Marketers behind petrol scarcity, high pump price - PENGASSAN – Newstrends
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Marketers behind petrol scarcity, high pump price – PENGASSAN

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1 year ago

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Petrol marketers are behind the lingering product scarcity and the instability in pump price, oil workers under the auspices of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) said yesterday.

The association accused the marketers of trying to force an increase in the pump price of petrol above the threshold approved by the Federal Government.

For weeks, Nigerians have been enduring pains to buy petrol at filling stations, especially those belonging to Independent Petrol Marketers Association of Nigeria (IPMAN), where products sell for as high as N300 per litre.

The government has pegged the pump price at between N165 and N169.

IPMAN yesterday announced that its members have dropped the plan to go on strike.

But PENGASSAN President Festus Osifo rejected a situation whereby non-state actors arrogate to themselves the power to determine the litre price of petrol far above government regulation.

Osifo spoke yesterday during the National Executive Council (NEC) meeting of the association in Abuja.

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He said it was disturbing that the Federal Government was equally demonstrating high level of culpability in the unwholesome situation by its silence and unwillingness to frontally and publicly address the harrowing experiences of Nigerians.

The PENGASSAN president said: “The persistent shortage of petrol has become a source of pain to the Nigerian people as the current shortages are been perpetuated by players in the downstream sector in order to hike the price far above the government-approved threshold.

“It is an added problem when non-state actors begin to arrogate to themselves the power to determine the price of a liter of fuel far above the rate pegged by the government in the current subsidy regime.

“It is more disturbing that the government is equally demonstrating high level of culpability in the unwholesome situation by its silence and unwillingness to frontally and publicly address the harrowing experiences of Nigerians in the current situation, because no concerned and responsive government will bury its head in the sands like the proverbial Ostrich while the citizens are being brutally exploited.”

Osifo urged security agencies, especially the Nigerian Customs Services (NCS) and Nigerian Immigration Services (NIS) charged with manning the nation’s borders, to stop the high rate of smuggling of the products across West African countries.

He added: “We demand that the various security agencies, especially the men of NCS and NIS charged with manning the nation’s borders, act professionally and in dictates to their oaths of allegiances to stop high rate of smuggling of the products across the West African countries.

“The various depots and other storage facilities, especially those owned and operated by the NNPC, should be upgraded and made accessible to all operators to lift the product.

“Consequently, we demand an immediate end to the avoidable, unnecessary, crippling and pain-inducing fuel shortages and unapproved price hike in the country. No excuse is good enough to cripple the country. If there are challenges, they should be fixed; we have a government in power to fix challenges, not to make excuses.

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“We are ready and willing to collaborate with the Federal Government and assist in all ways possible to overcome the country’s present challenges. But we caution it not to take the Nigerian people for granted as it seems to be manifestly doing on various crucial national issues.”

The PENGASSAN chief also demanded the prosecution of those arrested in connection with the oil theft be prosecuted and if found guilty be made to face the consequences.

He urged the government to sustain the current effort in restoring the vandalised pipeline and increasing crude oil production.

IPMAN’s National Operations Controller, Mr. Mike Osatuyi, said markets have no plan to shut down their stations as being speculated.

According to him, the Nigerian National Petroleum Company Ltd (NNPCL) has promised to henceforth, sell directly to IPMAN members at official rate of ex-depot price.

He said the backlog of IPMAN members’ tickets, which was over 2,000 currently, was being cleared.

Osatuyi said: “Nigerians should not engage in any panic buying as we are entering Christmas period. Our wide network nationwide makes us the perfect outlets to ensure sustained distribution of petroleum products across the country.”

On December 10, the Ogun State chapter of IPMAN threatened to shut down all its outlets across the state over an ultimatum issued to marketers by the Department of State Security (DSS).

The DSS had directed all petrol stations nationwide to sell fuel at the regulated price, and threatened to shoot down defaulting stations.

The petrol supply situation in Lagos, Abuja and other cities has remained unstable.

The Nation

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Finally, NERC unbundles TCN, creates new system operator

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May 4, 2024

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Finally, NERC unbundles TCN, creates new system operator

The Nigerian Electricity Regulatory Commission (NERC) has set up the Nigerian Independent System Operator of Nigeria Limited (NISO) as it unbundles the Transmission Company of Nigeria (TCN).

The transmission leg of the power sector has over the years been seen as weakest link with obsolete equipment.

The unbundling announcement is contained in an Order dated April 30, 2023 and jointly signed by NERC chairman, Sanusi Garba, and vice chairman, Musiliu Oseni.

By this order, the TCN is expected to transfer all market and system operation functions to the new company.

The commission had previously issued transmission service provider (TSP) and system operations (SO) licences to the TCN, in accordance with the Electric Power Sector Reform Act.

The Electricity Act 2023, which came into effect on June 9, provided clearer guidelines for the incorporation and licensing of the independent system operator (ISO), as well as the transfer of assets and liabilities of TCN’s portion of the ISO.
In the circular, the commission ordered the Bureau of Public Enterprises (BPE) to incorporate, unfailingly on May 31, a private company limited by shares under the Companies and Allied Matters Act (CAMA), 2020.
NERC said the company is expected “to carry out the market and system operation functions stipulated in the Electricity Act and the terms and conditions of the system operation licence issued to the TCN.
“The name of the company shall, subject to availability at Corporate Affairs Commission, be the Nigerian Independent System Operator of Nigeria Limited (“NISO”),” NERC said.

Citing the object clause of the NISO’s memorandum of association (MOU) as provided in the Electricity Act, NERC said the company would “hold and manage all assets and liabilities pertaining to market and system operation on behalf of market participants and consumer groups or such stakeholders as the Commission may specify.”

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Naira depreciates again, trades at N1,402/$

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21 hours ago

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May 3, 2024

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Naira depreciates again, trades at N1,402/$

The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71

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This represents a 0.84 per cent loss when compared to the previous trading date on Tuesday April 30, when it exchanged at 1,390.96 to a dollar.

However, the total daily turnover increased to 232.84 million dollars on Thursday, up from 225.36 million dollars recorded on Tuesday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between 1,445.00 and N1,299.42 against the dollar.

Naira depreciates again, trades at N1,402/$

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Appeal court takes over NURTW case as NIC withdraws

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2 days ago

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May 1, 2024

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Appeal court takes over NURTW case as NIC withdraws

The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.

The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.

Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.

The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.

The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.

Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.

With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.

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