Connect with us

News

Subsidy: Petrol price will come down, NNPC assures Nigerians

Published

on

FUEL SCARCITY

 

The Group Chief Executive Officer, Nigerian National Petroleum Company Limited, NNPCL, Mele Kyari, on Thursday, allayed the fear of Nigerians on the rising prices of Premium Motor Spirit, known better as petrol across the country.

The NNPC boss said competition among major players in the oil sector would force down the price of petrol as against the upward trends that have caused panic in the country.

Long queues returned to fuel stations across the country following the recent increase in the petrol pump price occasioned by the discontinuance of petroleum subsidy.

Earlier on Wednesday, the NNPC said it had adjusted the pump price of petrol to reflect the market realities. The agency, however, failed to state the new prices of petrol.

But several retail outlets sold the product between 600 and N800 in Lagos, Abuja, Ogun and some other states.

Also, talks between the Federal Government and organised labour over the removal of fuel subsidy ended in a deadlock on Wednesday as they failed to reach a consensus following the hike in petrol pump prices to over N700 from N195 per litre by oil marketers.

See also  Celebration as NNPC breaks 44-year jinx to make N287b profit

Speaking on Thursday in an interview on Arise TV’s Morning Show, Kyari said the removal of subsidy would allow new entrants into the market, a move he said, would aid competition and phased out monopoly.

This, he claimed, would ensure healthy competition which would ultimately lead to a downward review of pump prices of petroleum across the country.

He said, “The beauty of this (subsidy removal) is that there will be new entrants (into the market) 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.

See also  Port Harcourt refinery to shut down for maintenance - NNPC

“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.”

See also  Fatal jump: Popular Nigerian skit maker dies while filming video

On why fuel stations hiked their pump price when they still have in stock already subsidised products, the NNPL boss said “This is the reality of the market. It applies to every commodity and not just petroleum.”

He added, “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.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Oyo school abductions: Makinde signs executive order, restricts Okada 

Published

on

By

Governor Seyi Makinde of Oyo state
has signed Executive Order No. 002 of 2026, aimed at strengthening security, enforcing vehicle registration regulations and improving traffic management across the state.

The governor also announced restrictions on the operations of commercial motorcycle operators, popularly known as “Okada” riders.

The development follows growing concerns over security challenges in parts of the state, particularly the continued captivity of teachers and pupils abducted in Oriire Local Government Area more than 20 days ago.

Speaking during the signing ceremony in his Office on Friday, Makinde said the executive order was designed to ensure strict compliance with existing laws governing vehicle registration and traffic regulations.

He noted that unregistered vehicles, motorcycles, and tricycles have increasingly been used to perpetrate criminal activities within the state.

According to the governor, security agencies often encounter difficulties tracking and investigating crimes involving unregistered vehicles because of the absence of identifiable registration details.

Governor Makinde explained that the executive order would provide a legal framework for the strict enforcement of vehicle registration requirements and other traffic regulations, including measures against driving against traffic and related offences.

According to him, designated enforcement authorities have been empowered to arrest offenders and impound vehicles, motorcycles, or tricycles found violating the provisions of the order.

See also  Dangote refinery to get 400,000 barrels of crude daily as Naira-for-crude deal begins

The governor said offenders apprehended under the executive order would be prosecuted in accordance with the law, while seized assets and properties would be handled through established legal procedures.

The governor linked the latest security measures to lessons learnt from recent security breaches, especially the abduction of schoolchildren and teachers in Oriire Local Government Area.

“We are living through very trying times; for over 20 days, our teachers and pupils have remained in captivity in the hands of terrorists. Our thoughts and prayers remain with them and with their families who continue to endure unimaginable pain and uncertainty,” He said. 

He assured residents that his administration remained fully committed to securing the safe return of all abducted victims and was working relentlessly with relevant security agencies to achieve that objective.

“As a government, we share in their anxiety and their hope, and we remain committed to doing everything within our power to secure the safe return of every one of them,” Makinde said.

