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No Hike In Fuel Price -PPPRA, NNPC

The Nigerian Petroleum Products Pricing Regulatory Agency (PPPRA) has on Thursday cleared air on the the speculations alleging increase in pump price of Premium Motor Spirit (PMS), also known as petrol after a publication on it’s website about pump price.
In a statement titled “Press Release on PMS Guiding Price” signed by its Executive Secretary, Abdulkadir Saidu denied that the agency has increased pump price of Petrol and noted that the posted guiding prices indicate market trends, not increase in pump price.
The statement reads:
“The attention of the Petroleum Products Pricing Regulatory Agency (PPPRA) has been drawn to speculations about the increased pump price of PMS.
The PPPRA by this release wishes to state clearly that the Guiding Prices posted on our website was only indicative of current market trends and do not translate to any increase in pump price of PMS.
However, publications by the media to this effect have been misconstrued and thus misleading.
The Agency wishes to remind the general public of the introduction of the Market Based Pricing Regime for PMS Regulation 2020 as gazetted by the Federal Government.
Based on this regulation, prices are expected to be determined by market realities in line with the dictates of market forces.
One of the conditions for the implementation of the Market-Based Pricing Regime for PMS Regulation 2020 is the monthly release of Guiding Price to reflect current market fundamentals.
The PPPRA in line with its mandate to maintain constant surveillance over all key indices relevant to pricing policy, monitors market trends on a daily basis to determine Guiding Prices.
The Agency is not unaware of the challenges with the supply of PMS due to some concerns leading NNPC to be the sole importer of PMS.
PPPRA is also mindful of the current discussion going on between the government and the Organised Labour on the deregulation policy.
While consultation with relevant stakeholders is ongoing, PPPRA does not fix or announce prices and therefore there is no price increase.
The current PMS price is being maintained while consultations are being concluded.
Even though market fundamentals for PMS in the past few months indicated upward price trends, the pump price has remained the same and we are currently monitoring the situation across retail outlets nationwide.
While assuring the public of adequate products supply as the average PMS DaySufficiency as of March 11, 2021 is over 35 days, the PPPRA pledges to continue to perform its statutory function in ensuring that the downstream sector remains vibrant as well as support both government and members of the public.”
In the same development, Nigerian National Petroleum Corporation NNPC has tweeted that there is no increase in the fuel price.

Oche Onu writes
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Goodbye Saint Obi, Goodbye Tomorrow

Popular Nollywood actor Obinna Nwafor, better known as Saint Obi is dead.
The actor, who was famous for his adventurous roles typical of the American actor James Bond died on Sunday May 7 2023. He was aged 57.
The Nollywood actor, whose body has been deposited at the Jos University Teaching Hospital, JUTH, died after a protracted illness.He was said to have died in the home of one of his siblings, where he had relocated to and was receiving treatment at JUTH.

According to reports the reason Saint Obi’s demise took so long to be made official was as a result of an alleged disagreement between the siblings

The Actors Guild of Nigeria are yet to make an official statement because it has not gotten full information from the family yet.The movie star came into prominence in his role in Zeb Eiro’s ‘Sakobi’ and was featured in over 250 movies. He is also well known for his roles in Candle Light, Goodbye Tomorrow, Heart of Gold, among others.

Saint Obi was born in Port Harcourt, Rivers State on November 16, 1965. The only son of his parents – he had eight sisters – he grew up in Jos, Plateau State where he had his primary, secondary and tertiary education.He attended Zang Secondary Commercial School and in 1991, graduated with a Bachelor’s Degree in Theatre Arts from the University of Jos.

He was married to Lydia Saint Nwafor and the marriage was blessed with many children.
Source: pmnews
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Angola is African’s Top Crude Oil Producer, Overtakes Nigeria

Angola has now emerged the topmost crude oil producer in Africa, upstaging Nigeria as the latter’s output level hits a new low.
The direct communication data in the April 2023 monthly oil market report (MOMR) of the Organization of Petroleum Exporting Countries (OPEC) shows that Angola recorded 1.06 million barrels per day (mbpd) crude production in April 2023.
Despite initial optimism, Nigeria’s oil output dropped 23 per cent, month-on-month, MoM, to 999,999 barrels per day, bpd, in April 2023, from 1.3 million bpd in the preceding month of March 2023.
Also, on year-on-year, YoY, Nigeria’s output level indicated a drop of 16.7 per cent to 999,999 bpd in April 2023, from 1.2 million bpd recorded in the corresponding period of 2022.
After a steady decline to about 1.1 mbpd in the second half of 2022, due majorly, to oil theft, Nigeria’s oil output began to recover after a nationwide outcry in the fourth quarter of 2022 hovering at 1.3 million bpd in the first quarter of 2023.
At less than 1.0mbpd, this is the lowest production rate Nigeria has recorded in the year 2023 while Angola’s output shows steady increases.
The OPEC figure is close to that of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the regulatory authority in Nigeria’s petroleum industry, which shows that Nigeria produced 998,602 barrels per day during the period.
The OPEC report further stated that total OPEC-13 crude oil production averaged 28.60 million barrels per day in April 2023, lower by 191,000 barrels per day, month-on-month. Overall, the report showed that crude oil output increased mainly in Saudi Arabia, Angola and Iran, while production in Iraq and Nigeria declined.
OPEC noted in the MOMR that Nigeria’s economy faced challenges in gaining momentum in the first quarter of 2023, with business activity and consumer spending remaining subdued, in addition to high input-cost inflation and lower employment levels compared with 2022.
Source: All Africa
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FCT Residents Sue For Extension of Buhari’s Tenure

As legal tussles continue over the declaration of Bola Ahmed Tinubu as Nigeria’s President-elect, some residents of the Federal Capital Territory, FCT, have asked the Abuja Federal High Court to extend President Muhammadu Buhari’s tenure and stop Tinubu’s inauguration over failure to secure 25 per cent votes in the nation’s capital.
In a suit marked: FHC/ABJ/CS/578/2023, the plaintiffs applied for an order, restraining “the Chief Justice of Nigeria, Justice Olukayode Ariwoola, other judicial officer and any authority from swearing in any candidate as President or Vice-President of the Federal Republic of Nigeria, until it is judicially determined in accordance with the provisions of the Constitution that such candidate has fulfilled the requirement of Section 134(2) (b) of the Constitution.”
According to the suit, “the plaintiffs and other FCT residents have a legal interest and constitutional rights to be heard on the question of whether a President elect must secure at least 25 per cent of votes cast, on the first ballot, in the FCT, Abuja.
“Among other prayers, FCT residents want the court to extend the tenure of President Buhari until the controversies surrounding his successor in the 2023 general election is determined.
“A declaration that no state of the country is at the same time the FCT for any purpose whatsoever, including, in particular, under section 134 (2) (b) of the Constitution.
“A declaration that no candidate in the February 25th presidential election may validly be declared elected President and Commander in Chief of the Armed Forces of Nigeria without obtaining at least 25% of the votes cast in the FCT, Abuja.
“A declaration that following the February 25 presidential election and until a successor is determined in accordance with the provisions of the Constitution and sworn in, the term of office of his Excellency, Muhammadu Buhari, GCON, as President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria subsists and endures in accordance with the provisions of section 135 (1) (a) of the Constitution.”
Also, “An order setting aside any declaration and issuance of a Certificate of Return to any candidate in the February 25 presidential election in the country as having been elected, save and except it is judicially determined with finality that such candidate fulfilled the conditions stated in section 134(2) (b) of the Nigeria Constitution.”
The CJN and Attorney General of the Federation were cited in the suit as 1st and 2nd defendants.
Source: Daily Post
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