Business
NEITI Blames Subsidy, Price Hike For Fuel Scarcity
The Nigeria Extractive Industries Transparency Initiatives (NEITI) has blamed the over three-week scarcity of Premium Motor Spirit (PMS), popularly called petrol, on the continued subsidy on PMS.
NEITI, an agency of the Federal Government, on Monday, explained that the solution to the country’s prolonged fuel crisis was to halt the subsidy regime as canvassed by stakeholders, including the Nigerian National Petroleum Company (NNPC) Limited.
It, however, stayed that the Federal Government had its reasons for retaining it the subsidy.
The Tide’s source gathered that this disclosure came after officials of the Independent Petroleum Marketers Association of Nigeria (IPMAN) said on Monday that the ex-depot price of petrol by private tank farm owners had risen to N180/litre, as against the approved ex-depot price for petrol of between N145 – N148/litre.
As the crisis in the downstream oil sector continues, queues for petrol by motorists in the few filling stations that had products, grew worse, with many fuel users spending several hours to buy PMS.
Commenting on the petrol crisis at a briefing in Abuja, the Executive Secretary, NEITI, Orji Ogbonnaya-Orji, described the current petrol scarcity as a symptom, while the main disease was the subsidy.
“At the moment, the NNPC and the Nigeria Midstream and Downstream Petroleum Regulatory Authority are seriously working hard to restore normalcy.
“I was in touch with the top management of the relevant organisations and I am aware of the amount of work and pressure that have gone into this. But let me say this, fuel scarcity is just a mere symptom, subsidy is the main disease.”
On the rise in ex-depot price of petrol, the National Public Relations Officer, IPMAN, Chief Ukadike Chinedu, said tank farm owners were currently dispensing the product at N180/litre.
He said this was why many filling stations were selling petrol at over N200/litre, higher than the approved N162 to N165/litre pump price.
“In our bid to serve our environment, we move further to source this product at the cost of N180/litre from private tank farms”, he said.
Moving forward, Ukadike said the National President of IPMAN, Debo Ahmed, had appealed to the Pipelines Product Marketing Company, a subsidiary of NNPC, to send products to its (PPMC) 21 inland depots.
He explained that this would enable IPMAN members to buy products at government-regulated rate. IPMAN operates about 90 per cent of filling stations across the country
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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