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IPMAN asks Nigerians to stop panic buying

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***backtracks, says members will sell PMS at N165 per litre

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has asked Nigerians to stop panic buying of the Premium Motor Spirit (PMS) as they will continue to sell the products at the government approved price of N165 per litre.
The association may have backpeddaled on its earlier declaration that it can no longer sell the Premium Motor Spirit (PMS) below N180 per litre as the N165 per litre was no longer feasible.
The National President Elder Chinedu Okoronkwo at a press conference in Abuja on Wednesday said the Statusquo ante must be maintained moving forward since the NNPC and the PPMC have responded positively by releasing products from their tank farms that can sustain the product needs of the country for 32 days
It would be recalled that the Lagos chapter of IPMAN through its secretary, Akeem Balogun on Monday announced it would no longer be able to sell petrol below N180.
They said the decision was taken because its members could no longer operate at a loss.
They said while the government had fixed N165 per litre as the pump price of petrol, the current realities in the market showed that the minimum the product should be retailed at the stations should be N180.
The group advised its members to sell petrol at a sustainable price within their environment.
However, the National President at the press conference in Abuja acknowledged the position of its members in Lagos saying,
“I told you the cost of doing business has changed and my members in Lagos before they did what they did, they called me and told me that they are now getting this product at N162 to N165 per lite with transportation another N8, aggregating to about N170 to N173, even the N10 which supposed to be our iwn has been eroded, what do we do?
“Now you know and I know that it is only NNPC that imports this product into Nigeria. Some of these tank farm owners who have gone to collect this product don’t blame them because cost of doing business has also changed.
“It became so difficult for them to sell at N148.17 but yesterday I want to tell you that NNPC and PPMC went to their tank farms and released products.
“That is why we are thanking them that with this product we can now access the product at N148.17
Statusquo ante must be maintained moving forward and from what they have told us they have products that can last us up to 32days.
“We must be happy with that knowing full well the challenges we have globally on Energy that is why we are thanking them.”
He said massive loading if the product is ongoing in Lagos adding that in a matter of days the long queues will fizzle out.
He thanked President Muhammadu Buhari for making available N4trillion budgetary provision for subsidy especially with the current global energy problems caused by the ongoing Russian-Ukrainian war.
He said they have engaged a consultant who will go into the books to determine exactly what the Association of Distributors and Transporters Of Petroleum Products (ADITOP) are being owed in terms of bridging claims.
According to Eldder Okoronkwo, to mitigate against persistent losses there is collection of N5000 product liability Insurance by the Down Stream regulatory Authority on behalf of IPMAN
He pleaded in a special way with the Downstream Regulatory Authority to make payments regarding Marketers product differentials and Bridging claims to enable their members continue to be in business as some have been owed such claims for upward of 6 months.
He called on all members to submit their claims and all documentations to the consultant, the Benham Group to review and reconcile the bridging claims
He expressed appreciation for the tremendous support from the NNPC, PPMC and ither government agencies who worked hard to stabilise and smoothen supply of products across the country

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Oil and gas

Governor Ododo Seeks Federal Collaboration to Boost Oil Exploration in Kogi State

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Usman Ododo and Heineken Lokpobiri

Kogi State Governor Ahmed Usman Ododo has called for enhanced cooperation between the state and the federal government to accelerate investment in oil exploration within Kogi State.

Governor Ododo made this appeal during a visit to Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), in Abuja on Thursday.
Special Adviser on Media to the Governor, Ismaila Isah quoted him to have reiterated his administration’s commitment to creating a favorable environment for investors, emphasizing the state’s readiness to work closely with the federal government.
He underscored the importance of fast-tracking oil exploration in Kogi in line with President Bola Ahmed Tinubu’s vision to expand exploration in Nigeria’s frontier basins.

Responding to the governor’s call, Senator Lokpobiri reaffirmed Kogi’s status as an oil-producing state and pledged the federal government’s commitment to attract investment to tap into the state’s vast oil resources. He highlighted the mandate of the Petroleum Industry Act (PIA), which tasks the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) with exploring frontier basins.
He assured that the government is ready to deploy funds for further exploration in Kogi.

Senator Lokpobiri also commended Governor Ododo for his leadership and strides in governance, noting that these efforts will be key in attracting and sustaining investment in the state.

Kogi State became the first oil-producing state in Northern Nigeria in 2022 following the federal government’s confirmation of oil discoveries in commercial quantities.

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We will soon unravel shady Issues in the Petroleum Sector, Senator Kawu vows

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Sumaila Kawu

As the newly appointed chairman of the Senate Committee on Petroleum Downstream, Senator Sumaila Kawu has promised to tackle the persistent lack of transparency in Nigeria’s petroleum industry, which he likens to a “cabal.”

Kawu was appointed as chairman of the Committee following the demise of Senator Ifeanyi Uba who represented Anambra South who held sway as the chairman of the committee

Speaking to newsmen on Wednesday at the National Assembly, Kawu detailed his plans to shed light on the sector’s operations and engage the public in meaningful dialogue.

