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Business News

Here’s why IPMAN is reducing pump price of petrol

The national president of IPMAN Chinedu Okworonkwo, has announced there will be a reduction in petroleum pump price from next week.

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IPMAN, Nigeria 2019 elections, petrol price

The national president of Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Okworonkwo, has announced there will be a reduction in petroleum pump price from next week.

Okworonkwo stated that the petroleum marketers have agreed to reduce the cost of petroleum within the country to N140 from N145 per litre, a move the body hopes will diffuse the political tension within the country.

He made this know through a statement released on Sunday, which noted filling station across Nigeria will cut N5 from the current petroleum pump price between February 20 and February 25, 2019.

The motive behind the reduction

According to the statement by IPMAN, which was signed by the chairman of the association’s Kano chapter, Bashir Dan-Malam, the body approved the new price in a bid to motivate Nigerians to vote in the coming election.

Recall that the General election in Nigeria which was scheduled for February 16, 2019, was postponed on election day by the Independent National Electoral Commission, INEC, to February 23, 2019.

INEC had claimed damage to electoral documents by fire, late circulation of electoral materials to some States, among many other reasons. The postponement drew reactions from the two leading presidential candidates, President Muhammadu Buhari and former vice president, Atiku Abubakar.

President Buhari who is contesting on the platform of All Progressive Congress (APC), appealed for calm following INEC’s rescheduling of the Presidential and National Assembly elections.

While Atiku who is vying on the platform of the Peoples’ Democratic Party (PDP) stated that the postponement is obviously a case of the hand of Esau but the voice of Jacob, accusing the Buhari administration of planning to disenfranchise the Nigerian electorate.

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Now, IPMAN says the body hope the reduction in petrol price will calm the political tension and situation within the country.

“IPMAN was prompted to slash N5 from the N145 per litre official Petroleum pump price in a bid to motivate Nigerians to return to vote again on February 23,” the statement read.

“We urge all our members across Nigeria to immediately reduce the fuel pump price from N145 per litre to N140 per litre.

“This is because of the political situation that hit the country after INEC suddenly announced the postponement of presidential and National Assembly elections after Nigerians were fully prepared.

“We are all aware how Nigerians travelled to different parts of the country in order to exercise their civic duty; unfortunately, they heard a sad news of postponement of the polls.

“This made us deem it fit to reduce the pump price in order to ease their suffering, and to also motivate them to travel again to exercise their franchise on February 23.”

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Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Business News

BUA Group, French company announce progress in 200,000 bpd refinery project

This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.

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The BUA Group and Axens, a French-based petroleum technology company, have both signed a progress acknowledgement statement for the proposed BUA multi-billion-dollar integrated 200,000 barrels per day refinery in Akwa Ibom State.

This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.

BUA, while making the disclosure in a statement on Wednesday, April 14, 2021, said that the French President, Emmanuel Macron, commended its Chairman, Abdul Samad Rabiu, for his commitment to developing lasting relationships between French and Nigerian businesses.

READ: What the $1.5 billion Port Harcourt refinery deal means to us – Maire Tecnimont

The statement said that this came as the French Minister for Foreign Trade and Economic Attractiveness, Franck Riester, paid a visit to the BUA Group Headquarters in Lagos where he handed over a personal invitation from Macron to Rabiu to attend the Choose France Summit in June in Paris representing business leaders from Nigeria and Africa.

The French minister also witnessed the signing of a progress acknowledgement statement between BUA Group and Axens of France for the proposed refinery project, according to the statement.

The statement also said that during the visit, it was announced that the BUA chairman had been appointed Chairman of the France Nigeria Investment Club.

READ: FG reacts to reports of revoking 32 refinery licenses

Sigma Pensions

While thanking the minister and Macron for their unwavering support in bringing BUA and French businesses together, Rabiu said BUA had so far initiated partnerships and had developed personal relationships with a few French businesses, including Axens.

He expressed confidence in the quality of expertise and technical know-how of the French companies BUA had partnered with.

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Rabiu pointed out that the BUA refinery would reduce the huge cost of transporting Nigerian crude offshore, refining it and bringing it back into the country when fully operational.

READ: Abdulsamad Rabiu’s stake in BUA Cement has increased by N1.2 trillion in value since listing in 2020

He said that the choice of Akwa Ibom for the refinery was due to the huge availability of raw materials and its proximity to export petroleum products to regional countries.

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The President of Axens, Jean Sentenac, in his statement, said he was pleased that the project was advancing on schedule and expressed delight for the very good cooperation between all the involved parties, reiterating the commitment of Axens in delivering the BUA Refinery Project on time and with the highest standards.

READ: FG to open LPG distribution channels in all local governments

Bottom line

The completion and take-off of the refinery owned by the BUA Group would come as a huge boost for the Federal Government’s effort to stop the importation of refined petroleum products, ensuring that the country becomes a net exporter of these products.

This will also help to conserve the scarce foreign exchange as the completion and take-off of the Dangote refinery and other similar refinery projects will help ensure self-sufficiency in the country.

The BUA Group, just a few days ago, was listed as one of the companies with an active refinery license from the Department of Petroleum Resources (DPR).

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Coronavirus

Covid-19: Nigeria records over 1 million vaccinations

The NPHCDA has stated that it has vaccinated 1,043,737 persons, which is 51.9% of the targeted total proportion.

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Covid-19: First world nations oppose waiving intellectual rights for vaccine development

The National Primary Health Care Development Agency has disclosed that Nigeria, as of April 14th, 2021, had vaccinated 1,043,737 persons, which is 51.9% of the targeted total proportion.

The NPHCDA revealed this in a statement on Wednesday evening.

Kwara State leads in the vaccination percentage of target reached, at 110% with 30,708 vaccinations.

READ: Only 10 countries have administered 75% of all vaccinations – UN Secretary-General

Meanwhile, Lagos State has conducted the most vaccinations so far at 192,061 representing 75.7% of its percentage target reached so far.

The Federal Capital has vaccinated 40.1% of its target so far at 44,098 and Kogi State has conducted the least number of vaccinations at 5,568.

READ: Covid-19: Pope Francis set to get vaccinated, says its ethical

In case you missed it

Nairametrics reported earlier that the Nigerian government aimed to get 70 million Johnson and Johnson single-shot COVID-19 vaccines after the African Union recently announced a deal with the drugmaker for 400 million vaccine doses.

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