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FG to review fuel price : Kahickwu.

ABUJA—The Federal Government, weekend, said
it would undertake a review of the pricing
template for Premium Motor Spirit, PMS, also
known as petrol, to forestall a further increase
in the price of the commodity.
Minister of State for Petroleum Resources, Dr.
Ibe Kachikwu, stated this during a grand award
ceremony organised by the Petroleum Products
Pricing Regulatory Agency, PPPRA, branch of
Petroleum and Natural Gas Senior Staff
Association of Nigeria, PENGASSAN in Abuja.
Meanwhile the Senate Committee on Petroleum
(Upstream), has asked the Department of
Petroleum Resources, DPR, to henceforth,
prepare and forward to it, the daily product
records of oil and gas in the country.
The committee said the record of daily crude oil
production must be submitted to the Senate
every month. This will include petroleum
industry activities, data on seismic activities,
crude oil production, liftings, allocations, exports
by destination, receipts, gas production,
utilization, sales, transmission and exports.
Chairman of the committee, Senator Tayo
Alasoadura, who led members of the committee
to the headquarters of the Department of
Petroleum Resources, DPR, in Lagos on oversight
responsibility, said the development would
afford the Red Chamber the opportunity to have
deeper knowledge of activities of the oil and gas
sector in the country.
Alaosoadura, who represents Ondo Central
Senatorial District on the platform of the ruling
All Progressives Congress, APC, frowned at
perceived sidelining of the legislature in the
provision of some information on activities by
agencies of government, saying the trend must
Speaking on the pending review of pricing
template, Kachikwu said it would help cushion
the effect of rising foreign exchange rates and
the dwindling value of the naira against major
international currencies on the price of petrol.
Oil marketers have N30 margin
In early October, Governor of Central Bank of
Nigeria, CBN, Mr. Godwin Emefiele, had said in
a session with Newspapers Proprietors
Association of Nigeria, NPAN, that fuel price
would not be adjusted because marketers had
been given N30 profit margin per litre.
He had said: “I am telling you that the price of
petrol will not be reviewed based on the
arrangement the CBN and the NNPC have put in
place to see to it that dollar is available to the
importers of petroleum products and I am
telling you that. What is that arrangement at
this time, all the International Oil companies,
IOCs, have been directed, based on the
agreement between CBN and NNPC, that they
should channel their dollars, oil companies and
servicing companies selling their foreign
currencies cannot go directly to begin to auction
their money. They should channel their dollars
through a mechanism created and operated
between the CBN and NNPC where dollar is
made available to marketers to import petrol.
Foreign exchange template
“At the time this programme started, the
marketers were told that they can procure their
foreign exchange at no more than N280 to the
dollar and their price should not be more than
N145 per litre. But in working out the price of
N145 per litre, the template provided for
nothing less than N30 per litre margin for the
marketers. That template is available. By making
N30 per litre available, even if the marketer
does not find the product at N280, but finds it
at N300, N305 or even N310, that marketer will
still make profit though at a reduced margin.
“That is the template that is currently in place
and I am optimistic that it will work. We will see
to it that even the IOCs are not compelled to
sell at a fixed rate but they will sell at an
average interbank rate of the previous day. So
even today, some are selling at N305, N310,
N315, the average cannot be more than
between N305 and N310. I am saying if a
marketer procures foreign exchange at an
average of between N305 and N310, he will still
make profit by selling at N145 per litre, that is
my argument.”
Inter-bank exchange rate
The exchange rate at the interbank market
stands at N305 to the dollar, making the
template still relevant. But major marketers and
Independent marketers are not importing,
leaving only NNPC to bear the brunt of fuel
importation. “There is no need for a marketer to
contemplate price increase,” Mr Emefiele had
But there have been reports of NNPC saying
that the current price of N145 per litre is no
longer sustainable. NNPC last month said it can
no longer sustain the sale of petrol at N145 per
litre. Recall that Labour last month warned
against increase in pump price of petrol. Group
General Manager, Crude Oil Marketing of the
NNPC, Mele Kyari, had said with the current
exchange rate, it was no longer feasible to sell
petrol at N145 per litre. TheNNPC official said at
this year’s Oil Trading and Logistics Expo, holding
in Lagos that “we have a very difficult business
environment. It is impossible today to import
products at the current market price, at current
fixed foreign exchange rate.
“There is no way today you can take products to
retailers and sell at N145. It is not possible. If
that is true and I believe that it is, because we
all go to the market, why can’t we sell above
N145? That is where legislation should come in.”
NNPC sells at N145
Meanwhile, Kachikwu has said that he was not
aware of the fact that the retail arm of NNPC
had increased the price of petrol from N141 per
litre to N145 per litre, the maximum price
allowed by government under the price
modulation mechanism, adding that he would
consult with the NNPC management to
understand the reason for the increase.
“I am not aware that the NNPC has increased
price. I need to look into that, it is a bit of
surprise to me, because there are processes in
doing this. If they have done that, it means they
are doing it wrongly. Let me find out what the
facts are,” he noted.
Commenting on the petrol price template,
Kachikwu explained that the review would
eliminate certain charges that are attributable to
the Federal Government and some of its
agencies, so that the price can be retained
where it is at the moment.
He said, “One of the things I think we had
hoped to do, which we would still do, before we
embark on any price increase is to work on
those templates. There are still areas that are
within the government controlled aspects;
payments to the Ministry of Transport and the
rest; payments to the Nigerian Ports Authority,
“We are working on the possibility of being able
to shift that out so that we can still modulate
the prices within where it is right now. But I
would hold a conversation with the industry and
see how it is going.”
Furthermore, Kachikwu explained that the
meeting brokered between President
Muhammadu Buhari and leaders of the Niger
Delta was part of series of actions to bring
lasting peace to the Niger Delta region, while he
lamented that the crisis recorded in the region
over the last one year had taken its toll on the
country, its resources and even the sustenance
of the oil industry.
Also speaking, Acting Executive Secretary of the
PPPRA, Mrs. Sotonye Iyoyo, said while they
celebrate the last 13 years of the PPPRA, they
are aware that the challenges before it in
attaining full and total deregulation of the
downstream petroleum sector are daunting.
It would be recalled that in September 2016,
former and present Group Managing Directors of
the Nigerian National Petroleum Corporation
expressed fears that the current pump price of
N145 per litre was no longer feasible.

