Price hike shoots up cost of foodstuffs Beans hits N200,000/bag in Kano, Lagos Local rice goes for N140,000 in Kaduna ‘Dangote refinery to determine price…...CLICK HERE TO CONTINUE READING.>>
**By Abubakar S. Isah, Baba Martins (Abuja), Mumini Abdulkareem (Ilorin), Mohammed I. Yaba, (Kaduna), Ibrahim Gingiyu (Kano), Dotun Omisakin (Lagos) & Hassan Ibrahim (Bauchi)**…..For More READ THE FULL ARTICLE HERE ▶▶
Thank you for reading this post, don't forget to subscribe!The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has assured that petrol will be available across the length and breadth of the country by the weekend.
He gave the assurance yesterday while briefing State House reporters after a meeting with Vice President Kashim Shettima. The meeting was also attended by the National Security Adviser (NSA), Nuhu Ribadu and the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari.
Lokpobiri said the meeting was at the instance of President Bola Tinubu, whom, he said, was concerned about the hardship being faced by the masses. Despite the recent adjustment in the price of petrol, queues have persisted at stations across the country.
The NNPCL Retail Management had on Tuesday implemented price hikes ranging from N855 to N897 per litre, depending on the location, as against the previous N568-N617 prices per litre.
Independent marketers have equally adjusted their prices to between N930 and N1,250 per litre of the product. The organised labour and other stakeholders have expressed concerns over the new petrol price regime.
The Manufacturers’ Association of Nigeria (MAN) and the Nigerian Chamber of Commerce Industry Mines and Agriculture (NACCIMA) raised concerns that the situation would aggravate inflation and the cost of doing business in the country. The minister said yesterday that the government was not fixing prices.
Lokpobiri also asked Nigerians to shun panic buying, saying “what is important is that products are available in the country, and we believe that between now and the weekend, there will be availability of products across the length and breadth of the country.
“The price could be high in some areas, much higher in some other locations, and much more (sic) higher in other areas.
“But we believe that by the time there’s availability of products across the country, the price itself will stabilise.
“But what is important is that the government is not fixing prices. This sector is deregulated. And we believe that with the availability of products, the price will find its level. And this is important for Nigerians to know.
“There’s enough product in the country to be able to meet the demands of Nigerians; there should be no panic buying. And we also believe that Nigerians need to know that the government is not fixing prices”, he reiterated.
Food prices go up
A market survey, conducted yesterday by Daily Trust in many markets in the Federal Capital City, Abuja and some states, showed that the new petrol price increase had shot up prices of food items.
On Wednesday reported that the latest hike in the price of petrol pushed up transport fares by over 50 percent in major cities across the country.
Abuja
At the Abaji main market in the Federal Capital Territory (FCT), the cost of a mudu (measure) of local rice, which was sold for N2,500 on Monday, rose to N2,700 yesterday; while the price of a mudu of beans had jumped from N2,700 to N3,000. The cost of Guinea corn rose from N1,500 to N1,700; millet, from N1,400 to N1,800 and cassava flour, from N800 to N1,000.
Traders, who spoke to Daily Trust, blamed the hike in the prices of the foodstuffs on the rise in transport cost, which they said was triggered by the latest increase in the price of petrol.
One of them, Saidu Garba, said: “I paid N47,600 to convey five bags of rice and beans from Suleja to Abaji here yesterday instead of N25,000 which I paid last week.”
Another trader, Alhaji Saleh Ibrahim, said: “The driver who brought my goods from Suleja on Wednesday, charged me N167,000 for only 11 bags of rice and beans he brought for me from my customer in Suleja”.
The situation was not different in Gwagwalada, Wuse and Utako markets where prices of spaghetti, semovita, vegetable oil, maggi cubes and other food items were also increased. Some residents of Abuja, who spoke to Daily Trust, expressed worry, wondering how they would survive.
