馃嚦馃嚞NigeriaWest Africa
Federal Government warns marketers against using old stock to justify high petrol prices
via Punch Nigeria7 min read
The Federal Government has cautioned petroleum marketers against maintaining high petrol prices by using profits from previously acquired expensive fuel inventories, insisting that consumers must benefit from lower replacement costs. This warning was issued during a stakeholders' meeting on cost-reflective pricing of Premium Motor Spirit PMS at the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA headquarters in Abuja. The Minister of State for Petroleum Resources Oil, Senator Heineken Lokpobiri, stated that temporary gains from inventories bought when crude oil prices were higher should not sustain elevated pump prices after global oil prices decline. He emphasized that as marketers replenish stocks at lower costs, these reductions should be reflected in ex-depot and retail petrol prices. Lokpobiri acknowledged that factors beyond crude prices, such as exchange rates and logistics, influence petrol pricing but urged marketers to differentiate between legitimate replacement costs and extraordinary gains from inventory management. He warned that artificially high energy costs could worsen inflationary pressures and undermine efforts to moderate the country's inflation rate. The minister directed the NMDPRA to intensify market surveillance and enforce pricing transparency. The Authority Chief Executive of the NMDPRA, Rabiu Umar, noted that the meeting aimed to address concerns about petrol pricing and ensure Nigerians benefit from improved global market c
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This summary was AI-generated from a story originally published by Punch Nigeria.
Disability rights organizations, including the Down Syndrome Foundation Nigeria and the Festus Fajemilo Foundation, have accused the Lagos State Government and public facility owners of failing to enforce accessibility laws. They stated that thousands of persons with disabilities are excluded from essential services despite legal provisions. These concerns were raised during a press conference marking the end of a statewide accessibility advocacy project. The groups warned that accessibility and disability inclusion would be key issues in their engagement with political leaders ahead of the 2027 general elections. Findings from the project revealed widespread non-compliance with accessibility standards in public infrastructure, transportation, and service delivery. Mrs. Rose Mordi, National President of the Down Syndrome Foundation Nigeria, emphasized that accessibility goes beyond ramps and must consider the unique requirements of every disability category. She noted that many Nigerians are unaware of provisions in the United Nations Convention on the Rights of Persons with Disabilities, the Discrimination Against Persons with Disabilities Prohibition Act, and the Lagos State Special People鈥檚 Law. Mr. Afolabi Fajemilo, Executive Director of the Festus Fajemilo Foundation, called for stricter enforcement and integration of accessibility from the planning stage of public projects. Mrs. Modinat Tijani, the project鈥檚 Technical Consultant, highlighted that accessibility includes
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