Consumers Paid Additional N76.5bn for Petrol in Three Months
A new report has shown that Nigerians paid additional N76.5 billion for petrol consumption in three months following the deregulation of the downstream sector in March this year.
Investigations have revealed that while petrol was sold at N123 per litre in April and June, it was N125 per litre in May.
However, it rose to N143 per litre, N149 per litre and N158 per litre in July, August and September, respectively. Since then, the pump price has been fluctuating in line with global oil prices.
But juxtaposing price differential with N125/litre paid in March using 1.02 billion litres monthly consumption rate quoted by the Nigerian National Petroleum Corporation (NNPC) for the month of July, consumers pay N18 extra in the month. This represents N18.36 billion.
Therefore, consumers paid extra N24.48bn and N33.66bn in August and September, respectively. Bringing the total additional amount paid by consumers in the three months ended September to N76.5 billion.
However, Billy Gillis-Harry, the National President, Petroleum Products Retail Outlets Owners Association of Nigeria, predicted that pump price would decline in October given drop in the price of crude oil.
He said, “But this will only be reflected at the pumps in filling stations when the PPPRA or PPMC comes up with a new ex-depot price for the month of October.”
Gillis-Harry said, “We will continue to insist that the arm-chair pattern of fixing prices is not correct. You saw the confusion it caused the last time. We are going to have a meeting with them (government) that will involve all the stakeholders.
“So hopefully by then we should be able to have the proper information to give to you on the latest in price. However, based on the slide in crude oil prices, there is the suspicion that petrol price may come down.”
IMF to Review Nigeria’s Growth Forecast Amid Destruction of Businesses, Properties
IMF Says it May Review Nigeria’s Growth Amid Recent Development in the Country
Following the destruction of businesses and properties that trailed the #EndSARS protest, the International Monetary Fund (IMF) has said it may review the nation’s growth forecast in view of the new development in the country.
Abebe Selassie, the Director, African Department, International Monetary Fund, made the statement while responding to questions during a virtual IMF press conference on the economic outlook of Sub-Saharan Africa on Thursday.
According to him, the protest is difficult given that Lagos is a very important economic hub and contributes to the overall Nigeria activities.
Selassie said, “On the growth projections in Nigeria, I mean, these protests happened of course, after we had closed, after the period where the data we looked at in making the growth projections for this economic outlook.
“And much will depend really on how these protests evolve.
“Lagos of course, is a very important economic hub and contributes quite a bit of economic activity to overall Nigeria activities.
“So, if these persist and are showing significant effects on economic data, we will internalise them in due course.”
He further explained that the nation’s economy had been a difficult one in the last four years ever since oil prices plunged in 2015-16.
He said, “I think this is exactly why we have been on the record in Nigeria about how really critical it is to get all of the policy induced barriers out of the way to facilitate stronger economic growth.
“For the government to do more to raise revenues through the area of non-oil resources to be able to invest in health education which would, you know, allow people to be more successful at getting jobs but also improve the economy’s potential.
“So, I think that development agenda that Nigeria has, I think, has to be tackled with gusto and vigor so that the millions of jobs that the country needs can be created.”
Oil Marketers Lose Millions as Hoodlums Set Petrol Tankers on Fire
Oil Tankers Burnt by Hoodlums as Marketers Lose Millions to Protest
Oil marketers lost millions of Naira to repeated attacks by hoodlums exploiting the #EndSARS protest.
The Independent Petroleum Marketers Association of Nigeria on Thursday said hoodlums have been attacking their trucks since they hijacked the protest earlier in the week.
The association said three petrol laden trucks were burnt again on Thursday in Warri, Delta State.
This came as the Board of Trustees of the Oil and Solid Mineral Producing Area Landlords Association of Nigerian urged protesters across the country to sheathe their swords as the destruction of oil assets and others had become alarming.
Chief Chinedu Ukadike, the Public Relations Officer, IPMAN, who spoke in Abuja said three petrol tankers with petroleum products estimated at about N90 million were set on fire on Thursday.
He said, “The protesters are burning our petrol trucks as we speak right now in Warri. They are burning three trucks. The cost or value of the content in those trucks is about N90m.
“That is outside the worth of the trucks that are being burnt. This is why we asked our tanker drivers to park or temporarily halt the movement of products.”
Ukadike said the association decided to halt the movement of petroleum products on Wednesday to avert a further disaster that could arise attack of oil tankers by angry protesters.
“That advise on the temporary halt of tankers movement was vital, particularly for volatile locations where protesters are highly aggressive. So that is what is happening now in Warri, the petrol trucks of oil marketers are being burnt,” he stated on Thursday.
LCCI Says FG Loses N700bn to #EndSARS Protest in 12 Days
Nigeria Loses Over N700 Billion to #EndSARS Protest in 12 Days
The Federal Government lost over N700 billion to the #EndSARS protest in twelve days, according to the Lagos Chamber of Commerce and Industry (LCCI).
Mrs. Toki Mabogunje, the President, LCCI, disclosed this while reviewing the economic implications of the just ended #EndSARS protest.
Mabogunje, who appreciated the value of citizens engagement and the demand for accountability which the protest represents, lamented the negative effect on the nation’s economy.
She said, “These are in consonance with democratic norms. They also form vital ingredients for good governance.
“LCCI is however concerned about the negative impact that the protracted nature of the EndSars protests has on business activities across the country.
“Over the past twelve days, economic activities have been crippled in most parts of the country and has been particularly profound in the urban areas.
“The Nigerian economy has suffered an estimated seven hundred billion naira (N700 billion) loss in the past twelve days.”
She further said the protest has reawakened the need to reform the shortcomings in the nation’s political governance, however added that to protect livelihoods of Nigerians, including business community, the protesters need to move to next stage of civic engagement.
“This is necessary to reduce the massive disruptions, blockades and barricades around our major cities and interstate highways. These actions have been at great cost to the economy and the welfare of Nigerian citizens. It should be noted that our economy is still reeling from the shocks of the Covid 19 Pandemic and struggling to recover from its devastating effects,” she added.
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