Breaking News
Breaking: Why Fuel Pump Price Rose To N617/Litre — NNPCL
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has attributed the rise in petrol pump prices in Nigeria to market forces.
This follows a recent price increase from N540 to N617 per litre, which he said reflects the dynamics of a market-regulated pricing model.
Addressing journalists after a closed-door meeting with Vice President Kashim Shettima at the State House, Abuja, Kyari said, “They are just prices depending on the market realities. This is the meaning of making sure that the market regulates itself. Prices will go up and sometimes they will come down also.”
However, he debunked notions that the price increase is due to a shortfall in petrol supply.
“No, there is no supply issue. It is not a supply issue.
“When you go to the market, you buy the product, you come to the market and sell it at its prevailing market price. It has nothing to do with supply. We don’t have supply issues.
“We have a robust supply. We’ve had over 32 days of supply in the country. That’s not a problem,” he explained.
His comments came after several NNPCL-operated stations increased the petrol pump price from N537/litre to N617/litre in Abuja.
On his part, the CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, attributed the price hike to global crude oil prices increase.
He also mentioned that changes in freight costs and other miscellaneous expenses that importers encounter during distribution contribute to price changes.
Ahmed said, “Basically, what we’re seeing is the effect of market forces. You can see that crude oil prices have been on the rise. Just a week ago, crude oil prices hovered around $70 per barrel, but now it’s surpassed $80 per barrel. So naturally, these prices also influence the cost of the product.”
Tuesday’s development was confirmed by independent oil marketers, who noted that price changes by NNPCL typically indicate a rise in the pump price of petrol, given that NNPCL remains the primary petrol importer in Nigeria.
“This is because NNPCL is still the major importer of petrol into Nigeria currently, though other marketers are gradually importing the commodity.
“The price this (Tuesday) morning at some NNPCL stations is N617/litre,” the Secretary of the Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja, Mohammed Shuaibu, told The PUNCH.
In his inaugural address on May 29, President Bola Tinubu announced the discontinuance of subsidy on petrol, a development which led to a jump in the price of the commodity from N198/litre to over N500/litre on May 30, 2023.
Iranian President Ebrahim Raisi has been confirmed dead in a horror helicopter crash that took place Sunday.
President Ebrahim Raisi and foreign minister Hossein Amirabdollahian were killed after their helicopter crashed in the mountainous region of East Azerbaijan province.
The whereabouts of the crash had been unknown until a search party was able to confirm the passing of the president and the helicopter’s crash site. The crash was met with more than 20 rescue teams that scoured the area. Raisi, who was 63 years old, was elected Iran’s president in 2021.
BREAKING: Iran's President and Foreign Minister have died in helicopter crash
— The Spectator Index (@spectatorindex) May 20, 2024
Now, the confirmation has arrived after the helicopter was forced down in East Azerbaijan Province. The situation was met with more than 20 emergency rescue teams and various drones to search the area for his remains. Foggy conditions prolonged the search.
The two Iranian officials were joined by a selection of dignitaries, according to reports. Moreover, the helicopter was transporting the group from the opening ceremony for a new dam on the country’s Azerbaijani border. Reports say that the helicopter “crashed upon landing in the Varzaqan region” on Sunday.
The aircraft’s hard landing issued an immediate response from Iran’s Red Crescent Relief Forces and various law enforcement agencies. Conversley, the crashed helicopter was a part of a three-craft convoy. The reports note that the two other aircraft arrived at their destination safely.
A helicopter carrying Iranian President Ebrahim Raisi has been involved in an incident while he was visiting neighboring Azerbaijan, Iran’s semi-official Tasnim news agency reported on X on Sunday.
“Some of the president’s companions on this helicopter were able to communicate with Central Headquarters, raising hopes that the incident could have ended without casualties,” it added. It is unclear what the exact status is of Raisi’s helicopter.
The helicopter was part of a convoy of three helicopters. Two of those helicopters were carrying ministers and officials who arrived at their destination safely, according to Tasnim.
“Seyyed Mohammad-Ali Al-Hashem, Tabriz’s Friday Prayer Imam, and Foreign Minister Hossein Amirabdollahian were also reportedly on the helicopter with the president,” Tasnim said on X.
This is a developing story and will be updated.
⚡️BREAKING
One of the helicopters carrying President Raisi is believed to have crashed
It is not yet known whether the President was on board the helicopter pic.twitter.com/3dgGojQESa
— Iran Observer (@IranObserver0) May 19, 2024
⚡️BREAKING
IRNA confirmed that President Raisi was on board the helicopter and that rescue teams had yet to determine the location of the accident due to poor weather conditions. pic.twitter.com/F41hoTlZZQ
— Iran Observer (@IranObserver0) May 19, 2024
⚡️BREAKING
Fars News reports that contact with the helicopter transporting the Iranian president has been lost. pic.twitter.com/3r1HLs9Huj
— Iran Observer (@IranObserver0) May 19, 2024
President Raisi travelled to northern Iran today to inaugurate a dam together with the President of Azerbaijan
The area can be extremely foggy and the weather conditions are not always suitable for helicopters pic.twitter.com/QZAPIYzL0G
— Iran Observer (@IranObserver0) May 19, 2024
A truck has rammed into a Lagos State BRT bus at Ibafo bus-stop along the Lagos Ibadan Expressway.
Newsmen who went to the scene gathered that the accident occurred around some minutes to 6am on Saturday.
Officials of the Federal Road Safety Corps and Police on response call at the accident scene insisted that only their Public Relations Officers were authorised to speak.
However, unconfirmed reports from onlookers noted that several people on the BRT bus were injured.
Onlookers accounts noted that the BRT was parked loading its passengers at the bus stop before the truck loaded with cows heading to Lagos rammed into it, taking it off the road to destroy shops and kiosks by the roadside.
The cow truck had been towed a little away from the scene so as not to hinder traffic.
Details later
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