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FG, Oil Marketers Bicker Over Petrol Pricing Regime
FG, Oil Marketers Bicker Over Petrol Pricing Regime
Efforts by the Federal Government to tinker with the petrol pricing regime by option for pricing modulation may trigger a new crisis in the downstream sector as major oil marketers believe full price liberalization of the subsector have better benefits to the economy if adopted.
The oil marketers, under the aegis of Major Marketers Association of Nigeria (MOMAN), called for Premium Motor Spirit (PMS) commonly known as petrol full ‘price liberalisation’ in the downstream sub-sector against the government’s preference for ‘price modulation’.
The MOMAN’s Chairman, Mr. Tunji Oyebanji, in a statement, insisted that only full price deregulation will bring about long term stability in the downstream sector.
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Oyebanji said it had become necessary for the major oil marketers to state their position in view of the comments credited to the Minister of State for Petroleum Resources, Chief Timipre Sylva that government would implement a policy of ‘price modulation’ in the subsector.
The MOMAN chief stated that this implied that government would give effect to existing legislation enabling it to set prices in line with market realities through the Petroleum Products Pricing Regulatory Agency (PPPRA) as provided in its Act.
Oyebanji explained that the clear and obvious risk of the policy stance was that the country had never been able to increase pump prices under this law, leading to high and unsustainable subsidies and depriving other key sectors of the economy of necessary funds.
He clarified: “Our current situation laid bare by the challenges of coronavirus to the health of our citizens in particular and economy of our country in general, demands that we are honest with ourselves at this time.
A fundamental and radical change in legislation is necessary”, he said.
“When crude oil prices go up, government has always been unable to increase pump prices for socio-political reasons leading to these high subsidies and we believe the only solution is to remove the power of the government to determine fuel pump prices altogether by law”, the marketer stressed.
According to Oyebanji, purchase costs and open market sales prices should not be fixed but monitored against anticompetitive and antitrust abuses by the already established competition commission and subject to its clearly stated rules and regulations.
“The problem here is that government has retained for itself by law the power and the responsibility to fix pump prices of PMS which is what puts it under so much pressure and costs the country so much in terms of under-recoveries or subsidies when it cannot increase prices when necessary to do so.
It makes sense to relieve itself of this obligation now when crude prices are low and resort to influencing prices using the same tools it does for any other commodity or item on the market.
“We want the market to determine the price. There should be a level playing field. Everybody should have access to foreign exchange to be able to import and sell petrol at a pump price taking its landing and distribution costs into consideration.”
“We support the pronouncement of the NNPC GMD, Mallam Mele Kyari which said subsidy or under recovery must be things of the past,” Oyebanji added.
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Author: Titus Omajali
The Nigeria Customs Service (NCS) announced on Thursday, 12 September 2024, that it will partner with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to boost trade, encourage local production and ease Cross-border trade.
The Comptroller-General of Customs (CGC), Adewale Adeniyi, made this known when he received the Director-General (DG) and Chief Executive Officer (CEO) of SMEDAN, Charles Oidi, and his team at the NCS Headquarters in Abuja.
The CGC stated that a dedicated SMEDAN team will be established at the NCS office to provide specialized assistance and facilitate seamless processes for small and medium-sized businesses engaged in cross-border trade. “The population of SMEs cannot be ignored. Whatever you do with them, you do it to strengthen the economy of the nation,” he said
Responding, the DG/CEO of SMEDAN, Charles Oidi, commended the CGC for his commitment to SME development and pledged to continue facilitating productive interactions between government agencies and the SME ecosystem. “SMEDAN remains dedicated to identifying bottlenecks, designing inclusive solutions, and implementing effective strategies to support the growth of SMEs in Nigeria,” he stated.
By Femi Anamelechi
Comptroller Babatunde Olomu in charge of the Nigeria Customs Service, Apapa Area Command has announced an all time highest revenue collection of N1.5 trillion from January to September 2024.
The Customs Area Controller (CAC) made the announcement during a parade at the command on Wednesday, 11 September 2024.
He said the outstanding fit was made possible because of the meticulous documentation and professional discipline by officers and men of the Apapa Customs Area Command.
He praised the officers’ for their resilience, commitment and professionalism, while also charging them to do more. “We must surpass this achievement. We cannot afford to relax.”
The CAC assured that the service will continue to reward diligence, commitment and dedication to duty by officers.
Speaking shortly after the parade, Comptroller Olomu reiterated that the command’s outstanding performance in revenue generation was a result of the motivation and rewards system introduced by the command for officers who performed creditably.
“The excellent revenue generation of officers we recorded is as a result of blockage of all revenue generating leakage and proper documentation of payments by officers who were adequately motivated”, he stated.
He therefore, admonished officers in different categories to always strive for excellence in carrying out their statutory duties.
The CAC expressed the appreciation of Apapa Area Command to the Comptroller General of Customs (CGC) Adewale Adeniyi and his management team for leading by example.
…As Comptroller Awe Reaffirms CGC’s Dedication to Recognition
Author: Abass Quadri
Comptroller Michael Awe, in charge of the Murtala Muhammed International Airport Cargo (MMIAC) Command, has recognised four officers for their excellent performance in executing their duties.
The officers were honoured during a parade at the Command on Wednesday, 11 September 2024.
Addressing the Officers and men of the Command, the CAC stated that the recognition, which will be done monthly or quarterly, is part of the CGC’s commitment to rewarding hardworking officers.
“There are four officers here, each representing one month from May to August 2024, who will be given letters of recognition today. The letters have reached the Office of the Zonal Coordinator, and he will send them to headquarters,” the CAC said.
Regarding the Command’s revenue generation efforts, Comptroller Awe noted that more than N16 billion has been collected so far. He appreciated the senior officers for their support, acknowledging that this success could not have been achieved alone.
The recognised officers include CSC Itinu Jimoh, CSC Moses Aboki, SC Jidda Aliyu, and IC Sanni Mohammed.
The officers expressed their excitement and gratitude to the CAC for recognising their efforts.
According to CSC Aboki, “The CAC has assured us that we do not need to harbour any fears. Henceforth, we will conduct more thorough examinations, as it is through this that we can detect illicit or underpaid items.”
The parade concluded with a free eye test provided by Poise Eye Care Limited.
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