The governor acknowledged the pain being experienced by the affected families and communities, stressing that the abducted teachers and pupils had neither been forgotten nor abandoned.

See also  Celebration as NNPC breaks 44-year jinx to make N287b profit

While declining to disclose operational details for security reasons, Makinde maintained that extensive efforts were ongoing behind the scenes and urged residents not to mistake the government’s silence for inaction.

One of the major highlights of the executive order is the restriction placed on commercial motorcycle operations across Oyo State.

Makinde announced that commercial motorcycle operators would no longer be permitted to operate between 10:30 p.m. and 5:30 a.m. statewide, describing the measure as part of additional efforts to improve security and public safety.

The governor said the restriction became necessary as part of broader strategies to curb criminal activities and strengthen surveillance across communities.

He appealed to residents to actively support security agencies by providing timely information on suspicious movements and activities.

According to him, security remains a collective responsibility that requires the cooperation of all citizens.

“If you see something, say something, and authorities will do something,” he said, while reminding residents of the state’s toll-free emergency number, 615, for reporting security threats and emergencies.

Makinde also urged residents to remain vigilant, united and resilient despite the current security challenges, warning against allowing fear to undermine communal harmony and confidence.

See also  Tinubu, Trump to meet over alleged Christian genocide in Nigeria — Presidency

He commended security agencies and members of the state’s security outfit, Amotekun Corps, for their dedication, sacrifices and professionalism in responding to security threats across Oyo State.

The governor expressed optimism that with sustained collaboration among security agencies, community stakeholders, and residents, the abducted teachers and pupils would be rescued safely and security across the state would be further strengthened.

In his address at the event, the Attorney General of the state and Commissioner for Justice, Abiodun Aikomo, stated that the implementation of the order would be carried out by relevant agencies, including the Oyo State Road Traffic Management Authority (OYRTMA), the Nigeria Police Force and other law enforcement bodies, which would be required to submit periodic reports on enforcement activities to the state government.

To ensure transparency and accountability, Aikomo stated that the Office of the Director of Public Prosecutions would provide oversight on prosecutions arising from the enforcement exercise, while members of the public would be encouraged to report any misconduct by officials involved in implementing the order.

Continue Reading

News

Nigeria set to repatriate over 1,000 nationals from South Africa as violence continues

Published

on

By

The Federal government has kick-started plans to bring back home more than 1,000 Nigerians from South Africa as concerns grow over rising anti-immigrant sentiments and renewed xenophobic tensions in the southern African nation.

According to reports, Nigeria’s Ministry of Foreign Affairs confirmed on Friday that screening for a voluntary repatriation programme began on Thursday, with authorities expecting over 1,000 Nigerians to participate.

Foreign ministry spokesperson Kimiebi Ebienfa told AFP that the final number of those seeking to return home had not yet been determined but noted that the figure was expected to exceed 1,000.

“Total figure not out yet,” he said. “We are expecting over 1,000 persons.”

The move follows a similar action by Ghana, which recently repatriated hundreds of its nationals from South Africa amid increasing fears over protests and violence directed at foreign nationals.

In a statement dated Tuesday, Nigeria’s High Commission in Pretoria said it had “negotiated waivers with host authorities” so that those with “immigration-related offences” would be allowed to leave on the eventual repatriation flights rather than be detained.

See also  Fatal jump: Popular Nigerian skit maker dies while filming video

South Africa, until recently the continent’s most industrialised economy, has long attracted workers from across the region.

But saddled with an unemployment rate of over 30 per cent, it has seen repeated spurts of xenophobic protests — including renewed violence in recent weeks.

The latest tensions have revived uncomfortable debates across Africa about xenophobia, migration and the gap between pan-African rhetoric and realities facing migration on the continent.

An ultimatum by one citizen-led group for illegal migrants to be expelled by June 30 has raised fears of violence after bouts of anti-immigrant unrest in the past that claimed dozens of lives.

