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Petrol pump price may drop in October – PETROAN

The arm-chair pattern of fixing prices is not correct.

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Petrol pump price may drop in October - PETROAN

The pump price of petrol may drop marginally in October. This is expected to be determined by the recent fall in global crude oil prices.

This was disclosed by National President, Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, according to Punch.

READ: Nigerians bypassing bank transfers with crypto

According to the group, once the cost of petrol has been largely determined by the price of crude oil, the recent marginal plunge in crude oil cost could lead to a drop in the price of petrol in Nigeria.

READ: Petrol supply drops by 21%, NNPC gives reasons for high production cost

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Global oil prices go south

Brent, the global benchmark against which Nigeria’s crude oil is priced, dropped in price by $1.66 or 4.06% as at 13.20 pm Central Standard Time.

The commodity (Brent) traded at $39.27 per barrel at the same time, while the cost of crude in the OPEC Basket was put at $39.94 per barrel.

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READ: Foreign investment inflow into banking sector falls by 95% in Q2 2020

Crude oil in the OPEC basket also dipped by $1.77, when compared with the price it traded on the previous day.

PETROAN’s call

According to the Oil marketers, especially members of PETROAN, they would continue to call for enlarged stakeholders meeting in determining the price of petrol across the country.

READ: CBN grants Greenwich Trust Limited operational license for merchant banking

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Gillis-Harry said, “We will continue to insist that the arm-chair pattern of fixing prices is not correct. You saw the confusion it caused the last time. We are going to have a meeting with them (government) that will involve all the stakeholders. So, hopefully by then, we should be able to have the proper information to give to you on the latest in price.”

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In all, if the slide in crude oil prices persists, he is optimistic that the price of petrol may come down.

 

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference. The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Business

#EndSARS: Our website was never hacked – Lagos State Govt.

The Lagos State Government has denied claims that its website was hacked.

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Lagos, Sanwo-Olu, Businesses that must remain closed after May 4

The Lagos State Government has denied claims made in a viral news publication on Thursday, 22nd of October 2020, that the website of the Lagos State Government was hacked and tasked the public to shun such fake news.

This was disclosed in a statement by the Honorable Commissioner, Ministry of Science and Technology, Mr. Hakeem P. Fahm via the official Twitter handle of the Lagos State Government.

The statement reads:

“The attention of the Lagos State Government has been drawn to a publication on Thursday, 22nd of October 2020, claiming that the Lagos State Government website was hacked.

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“I wish to clear the air on the issue. This information is not true. Our website was never hacked, for the avoidance of doubt, I hereby confirm that the Lagos State website is up and running perfectly.”

Mr. Fahm tasks members of the public to always verify issues and get their facts and figures right before dissemination, as the flow of misinformation on social media and other channels over the past few days have been alarming, and put the security of residents at immense risk.

He reassured Lagosians of the present administration’s dedication and commitment to the safety of lives and property of its citizens and that of the State.

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Business

Update: Suspected hoodlums looting Palms Mall, Shoprite in Ilorin

Hoodlums have invaded Palms Mall and Shoprite in Ilorin, looting stores and carting away items.

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Some suspected hoodlums are allegedly looting the Palms Mall on Fate road, Ilorin, Kwara State capital. The mall hosts stores of Shoprite, and Lifemate Furniture among other stores including Mobile phones retailers.

This was revealed by findings conducted by a Nairametrics analyst who is presently in Ilorin.

He said, “They allegedly stole iPhone 11 mobile sets, other mobile sets brands, Refrigerators, and households items among others.”

According to the analyst, the suspected hoodlums forced their way into the Mall after they have stormed and allegedly looted Kwara Agro Hall, an agro resettlement centre, where they carted away Aluminium roofing sheets, mattresses, bags of cement and bags of flour among others.

Back story: Similarly, similar incidents had occured in Lagos when suspected hoodlums looted at Shoprite Malls across Surulere, Sangotedo.

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According to reports, suspected thugs from Orile have invaded the mall and the neighbourhoods.

The alleged looters were seen with a cartload of goods on the streets along Ajah Road.

An eyewitness account also submitted that the hoodlums were looting shops around Bode Thomas and Adeniran Ogunsanya.

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Business

#EndSARS: President Buhari reaffirms commitment to protecting the rights of all citizens

President Buhari has reassured that the rights of all citizens will be protected.

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How Federal Government plans to increase VAT to 7.2% affects you

President Muhammadu Buhari has restated his commitment to improving good governance and ensuring that the rights of all citizens are protected, in a bid to preserving the unity of Nigeria. He made this known during a virtual meeting with all living former Heads of State and Presidents of Nigeria.

According to a statement by the Presidency via its official Twitter handle, the meeting was well attended by former Presidents Olusegun Obasanjo, Goodluck Jonathan,  Chief Ernest Shonekan; former Heads of State, Gen. Yakubu Gowon, Gen. Ibrahim Babangida, and Gen. Abdulsalami Abubakar.

The meeting comes less than 24 hours after President Buhari’s state of the nation address, where he called for an end to the #EndSARS protests as their voices have been heard.

Backstory

Nairametrics had earlier reported that President Buhari would be presiding over a National Security Council meeting with former Heads of State and Presidents.

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According to the information contained in the tweets, President Buhari stressed that his administration will continue to improve good governance through the defined democratic process and sustained engagement.

During the meeting, the President recounted the initial concessions made by his administration on the demands of youths protesting against the excesses of some SARS members.

Buhari said that all the demands are accepted and that he has proceeded immediately to scrap SARS and commence the process of addressing the other demands made.

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