, especially during a pandemic.

Minister of Information, Lai Mohammed while addressing newsmen in Lagos on Saturday said unlike popular opinions, the government is not insensitive to Nigerians, adding that the full deregulation of the petroleum sector and the service-based electricity tariff adjustment will in the long run benefit the ordinary people.

Explaining how, the minister said: “Let’s start with deregulation. Ordinary citizens are not the beneficiaries of the subsidy on petroleum products that have lasted for years. Between 2006 and 2019, a total of 10.4 trillion Naira was spent on fuel subsidy, most of which went to fat cats who either collected subsidy for products they didn’t import or diverted the products to neighbouring countries, where prices are much higher. Instead of subsidy, ordinary Nigerians were subjected to scarcity of petroleum products.

They endured incessant long queues and paid higher to get the products, thus making the subsidy ineffectual.”

The minister added that aside from the benefits, the government can no longer afford the cost of subsidy due to the economic conditions.

“Apart from that, the truth is that the government can no longer afford the cost of subsidy, especially under the prevailing economic conditions. Revenues and foreign exchange earnings by the government have fallen by almost 60%, due to the downturn in the fortunes of the oil sector. And there is no provision for subsidy in the revised 2020 budget.

So where will the subsidy money come from? Remember that despite the massive fall in revenues, the government still has to sustain expenditures, especially on salaries and capital projects,” Lai Mohammed added.

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Petrol price hike: Jonathan’s ex-aide, Omokri criticises APC leaders, Nigerian celebrities, prominent Nigerians for being silent https://www.insideojodu.com/petrol-price-hike-jonathans-ex-aide-omokri-criticises-apc-leaders-nigerian-celebrities-prominent-nigerians-for-being-silent/ https://www.insideojodu.com/petrol-price-hike-jonathans-ex-aide-omokri-criticises-apc-leaders-nigerian-celebrities-prominent-nigerians-for-being-silent/#respond Thu, 03 Sep 2020 17:07:14 +0000 https://www.insideojodu.com/?p=16310 Reno Omokri, a former aide to ex-president Goodluck Jonathan has criticised some prominent Nigerians…

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Reno Omokri, a former aide to ex-president Goodluck Jonathan has criticised some prominent Nigerians including Nigerian celebrities for being silent since the announcement on the increment of petrol pump price from N145/litre to N162/litre.

Omokri made this criticism via his verified Twitter handle @renoomokri on Thursday.

Commenting on the petrol price, Omokri wrote: “If anyone had told me that General @MBuhari would increase fuel price to ₦162 and:

* @ObyEzeks
* Mbaka
* Soyinka
* Tinubu
* Oshiomhole

Would be silent, I would have called them a liar. Alas, those who shut down Nigeria in 2012, have today shut their mouths!”

Commenting on Nigerian celebrities, the former presidential spokesman condenmed them for supporting BBNaija 2020 housemate, Laycon despite the recent change in petrol price.

According to him, he was demoralized to see celebrities rooting for Laycon rather than protest against the increase in petrol price by the Buhari government.

On his Twitter page, he wrote: “I saw a headline saying ‘#BBNaija: Over 20 Nigerian Celebrities Root For Laycon’. I was demoralised after reading all the names. Not one of the mentioned celebrities has rooted against General @MBuhari’s ₦162 fuel price increase. Is this how our lives will be?

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Petrol price hike: Resign now or reverse fuel price, NANS tells Buhari Govt https://www.insideojodu.com/petrol-price-hike-resign-now-or-reverse-fuel-price-nans-tells-buhari-govt/ https://www.insideojodu.com/petrol-price-hike-resign-now-or-reverse-fuel-price-nans-tells-buhari-govt/#respond Thu, 03 Sep 2020 16:04:28 +0000 https://www.insideojodu.com/?p=16308 The National Association of Nigerian Students, NANS, has called on President Muhammadu Buhari and…

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The National Association of Nigerian Students, NANS, has called on President Muhammadu Buhari and member of his administration to either resign or reserve the petrol price to N97.

NANS made this call following the increase in the pump price of petrol from N148 to N151.56k per litre by the Nigerian government.

The students association in a statement by Kowe Odunayo Amos, Coordinator of NANS (Zone D), described the increment as a punishment to Nigerians.

Amos lamented that Buhari’s government was anti-people.

The statement reads, “We find it most embarrassing to read of the increment in the price of Premium Motor Spirit (PMS) to N163.

“No doubt, this government has worsened all the crises it has inherited from the last administration. In fact, the Buhari government is a clear example that we the students must go back to our revolutionary days as we cannot continue to lament.

“As an association, we hereby declare that the Buhari government should all resign or immediately do the following; reverse petrol price to N97, and stop deregulation of the Oil Sector. Stop the devaluation of the Naira now. Increase budgetary allocations to education to 35%. Return to the old stamp duty price now.”

PPMC had disclosed that the new increased pump price takes immediate effect.

Meanwhile, other bodies, organizations, associations and members of the public have also rejected the hike in petrol price, saying that the action by the government at a time the country was ravaged by COVID-19 was unfair to its people.

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TUC condemns increase in fuel price, electricity tariff https://www.insideojodu.com/tuc-condemns-increase-in-fuel-price-electricity-tariff/ https://www.insideojodu.com/tuc-condemns-increase-in-fuel-price-electricity-tariff/#respond Thu, 03 Sep 2020 15:16:38 +0000 https://www.insideojodu.com/?p=16303 The Trade Union Congress (TUC) of Nigeria, on Thursday, condemned the increase in petrol…

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The Trade Union Congress (TUC) of Nigeria, on Thursday, condemned the increase in petrol price and electricity tariff across the country.

This was contained in a statement titled, ‘Killing the dead,’ and signed by the TUC president, Quadri Olaleye, and Secretary-General, Musa-Lawal Ozigi on Thursday.

According to the statement, “For the umpteenth time, we have complained about the gradual and steady annihilation of Nigeria in the light of government action.

“Like the book by George Orwell, titled ‘1884’, the government and its agencies have resorted to doing the opposite of what they were set up to do. Government, instead of providing welfare, is killing the people systematically.”

Describing this act, the TUC in the statement said increasing petrol prices and electricity tariffs, among others, “at a time people are losing jobs, businesses are not moving in the light of COVID-19, is, to say the least, wicked.”

It said from all indications, it appeared the government had lost touch with Nigerians, adding the government of the day has implemented all the policies Nigerians have kicked against in the past.

The union added, “They have developed a thick skin that our pleas and cries no longer mean anything to them. No government has raped this country like the present one; ironically it has enjoyed our understanding the most.

“They beat us and when we cry, they send security operatives after us or force us to pay a fine of N5m for ‘’hate speech’’. Our patience has run out.

“In droves, Nigerians flee the shores of this country. Just two days ago, we protested the hike in electricity tariff and sadly, yesterday, they slammed us with fuel [price] hike at a time countries like Ghana and Canada are giving out palliatives to cushion the effects of coronavirus pandemic. It is difficult to cope in this circumstance.

“Do we still wonder why unemployment and insecurity have increased? This is disgustingly shameful. We urge government to listen to the voice of reason and reverse the [petrol] price immediately.

“Stop pushing Nigerians to the wall. This is too daring.

“The Congress is calling a meeting of its organs to take decisions on this obnoxious move.

“The dead are dying again; stop killing the dead!”

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