Last month, Ghana repatriated some 300 people, the first batch of what authorities said was expected to be a total of about 800 Ghanaian nationals.

The South African government has said it is stepping up enforcement against undocumented immigrants but urged citizens not to take matters into their own hands.

See also  Dangote’s half brother, Sayyu Dantata among importers of petrol from Malta

There are more than three million foreigners living in South Africa, or 5.1 per cent of the population, according to the statistics agency.

More than 63 per cent come from countries in the 16-member Southern African Development Community (SADC) bloc.

Continue Reading

News

Again, WAEC candidates write exams with Torchlight

Published

on

By

The 2026 West African Senior School Certificate Examination (WASSCE) got off to a dark start on Thursday across several centres in Oyo, Lagos, Ogun and Osun states.

Due to the late arrival of examination materials, several candidates were forced to sit for papers late into the evening.

On Monday, candidates reportedly waited several hours before writing the Physics Essay and Objective papers, which were scheduled for 2pm and 3:30pm respectively.

The delays persisted on Wednesday, with the General Mathematics Objective paper starting at 6:30pm in some centres and as late as 8:30pm in others, leaving candidates to finish the examination after 10pm.

The situation was said to be particularly severe in some centres in Ibadan, the Oyo state capital.

The first batch of the Agricultural Science practical examination was slated for 2pm, while the second batch was scheduled for 3:30pm.

However, as of 8pm, some centres in the state had yet to commence the examination.

See also  Celebration as NNPC breaks 44-year jinx to make N287b profit

Due to the delay, candidates reportedly sat the examination under poor lighting conditions.

In a viral video, several students could be seen writing the examination with torchlights, mobile phone flashlights and solar-powered lamps.

The incident has since triggered widespread outrage on social media.

Mariam Kehinde, an X user, said that as of past 8pm on Thursday, her sister was yet to return home from the examination centre.

“What exactly is happening in this country sef? My sister left for her WAEC exam since morning and still hadn’t returned home,” she wrote.

“She called around 6pm saying their exam paper had just arrived at that time nitori olorun. She was still at the exam centre, and my mum even had to wait.”

Adedeji Adeyinka, another user, described Thursday’s conduct of the examination as “particularly disturbing”.

“Candidates writing Government completed the Theory paper and were instructed to wait for the Objective paper, only for the question paper to arrive more than FOUR HOURS later,” he posted.

See also  Petrol sells for N540 per litre in Abuja, N488 in Lagos

“How is this acceptable in a national examination? Even more shocking was the situation faced by students writing Agricultural Science Practical. An examination scheduled for 2:00 p.m. did not commence until about 9:00 p.m. in many parts of Oyo State.

“A seven-hour delay is not a minor inconvenience. It is a systemic failure.”

Another X user identified as Mum Ire also lamented the shortage of question papers during Wednesday’s Mathematics examination.

“Out of 75 candidates, only 35 Mathematics question papers were brought to the examination centre for the entire exam yesterday,” she wrote on Thursday.

“When did WAEC start operating like this?

“Now we are being told that the Agriculture Science practical questions are on the way at 8:10 pm.”

Joel Abodunrin also decried the shortage of question papers.

“WAEC’s been doing well until today,” he wrote on Wednesday.

“An examination hall of about 250 candidates and having Mathematics question papers for only 120.

See also  Good morning! Here Are Some Major News Headlines In Nigerian Newspapers Today: Petrol pump price surges to N1,150 after Dangote hike

“Getting to tear the questions into pieces so that all could have something to do.”

Hakeem Olaoye, another user, said candidates were being made to write examinations at unreasonable hours.

“WAEC exam being conducted late in the evening.

“The Agric practical exam that was supposed to be held by 2pm just commenced some minutes after 7pm,” he wrote.

“Very disheartening indeed. Likewise for Mathematics. A school with 130 students was given 16 question booklets to share among.”

The development has raised concerns about the safety of candidates amid the country’s growing security challenges.

Continue Reading

Trending News