The Bloggers and Vloggers, Content Creators Association (BAVCCA) on Wednesday extended its firm support and exonerate the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Limited, Mallam Mele Kyari from global induced price variations
The Secretary of BAVCCA, Comrade Abimbola Adelabu, stated this during a world press conference on Wednesday in Abuja.
Comrade Adelao said the clarification became imperative since the issue of fuel price increment is a sensitive issues, hence, there’s a need for all stakeholders to have a clear understanding of the underlying factors that contribute to either price increment or inadequate distribution of PMS.
He identified global market dynamics, cost recovery and sustainability, Infrastructure Development and Deregulation Efforts amongst others as some of the factors that determine whatever decision in pricing and distribution of fuel would be in the country.
See Full Press Text Below:
PRESS CONFERENCES ADDRESSED BY THE LEADERSHIP OF THE BLOGGERS AND VLOGGERS, CONTENT CREATORS ASSOCIATION(BAVCCA) AGAINST THE RUMOURED FUEL SCARCITY AND INCREMENT IN PUMP PRICE OF PMS ON THURSDAY 26TH OF OCTOBER, 2023 AT INTERNATIONAL CONFERENCE CENTER, ABUJA
The BAVCCA, the umbrella body of all Bloggers, Vloggers and Content Creators in Nigeria, representing a diverse group of influential media practitioners, having taken cognisance of recent events regarding fuel distribution and pricing has called this press briefing to situate the issues objectively.
We are aware that fuel price increment is a sensitive issue, therefore, requires that all stakeholders have a clear understanding of the underlying factors that contribute to either price increment or inadequate distribution of PMS.
Our findings show that these factors are key in determining whatever decision in pricing and distribution:
- Global Market Dynamics: The global oil market is a complex and constantly evolving field, influenced by various factors, some of which are beyond the control of any individual or organization. Fluctuations in international crude oil prices, exchange rates, and supply and demand surges are main contributors to fuel price hikes, globally. The NNPC, under the leadership of the GMD, operates within these volatile dynamics to ensure that Nigeria remains sufficiently supplied with petroleum products.
- Cost Recovery and Sustainability: The NNPC, as a national entity responsible for the efficient management of Nigeria’s petroleum resources, must continually assess its cost-revenue structure to ensure sustainable operations. Fuel hikes and increments are not arbitrary decisions made by the GCEO, but rather a means to recover costs incurred during the importation, refining, and distribution processes. These measures allow the NNPC to maintain the availability of fuel across the country, thereby preventing shortages and ensuring social stability.
- Infrastructure Development and Deregulation Efforts: The NNPC, under the leadership of the GCEO, has been actively pursuing measures to enhance Nigeria’s downstream petroleum sector. Infrastructure development, removal of subsidies, and the promotion of a deregulated market are integral to achieving long-term sustainability and attracting private investments. These efforts, though challenging in the short term, are indispensable for fostering a more efficient and economically viable petroleum sector in Nigeria.
We understand the frustrations of the Nigerian people regarding the fuel price hike; however, we urge everyone to consider the broader context and challenges faced by the NNPC in providing a stable and affordable fuel supply.
As supporters of transparency, we call on the government and the NNPC to continue engaging with the public and striving to educate them about the intricacies of the fuel pricing system. Additionally, we encourage both parties to explore sustainable strategies that can help alleviate the burden of fuel price hikes on the citizens while ensuring the viability of the petroleum sector.
In conclusion, the Bloggers and Vloggers, Content Creators Association extends our firm support and exonerates the Mele Kyari-led NNPC from global induced price variations.
We pledge to continue providing accurate and informative content to our audiences, fostering a robust and informed dialogue on the matter at hand.
Thanks
ABIMBOLA ADELABU
Secretary