The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has urged Nigerians to expect a reduction in the pump price of the product within the week.

It should be recalled that last week, the Nigerian National Petroleum Company Limited, NNPCL, and the Dangote Refinery reduced the ex-depot price of petrol to N899 per litre in Lagos.

PETROAN President, Billy Gilly-Harry, spoke on when the price change will take effect while appearing on Monday’s edition of Channels Television’s breakfast show, Sunrise Daily.

“But I believe from today when members start loading from both NNPC and Dangote at this new price reduction, it will reflect in the market.

“But also I’ll give kudos to some of our members, some of the leaders in PETROAN, you know, that have done so well, especially in Abuja, for even reducing their prices to below N1,000 before even this announcement.

“So, we don’t encourage our members to try to sell products at a loss because our focus is to serve Nigerians. And the only way we can serve Nigerians is when we have the resources to be able to do that.

“The resources can only be there if we’re making marginal profit enough to pay for the cost of money and make sure that we continue to do business. So, never mind, you’ll see the translation of this reduction of prices in the retail outlets hopefully within the week,” he said.

According to him, the inability of members to sell in line with the new ex-depot price is due to some of them having old stocks that were bought at higher prices.

The PETROAN boss commended Dangote Refinery and NNPCL for the reduction in the price of the commodity.

The Independent Petroleum Marketers Association of Nigeria, IPMAN, has announced that the pump price of petrol will reduce to N935 per litre by Monday.

The development, according to IPMAN, follows the marketers’ new deal with Dangote Refinery.

IPMAN National President, Alhaji Maigandi Garima, who made this known on Sunday in Abuja, commended the Dangote refinery for the development.

According to him, the new price was necessitated by the reduction in Dangote Refinery’s fuel ex-depot price and uniform arrangement, which would enable marketers to sell at N935 in their outlets nationwide.

Gatekeeper recalls that Dangote Refinery recently announced a reduction in fuel price by 7.27 per cent from N970 per litre to N899.50 per litre at its loading gantry and provided generous credit terms to marketers.

In a bid to ensure that the price reduction gets to the consumers, Dangote Refinery signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935.

The price reduction which is designed to alleviate transport cost during the festive period and beyond, has already commenced in Lagos, and will be applicable nationwide from Monday.

“Dangote Refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899. 50k.

“The refinery is running a programme whereby it wants the fuel consumption across the country to be at the same rate. We are expecting the new arrangement to kick-start on Monday.

“We have been loading from the Dangote Refinery and the refinery is saving us in this festive period,’’ the IPMAN leader said.

Garima said the competition being witnessed in the downstream sector at the moment would see the price of fuel dropping continuously.

He recalled that during the 2023 Yuletide, a litre of fuel was sold at N2000 in the northern and eastern parts of the country because fuel was being imported at that period.

He noted that the highest price fuel is being sold in the areas currently is N1,100, because refineries are working in the country.

He equally commended the Naira for the crude swap deal, adding that it is good for the growth of the economy.

By Dare Ojepe

At this significant crossroads, the future prosperity of Nigeria heavily relies on visionary reforms and active civic participation. One such critical reform, currently being pursued by President Bola Tinubu, involves the restructuring of our nation’s tax system—a move that promises to lay the foundation for sustainable economic growth and enhanced socio-economic equity.

Let us begin with the essence of the reform. These changes are not just about numbers and policies; they represent a transformative vision for our country; one where resources are judiciously managed, and opportunities are equitably distributed among all Nigerians, especially the youth, who are the backbone of our nation.

Driving Economic Growth

The proposed tax reform is designed to foster an economic environment where businesses can thrive and innovation is encouraged. By broadening the tax base and ensuring efficiency in collection, the government aims to create a more stable economic foundation. This stability is crucial for attracting domestic and international investments, which, in turn, translate to increased job opportunities, particularly for young Nigerians entering the workforce.

Enhancing Public Service Delivery

The link between tax reform and effective public service delivery can not be overstated. With better compliance and fairer distribution, tax revenues can significantly boost funding for essential services such as education, healthcare, and infrastructure. Imagine schools with state-of-the-art facilities, hospitals with modern equipment, and roads that connect our nation seamlessly, all attainable with the right fiscal policies and when government can mobilise enough revenue to deliver on them. As it currently stands, Nigerian government is unable to mobilise tax revenue to fund our development compared to our peers in Africa like South Africa, Kenya, Algeria, Egypt, Angola and Ethiopia where government tax to GDP ratio is well over 18%.

Empowering Youth and Entrepreneurs

One of the exciting aspects of these reforms is the focus on creating a supportive environment for youth entrepreneurship. The reforms include some tax exemptions for businesses with annual turnover of less than fifty million naira, which significantly benefits budding entrepreneurs. This measure encourages startups and small enterprises, enabling young Nigerians to transform their innovative ideas into flourishing businesses without the immediate pressure of financial burdens.

Furthermore, the reform proposes some tax exemptions for employees whose annual income is less than ten million naira. This initiative directly impacts young professionals entering the workforce, allowing them to save more and invest in their future, thereby enhancing their economic stability.

Ensuring Transparency and Accountability

At the heart of any effective reform is transparency. The proposed changes include measures to enhance accountability in tax administration, ensuring that every naira collected is directed towards meaningful development projects. This approach aims to build public trust and foster a civic culture where contributing to national growth is seen as a collective responsibility.

A Call to Action

To the vibrant youth of our nation, your role in this transformation is indispensable. We urge you to engage in this dialogue, to understand the nuances of these policy shifts, and to advocate for transparent and equitable reforms. Your voices, your ideas, and your actions are essential in driving this change and securing a prosperous future for all.

Let us unite with purpose and determination, embracing these reforms not as mere policy adjustments but as the stepping stones to a brighter Nigeria. Together, we can create an enduring legacy of prosperity and equity for generations to come.

-Ojepe is the Senior Special Assistant to the President on Youth Engagement_