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May 2, 2024 Tragic Fuel Queue Altercation: Young Man Fatally Shot in Lagos

Tragic Fuel Queue Altercation: Young Man Fatally Shot in Lagos

A young man named Toheeb Eniasa was tragically shot and killed at a petrol station belonging to the Nigerian National Petroleum Company Limited in Obalende, Ikoyi, Lagos State, leading to grief within his family. The incident, which occurred late Wednesday, has left residents in the area shaken.

Eniasa was reportedly in a queue at the petrol station when an altercation arose with two men, believed to be military officers, who attempted to bypass the queue. Witnesses recounted that Eniasa confronted the men, insisting they join the queue like everyone else. The confrontation escalated into a physical altercation, resulting in Eniasa being shot by one of the men, who then fled the scene.

Fuel scarcity has plagued Nigeria in recent days, causing increased transport fares and long queues at filling stations. Eyewitnesses alleged that the officers involved were from the Department of State Services (DSS), based on their branded polo shirts. Residents described chaotic scenes at the petrol station, with vehicles being set on fire and people fleeing in fear. Efforts to reach the station's branch manager for comment were unsuccessful.

The state police public relations officer confirmed the incident, stating that Eniasa was killed and two vehicles were burnt. However, the identity of the shooter remains unknown as investigations continue. In response to the incident, a spokesperson for the DSS denied any involvement of their officers, urging further investigation to uncover the truth.

March 28, 2024 NNPCL Denies Reducing Petrol Pump Price

NNPCL Denies Reducing Petrol Pump Price

The Nigerian National Petroleum Company Limited (NNPCL) has denied that it has adjusted the price of premium motor spirit, also known as petrol.

This followed some reports stating the company had further hiked the fuel price.

In a statement, however, Chief Communications Officer of NNPCL, Olufemi Soneye, described the reports of a hike as false, urging Nigerians to disregard the rumors.

He reaffirmed the NNPCL’s commitment to sustaining current sufficiency in petroleum product supply across all its retail stations in the country.

The statement also denied any such hike in the price of automotive gas oil (diesel) at its retail stations nationwide.

The NNPCL also reaffirmed its commitment to sustaining the current sufficiency of petroleum product supply across all its retail stations in the country.

January 4, 2024 No Increase In Petrol Pump Price – NNPCL

No Increase In Petrol Pump Price – NNPCL

The Nigerian National Petroleum Company (NNPC) Limited has denied reports that it plans to increase the price of premium motor spirit petrol to 1,200 Naira per litre.

Reports emerged yesterday that NNPC will announce a new fuel price increase across the country, a situation that caused uproar on social media.

Reacting to the report, however, the NNPCL, in a statement signed by the Group Communications Officer, Olufemi Soneye, completely disassociated itself from such reports.

NNPCL noted that the company has no plans to increase the commodity's price, urging Nigerians to ignore statements otherwise.

Soneye also denied that the NNPC disputed an alleged subsidy on Premium Motor Spirit (PMS) with independent petrol marketers.

There were reports that fuel marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria clashed with the NNPC over whether the government was still paying subsidies.

January 3, 2024 NNPCL And Marketers In Dispute Over Subsidy As Operators Set Petrol Price At N1,200 Per Litre

NNPCL And Marketers In Dispute Over Subsidy As Operators Set Petrol Price At N1,200 Per Litre

The Nigerian National Petroleum Company Limited (NNPCL) and fuel marketers, represented by the Independent Petroleum Marketers Association of Nigeria, found themselves in another clash on Tuesday, this time regarding the removal of subsidies on petrol. This dispute unfolded amid the devaluation of the naira against the United States dollar in both the official Investors & Exporters Window and the parallel market.

On Tuesday, the official market saw the local currency close at 998/dollar, while the black market recorded a trading rate of 1,225/dollar. Economists and oil marketers argued that the subsidy on Premium Motor Spirit (PMS or petrol) was on the rise as the naira weakened. However, the NNPC contested these claims, asserting that it was recovering the full cost of importing petrol.

During a live televised program, Bismarck Rewane, the CEO of Financial Derivatives Company, clarified that the fuel subsidy had not been entirely removed but reduced. Meanwhile, oil marketers contended that with the depreciation of the naira and the cost of crude oil, petrol should be priced at N1,200 per liter in a free market.

Currently, the NNPCL, the exclusive importer of petrol into Nigeria, sells the commodity for prices ranging from N617/litre to N660/litre, depending on the purchase location within the country. Dr Muda Yusuf, the CEO of the Centre for the Promotion of Private Enterprise, acknowledged a partial subsidy on petrol, attributing it to political, social, and economic considerations by the government.

In response to these positions, the Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, dismissed them as assumptions, maintaining that the Federal Government had ceased subsidizing petrol. President Bola Tinubu, in his inaugural speech on May 29, 2023, declared the end of petrol subsidies, a move swiftly implemented by NNPCL the following day.

Before this declaration, the pump price of petrol was below N190/litre, but it skyrocketed to over N500/litre after the President's statement, further escalating to over N600/litre a few weeks later. When questioned about whether NNPCL subsidized petrol, the oil firm's CCCO emphasized their focus on substantive matters and reiterated that the government did not pay a subsidy on fuel, stating that they recover the full costs from their imported products.

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