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Petroleum Marketers Warn Fuel Price May Hit N195

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Bayelsa Orders Fuel Stations Not To Sell Petrol Above N230

Nigerians should expect a higher petrol pump price soon, members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), have warned.

They decried what they considered “inconsistencies” on the part of the Federal Government, Nigerian National Petroleum Corporation and its subsidiary, the Pipeline and Products Marketing Company (PPMC) on deregulation policy.

NNPC had last week ruled out immediate an price rise until a scheduled meeting between the Federal Government and labour unions at the end of the month. But IPMAN members have revealed that petrol may sell between N190 and N195 soon.

They said despite the NNPC’s assurance of product availability, independent marketers could not access the product from NNPC depots forcing them to rely on independent depot owners for supplies.

After a meeting in Abuja at the weekend, the Chief Executive Officer of Kankada Oil and Gas Nigeria Limited, Danasabe Kakanda, accused the government of giving the private depot owners edge over independent marketers.

READ ALSO: Seven Feared Killed In Military Aircraft Crash

He told reporters that independent marketers were always left at the mercies of private depot owners from whom they rely on supplies even though they also own filling stations and compete with the marketers.

He said: “With the inconsistencies of government, Nigerians should expect the price of fuel to be between N190 and N195”.

The Chief Executive Officer of Foste Nigeria Limited, Chief Austin Erhabor, urged the Minister of Petroleum Resources, Chief Timipre Sylva through the NNPC to come out clear to explain to Nigerians whether they have deregulated the petroleum supply chain or not.

“It is time for them to separate politics from economics. Our business is dying. How can you be talking about deregulation and you are mentioning official pump price”, he queried.

Erhabor exonerated petroleum marketers from the uncertainty in the supply chain, saying the sector is suffering from confusing government policies.

“These private depot owners were not supposed to own filling stations. They were supposed to be in the middle between NNPC and the independent marketers. Is it fair for somebody that I am buying from, my competitor, I buy from you, you come and build a station close to me, and you are the one that is supplying me, how can I sell?

Because if you want me to die off the business, all you need to do is to supply to the level you are selling to me in your depots”, he added.

He accused private depot owners of systematically edging the independent marketers out of business by hoarding petroleum products to ensure that only their filling stations are loaded first.

“As we speak most of us have paid money to these depots without getting the product. And before your eyes, they are loading up their own trucks. These private depots are known”, he said.

On his part, former National Publicity Secretary of IPMAN, Dr Emma Ihedigbo, also said the oil marketers were no longer happy about what government agencies were doing with the petrol supply chain.

“What we are saying in effect is that we are crying out that, PPMC wants to strangulate IPMAN members and all the businessmen dealing in petroleum products and we are no longer happy about it. And if nothing is done, we will come out and tell the world what is going on”, he said.

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Nigeria’s Headline Inflation Rises To 21.9%

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Nigeria's Headline Inflation Rises To 21.9%

Nigeria‘s headline inflation has risen to 21.09 per cent according to the Consumer Price Index (CPI) report for the month of October.

The CPI report which was released on Tuesday by the National Bureau of Statistics (NBS) said that there was an increase of 0.32 per cent from the 20.77 per cent recorded in September.

The data suggests that the headline inflation rate climbed by 5.09 per cent in October 2022 as compared to the same month the year before (October 2021).

“In October 2022, on a year–on–year basis, the headline inflation rate was 21.09%. This was 5.09% points higher compared to the rate recorded in October 2021, which was 15.99%.

READ ALSO:  Nigeria’s Inflation Rises Over 18 Per Cent

“This shows that the general price level for the headline inflation rate increased in October 2022 when compared to the same month in the preceding year (i.e., October 2021) by 5.09%,” the report read.

The report added that “On a month-on-month basis, the headline inflation rate for October 2022 was 1.24%, this was 0.11 % lower than the rate recorded in September 2022 (1.36%).

“The percentage change in the average CPI for the twelve months ending October 2022 over the average of the CPI for the previous twelve months period was 17.86 percent, showing a 0.91 percent increase compared to the 16.96 percent recorded in October 2021.”