With rising fuel prices impacting Nigerians daily, Kawu emphasized the urgent need for clarity and accountability within the industry. “Our first step will be to study the current situation and gather information from relevant agencies,” he stated.
He highlighted the importance of holding public hearings, which will allow citizens to voice their concerns and experiences directly.

Kawu’s committee will focus specifically on reviewing contracts awarded by previous administrations and overseeing the current contracts for refinery repairs.
By scrutinizing the agreements, Kawu targets to expose any irregularities and ensure that funds are being used effectively.
He remarked, “We need to ask the hard questions and hold a public hearing to allow Nigerians to express their views.”

In his commitment to transparency, Kawu detailed his plans to engage with stakeholders, including the Nigerian National Petroleum Corporation (NNPC) and refinery operators, to understand the barriers to efficient production and accountability.
According to him, the recent visits to the refineries have given course fir concerns about unmet production timelines, prompting a call for a more rigorous evaluation of the situation.

Kawu’s focus on transparency is not only about identifying issues but also about fostering a culture of openness within the sector.
He promise to use the committee to dismantle the “cabal-like” operations that have characterized the industry, ensuring that decision-making processes are accessible and understandable to the public.

Senator Kawu expressed determination to implement measures that will stabilize the petroleum sector and address the legitimate concerns of Nigerians.
By prioritizing transparency and public engagement, he expressed the hope to restore confidence in the management of Nigeria’s petroleum resources.

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Controversy trails Mele Kyari’s continued stay in office amid soaring fuel prices

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Mele Kyari

The ongoing fuel crisis in Nigeria, marked by skyrocketing prices and shortages, has triggered a wave of mixed reactions over the continued leadership of Mele Kyari, the Group Managing Director (GMD) and Chief Executive Officer of the Nigerian National Petroleum Corporation Limited (NNPCL).
Many Nigerians, alongside key industry stakeholders, are calling for accountability as the country’s oil and gas sector struggles under immense pressure.

Fuel prices have ballooned from N145.48 per liter in 2019 when Kyari assumed office, to nearly N1,000 per liter today, leaving the country in the grip of a cost-of-living crisis. This has led to widespread criticism of Kyari and the NNPCL, with some accusing the corporation of inefficiency and mismanagement that has further strained the already fragile economy.

Speaking in Abuja, Felix Osakwe, the 2023 presidential candidate of the National Rescue Movement (NRM), expressed deep disappointment with the state of the oil sector. He placed much of the blame on both Kyari and President Bola Tinubu, who also serves as the Minister of Petroleum.

“Engr. Mele Kyari should not be held solely responsible for the current crisis. The President, as the Minister of Petroleum, should also be accountable,” Osakwe said. “Kyari takes instructions directly from him, and they have failed to address the suffering of Nigerians due to the high cost of fuel.”

Osakwe further criticized the government for its lack of empathy, stating that the rising cost of transportation caused by escalating fuel prices has eroded the essence of democracy, making everyday life a struggle for Nigerians.

The call for Kyari’s removal has been echoed by lawmakers in the National Assembly.
A group, known as The Economy Rescue Group, led by Rep. Esosa Iyawe, has demanded Kyari’s resignation, citing the mismanagement of NNPCL as a primary cause of the sector’s decline. Iyawe emphasized that Kyari’s leadership has undermined President Tinubu’s administration and the promises of economic recovery under the “Renewed Hope Agenda.”

“We, the concerned lawmakers, believe that the mismanagement and failures of the NNPCL under Kyari have been disastrous for the country,” Iyawe said in a statement. “If he does not resign, we urge the President to suspend him to allow for a full investigation into the NNPCL’s activities.”

The lawmakers pointed to numerous issues plaguing the oil sector, including the distribution of adulterated fuel, indiscriminate licensing, and ongoing fuel scarcity despite Nigeria’s position as a major oil-producing nation.
They argue that the presence of cronyism within NNPCL and the use of middlemen for fuel trading have contributed to the crisis, demanding that Kyari’s management be thoroughly investigated.

Despite these growing calls for his resignation, Kyari has defenders. Rev. Olusegun Peters, National Chairman of the Democratic Peoples Congress (DPC), argued that Kyari should not be the scapegoat for Nigeria’s fuel crisis. Peters called for full deregulation of the oil sector, believing that more competition in the downstream sector would naturally drive prices down.

“Mele Kyari is not the real problem,” Peters said. “We need to open the oil and gas sector to competition. The more players we have, the better prices will become. No one man or entity should be allowed to dominate the supply of fuel.”

Peters also criticized the government for creating monopolistic conditions in the sector, suggesting that Kyari and the NNPCL are being unfairly blamed for deeper structural issues.

This controversy comes against a backdrop of significant challenges for Nigeria’s oil industry, including delayed refinery rehabilitation and allegations of corruption. Under Kyari’s leadership, the sector has been hit by accusations of inefficiency and mismanagement, leaving many to wonder if his continued tenure is sustainable in the face of public discontent.

As the pressure mounts, Nigerians continue to bear the brunt of the country’s fuel crisis, with hopes that swift and effective reforms will provide relief. The question remains whether the government will take decisive action to address the issues at the heart of the crisis, starting with the leadership of NNPCL.

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