Business
Abuja Chamber Advises FG To Build Modular Refineries
The Abuja Chamber of
Commerce and Industry (ACCI) has called on the Federal Government to build modular refineries to make petrol available and avoid further increase in the fuel price.
This is contained in a statement issued in Abuja by the President of the chamber, Mr Tony Ejinkeonye.
Ejinkeonye was reacting to speculations of further hike in price of petroleum products by the Federal Government.
But, Minister of State for Petroleum, Mr Ibe Kachikwu, had, while addressing journalists at the State House, Abuja, after meeting President Muhammed Buhari, refuted the report on planned price increase.
The report had been credited to former Group Managing Directors (GMDs) of the Nigerian National Petroleum Corporation (NNPC), who urged the Federal Government to increase fuel prices to ensure adequacy in supply of the products.
The former NNPC chiefs argued that the current price cap of N145 per litre of petrol was not congruent with the liberalisation policy.
They said the removal of the cap under a liberalised market environment would allow marketers of petroleum products to sell at a comfortable price based on the exchange rate and international crude price.
But Ejinkeonye said that ACCI “believes that it’s impossible not to have a price increase with the forex situation as it is, unless we are going back to subsidy of products’’.
According to him, the Federal Government should let Nigerians know where it is heading to on the issue of fuel. Government should face reality and not flip flop on decisions.
“It is better for Nigerians to understand where we have found ourselves and not to delay what we ultimately know must happen.
“Government should as a matter of urgency build modular refineries as we have advised for years instead of building more petrol stations,” he said.
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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