Business
No local refining, no subsidy removal, NUPENG warns FG
No local refining, no subsidy removal, NUPENG warns FG
Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has warned the Federal Government not to contemplate the removal of the subsidy on petrol without local refining capacity, in view of its socio-economic implications on businesses and ordinary Nigerians.
This is contianed in a communiqué by NUPENG leaders at the end of the Union’s National Executive Council, NEC, meeting in Lagos, which deliberated on the state of the nation, especially after the conduct of the 2023 general elections and the increasing statements from Nigerians on the intention of the Federal Government to end the Petroleum Motor Spirit, PMS, subsidy regime, among others.
The communiqué by President and General Secretary of NUPENP, Prince Williams Akporeha, and Afolabi Olawale, said: “NEC-in-Council also examined the recurrent discussions for the removal of subsidy from the PMS, and expresses deep concerns over the failure of the Federal Government to do the needful as severally advised by organised labour that deregulation of the PMS should not be predicated on importation of the product because of all the obvious negative impacts on the socio-economic life of the people and nation in general.
“The Council-in-session expressed disappointment over the failure of government to deliver on its promises of making the three national refineries work before contemplating the removal of the subsidy on this very important economic item in view of the enormous implication and the impact on the economic activities and considering the socio-economic importance of PMS to ordinary Nigerians.“
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“The NEC-in-session reaffirms that in as much as our inion is not averse to the removal of PMS subsidy, the Federal Government must ensure that our local refineries are put into full operation before a such major policy decision is taken in the interest of the generality of Nigerians.”
On the just concluded general elections, NUPENG vowed to resist any attempt to foist interim or undemocratic government on Nigeria after May 29, as being speculated, expressing concerns over the increasing and unending spread of hate, ethnic and religious bigotry by politicians, religious leaders, elites and the youths in the periods leading to and after the conducts of the 2023 general elections at the detriment of the peace, unity, and coexistence of the people of Nigeria.
The union said: “The NEC-in session affirms that the 2023 general elections marked another watershed in the democratic journey of our nation wherein the youths adequately mobilised and participated in the electoral processes, and wherein the political parties of 20 sitting governors lost to opposition parties and quite unlike before wherein seven sitting governors lost their bids to become Senators, after their tenure expired as governors of their respective states.
“The council-in-session admits that without any doubt, there are still some irregularities in the conducts of the election but opines that rather than fan embers of division and disillusionment among Nigerians, patriotic Nigerians should rise in unison to galvanise the citizenry to mend broken relationships and heal whatever wounds might have been inflicted on one another and collectively strive towards improving our electoral processes as we move forward.”
No local refining, no subsidy removal, NUPENG warns FG
Vanguard
Business
Naira exchanges N1,650/$ in parallel market
Naira exchanges N1,650/$ in parallel market
Yesterday, the Naira appreciated N1,650 per dollar in the parallel market, compared to N1,655 on Monday.
Similarly, the Naira appreciated to N1,535 per dollar in the official foreign exchange market.
Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) fell to N1,535 per dollar from N1,537 per dollar on Monday, indicating N2 appreciation for the naira.
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Consequently, the margin between the parallel market and NFEM rate narrowed to N115 per dollar from N118 per dollar on Monday.
Naira exchanges N1,650/$ in parallel market
Business
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
The exchange rate between the naira and the dollar ended the year at N1,535/$1 representing a 40.9% depreciation for 2024.
The official exchange rate between the naira and dollar closed in 2023 at N907.11/$1 thus depreciating by 40.9% for the year which compares to a 49.1% devaluation at the end of 2023.
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Nigeria introduced several foreign exchange policies in 2024 as the central bank expanded on market-friendly forex policies to attract foreign investors.
Meanwhile, on the parallel market where the exchange rate is sold unofficially, the naira exchanged for N1,660 to the dollar when compared to N1,215/$ according to Nairametrics tracking records. This represents a 26.8% depreciation.
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
Business
Warri refinery: Marketers hopeful of further petrol price drop
Warri refinery: Marketers hopeful of further petrol price drop
There was excitement on Monday as the Warri Refining and Petrochemical Company (WRPC) commenced partial production.
This is coming after nearly a decade of dormancy as the 125,000 barrels per day refinery was confirmed to be working at 60 per cent capacity, according to the Nigerian National Petroleum Company Limited (NNPCL).
The refinery, inactive since 2015 due to prolonged repairs, reportedly began refining activities last Saturday at its Area 1 plant, where crude oil was successfully pumped into the system.
This was coming about a month after the commencement of operations at the 60,000-barrel-per-day-old Port Harcourt Refinery.
The NNPCL Group Chief Executive Officer, Mele Kyari, announced the resumption of operation at the Warri Refinery during a tour of the facility on Monday.
Kyari was seen in a video posted by Channels TV addressing a tour team, which included the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed.
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Earlier, Kyari explained that the inspection aimed to show Nigerians the level of work completed so far.
He said though the repairs on the facility were not 100 per cent complete, operations had commenced.
He said, “We are taking you through our plant. This plant is running. Although it is not 100 per cent complete, we are still in the process. Many people think these things are not real. They think real things are not possible in this country. We want you to see that this is real.”
With the addition of Warri Refinery, Nigeria’s refining capacity has further increased with marketers anticipating a further reduction in price of premium motor spirit (PMS).
The 650,000-barrel Dangote Refinery has commenced production in addition to the Port Harcourt Refinery with a total capacity of 210,000 barrels per day (bpd) comprising 60,000 bpd for the old plant and 150,000 bpd for the new plant.
It’s good for business, prices may reduce – Marketers
Major Energy Marketers’ Association of Nigeria (MEMAN) and the Independent Marketers Association of Nigeria (IPMAN) welcomed the revival of the Warri refinery, saying it would deepen competition, diversify supply and ultimately resort to price reduction.
Executive Secretary of MEMAN, Clem Isong in a chat with our correspondent stated that the Warri Refinery is the shortest route to the North, describing its revival as good news.
“The market becomes more competitive and we are diversifying supply,” he said.
On whether it would lead to price reduction, he stated, “There are many factors that affect price, competition is always good and you can always get your product at the best price.”
National Public Relations Officer of IPMAN, Alhaji Olanrewaju Okanlawon in a chat with our correspondent said, “If there is excess supply, it will keep bringing down the price. We now run a free market and it is about demand and supply. It will continue bringing down the price. It will decongest Lagos.”
Energy expert, Dr. Ayodele Oni said the resumption of Warri Refinery would boost the local refining capacity in addition to enabling the country to sell to other neighbouring countries.
“We can refine more and even have some to sell. We now stop being hewers of wood and drawers of water. We add value to what we produce and can make/ do more with our base resources. This is very pleasant news,” he said.
Warri refinery: Marketers hopeful of further petrol price drop
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