Legacies of British Slave Ownership: Thoughts on British Imperial History and Public Memory

JHI Blog

by Emily Rutherford

Last week, I was meant to be teaching the women’s suffrage movement to my modern British history discussion section, but my students only wanted to talk about one thing: Prime Minister David Cameron visited Jamaica last week, but was dismissive of calls from prominent Jamaican politicians and public figures that Britain pay reparations to Jamaica and other West Indian nations whose people were the victims of Britain’s eighteenth- and nineteenth-century slave trade. My students were interested in this, I suspect, because they are of a generation of American and international students who care deeply about imperial and postcolonial history, and see a greater understanding of empire (and its sins) as a key reason to study British history. If you count the US (as we should) as a former British colony, nearly everyone enrolled in the lecture course for which I TA has a heritage that is somehow…

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Home is Behind; the World Ahead

Jennifer bresnick.com

IS5eqngy07rd5k0000000000I visited New York this weekend, for a short but multi-purpose trip back to my ancestral homeland.  As many of you know, I spent the first 17 years of my life on Long Island, in a bustling yet somewhat brutal suburb of the great City itself.

New Yorkers are generally very proud of where they live, and remain proud of where they come from if they happen to move away.  They retain their stereotypical attitude (which is, if anything, underplayed in the media) and their propensity for tailgating on the highway.

They can never eat a bagel or slice of pizza without loudly proclaiming its inferiority to the cuisine of their youth (it’s the water, don’t you know), and they will forever be shocked that businesses, restaurants, and public transportation options close before midnight in towns that approach life at a slower pace.