Madam Ijeoma Joseph, a civil servant, asked: “How do you want ordinary Nigerians to cope with all these?; the prices of foodstuffs have gone up further since yesterday”.
Beans hits N200,000/bag in Kano, Lagos
Findings from Kano State also showed increases in prices of some commodities yesterday.
At Dawanau International Grains Market, our correspondent found out that a 100kg bag of beans, which was sold for N190,000 last week, was going for N200,000 yesterday.
At Singa Essential Commodities Market, a carton of spaghetti has gone up from N18,000 it was sold last week to N19,500.
A 100kg of locally milled rice that was sold at N161,000 last week was going for N173,000 yesterday. A 50kg of local rice jumped from N80,000 to N85,000; a 100kg bag of garri rose in price from N92,000 to N100,000.
At some markets in Iyana Ipaja, Lagos, a 100kg bag of beans was also sold for N200,000; 10kg of semovita, 17,500 and a pack of spaghetti, N20,000.
Local rice hits N160,000 in Kaduna
At Kawo Market in Kaduna, a bag of maize, which was N83,000 last week, was sold for N90,000 yesterday; guinea corn’s price has risen from N88,000 to N90,000 per bag; white beans, from N170,000 to N180,000; a 100kg bag of local rice, from N150,000 to N160,000.
A provision seller in Tudun Wada, Bello Idris Dallaje, said a cartoon of spaghetti is now N20,000 as against N18,000 for which it was sold last week; while a bag goes for N84,000 as against last week’s N78,000.
Bauchi
A trader at Wunti Market in Bauchi, Kabiru Shehu, said: “We bought 50kg bag of rice on Monday for N80,000, but today, it was N85,000.”
A vegetable trader at Muda Lawal Market, Ahmed Sani, said: “We were buying a basket of tomatoes N13,000 as at Monday, but suddenly, dealers jacked up the price to N17,000 per basket of tomatoes on Tuesday.
“A bag of pepper increased from N60,000 to N68,000 in just one day”, he said.
Kwara
In major markets in Ilọrin, Kwara State, prices of foodstuffs yesterday remained averagely the same though many traders closed shops around 4 pm yesterday owing to low patronages.
“The Iyaloja (market women’s leader) of Kwara State, Alhaja Adenike Lambe, who spoke to our correspondent, said: “As of today, people are even struggling to get customers. The prices have remained the same. I bought a small basket of tomatoes for N800 today, you can see.”
PMS prices are determined by free market forces—NNPCL
Meanwhile, the NNPCL has said that foreign exchange (forex) illiquidity has been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS), which it said “are governed by unrestricted free market forces, as provided for in the Petroleum Industry Act (PIA)”.
Speaking on TVC News’ “Journalists’ Hangout” show yesterday, the Executive Vice President of Downstream, NNPCL, Mr. Adedapo Segun explained that the current fuel scarcity was expected to “subside in a few days as more stations recalibrate and begin selling PMS.”
A statement issued yesterday by the company’s Chief Corporate Communications Officer, Olufemi Soneye, quoted Mr. Segun as saying that Section 205 of the PIA, which established NNPCL, stipulated that petroleum prices were determined by unrestricted free market forces.
According to him, “The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd. Additionally, the exchange rate plays a significant role in influencing these prices.”
On the commencement of lifting PMS from the Dangote Refinery, Segun said that the NNPC Ltd was awaiting the September 15th timeline provided by the refinery.
Segun, who said no right-thinking individual would be comfortable with the current fuel scarcity, added that the NNPC Ltd had nearly a thousand filling stations nationwide and was collaborating with marketers to “ensure that stations open early, close late, in order to maintain adequate fuel supply to meet the needs of Nigerians.”
He assured Nigerians: “We are also engaging relevant authorities to ensure products diversions are prevented and timely deliveries to all stations are ensured. The scarcity should ease in the next few days as more stations recalibrate and begin operations.”…..For More READ THE FULL ARTICLE HERE ▶▶