The year-on-year food inflation rate in October 2022 was 23.72 per cent, an increase from the previous month’s rate of 23.34 per cent.

“On a month-on-month basis, the food inflation rate in October was 1.23%, this was a 0.21% decline compared to the rate recorded in September 2022 (1.43%).

“This decline was attributed to the reduction in prices of some food items like tubers, palm oil, maize, beans, and vegetables,” the report further stated.

 

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N52b Cash Deposited In Banks Over Naira Re-design Policy

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N52b Cash Deposited In Banks Over Naira Re-design Policy

About N52 billion cash has been deposited in banks barely two weeks after the announcement of plans by the Central Bank of Nigeria (CBN) to redesign some naira notes.

There were indications that the deposit sum may increase in the next few days because it is suspected that about N3 trillion cash was in circulation at the time the apex bank announced the policy.

The CBN claimed that some of the identified depositors were politicians, bureau de change operators, businessmen, real estate financiers, and traders.

It was also learnt that the Economic and Financial Crimes Commission (EFCC) and other security agencies have directed banks to keep records of depositors, including institutions.

 READ ALSO: I’m Fully Behind CBN Governor On Redesigning Naira Notes – Buhari

The screening of high-profile depositors, especially currency hoarders and money launderers, may begin soon.

There was the fear that the redesigning of some naira notes may affect cash haul during the ongoing 2023 campaign.

According to a reliable source, who was armed with facts and figures, security and intelligence agencies have confirmed huge cash deposits of N52 billion in banks in less than two weeks.

The source said some representatives of one of the agencies appeared before a Senate Committee on Tuesday in Abuja behind the curtains.

The source said: “As the cash was being taken to banks, we were getting the details of all the depositors and in some cases, we could trace the sources.

“As of Tuesday, over N52billion cash has been deposited in various banks. Some of the deposits have been traced to some politicians, bureau de change operators, suspected money launderers, middlemen, drug barons, businessmen and traders.

“All the banks have been directed by the EFCC and other anti-graft agencies to keep records of cash depositors and their KYC. They are also mandated to make the list available when required.
“With this directive, it will be easier to uncover currency hoarders, speculators and those sabotaging the nation’s economy.”

Responding to a question, the source said: “Some politicians, governors and suspected fronts of Politically Exposed Persons (PEPs) have been on the radar of some anti-graft agencies.

“Some state governments cannot pay salaries because the corrupt table payment system they have adopted is not practicable with the CBN directive.

“Apart from redesigning the notes, the CBN is also complementing the anti-graft agenda of the administration of President Muhammadu Buhari.

READ ALSO: Redesigning Of Naira May Not Hold As Finance Minister Disagrees With Emefiele

“Nigerians have virtually abandoned the cashless economic policy for cash transactions.

“We may be on our way to addressing basic issues compounding our anti-corruption campaign as a nation.”

On October 26, the CBN announced its decision to redesign the naira.
It cited significant hoarding of banknotes, worsening shortage of clean and fit banknotes, and increasing ease and risk of counterfeiting.

It added that over 85 per cent of the currency in circulation is outside the vaults of commercial banks.

CBN said as of the end of September, N2.73trillion out of the N3.23 trillion currencies in circulation was outside the vaults of commercial banks and supposedly held by the public.

 

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Lagos To Spend N1.6 Trillion Next Year

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Lagos To Spend N1.6 Trillion Next Year

The Lagos State government plans to spend N1.692 trillion next year.

The state governor,  Babajide Sanwo-Olu, presented the estimated N1.692 trillion budget estimates for the 2023 to the House of Assembly.

The ‘Budget of Continuity’ comprises revenue of N1.342 billion and deficit financing of N350,000 billion.

READ ALSO: Why We Aren’t Surprised By Wike’s Endorsement Of Sanwo-Olu – Jandor

This further comprises total Internally Generated Revenue (IGR) of N1.108 billion and federal transfers of N234 billion.

The estimate also proposes a recurrent expenditure of N759 billion and Capital expenditure of N670 billion.

 

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