While I’m certainly guilty of maintaining some of these…

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Ambode: No discrimination in Lagos state

The ever-dynamic Governor of Lagos State, Mr
Akinwunmi Ambode has assured everyone living
in the mega city to freely go ahead and excel to
the level where God has planned for each one
as his government will not hinder any one
through tribal or religious discrimination.
The Governor said this when he hosted the
executive members of the Federation of Muslim
Women Association of Nigeria (FOMWAN), at the
Lagos House at the Lagos House, Ikeja on
Thursday. Ambode said he acknowledge the
large number of religious organisations within
the state and very proud that Lagos is home for
all. He promised that Lagos State government
would continue to respect the constitution of the
Nigeria which allows for freedom of association.
His words:
“In Lagos, it is very clear that there is heavy
presence of religious organization, Lagos is a
cosmopolitan state, we do not discriminate, and
we are set out to obey the constitution of this
country. And in doing so, free citizens of Lagos
State should be given the chance to excel to
where God has planned for them to be”.
“We do not discriminate based on religion, we
would not discriminate based on tribe, we are
not going to discriminate based on where you
come from. It is not the will of God and we
would not practice it. I have read some
literature about you, I am very happy to
associate with this association because you have
done things that government should ordinarily
do. And it is not about women, it’s about you,
and it’s about the future of Nigeria.”

Patience Jonathan in the news

Patience attempts to withdraw $5m from frozen
Sources within the EFCC also told our
correspondent that it foiled a fresh attempt by
Patience Jonathan to withdraw $5m from her
frozen account during the week.
The source said the commission was informed
by Skye Bank that Patience had placed a
standing order for $5m to be withdrawn from
the account but it was stopped.
The detective added, “We received an alert from
Skye Bank during the week that Patience
attempted to withdraw $5m from her personal
account titled Patience Ibifaka Jonathan which is
domiciled at the bank.
“We immediately told the bank not to allow any
withdrawal because a ‘No Debit Order’ had been
placed on the account.”
It will be recalled that the EFCC had frozen four
other company accounts with a balance of
$15m. The accounts were linked to a former
Special Adviser to Jonathan on Domestic Affairs,
Waripamowei Dudafa.
However, during the arraignment of Dudafa and
the directors of the companies, Patience filed an
application claiming ownership of the money.
She subsequently asked the court to lift the
restriction on the accounts.
On Wednesday the directors of the companies
pleaded guilty to money laundering. The EFCC
applied for the money to be permanently
forfeited to the Federal Government, a request
which has been deferred by the Federal High


Homni: The new superorganism taking over Earth

Wandering Gaia

In Ancient Greek mythology, the Earth Goddess Gaia had nine titan sons, who attempted to control not just the Earth, but the entire Universe. I’d like to introduce another. It’s a new creature who emerged only in recent decades. But it’s a creature who is already as influential over life on the planet as the phytoplankton or forests that regulate global temperature, the weather and the air we breathe.

That new creature is us, or more precisely, what humanity is becoming. The entirety of our species, Homo sapiens, is evolving into a superorganism; I’ll call this new life force Homo omnis, or ‘Homni’.

We have now become the dominant force shaping our planet. Some say that because of our actions we have entered a new geological epoch: the Anthropocene, or the age of man. Homni is a product of this age, a product of human industrialisation, population…

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Dynamite and Prayers


Dynamite and Prayers is the title of photographer Max Becherer’s stunning new book.

Dynamite and Prayers cover BLOG

Although the subject is the emerald miners of Afghanistan, Max’s storytelling transports us to a sweeping landscape few of us can even imagine — and unveils the true cost of war.

Max Becherer rainbow spread

I’ve had the privilege of working with many world-class photographers, but Max is one of only two I know personally who have chosen to focus on war. He’s captured some of the most famous images of the conflicts in Iraq and Afghanistan — his C.V. is full of names like Baghdad and Fallujah — and in the process he’s repeatedly risked his life.

A war photographer’s work is obviously taxing: While everyone around you is trying to either kill or survive, your job is to watch and record. Over time, it can take a toll on your humanity.

But in Max’s case, exposure to war…

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