 Welcome back. It's time for our second hot topic and the price of diesel is still rising and has been projected to go as high as 1,500 Naira a litre. And just like petrol, diesel prices are a critical source of pain for the economy because they affect the cost of practically every product. And so I want to take a look at this and we have been joined by Chief Ukadike Chinedu. He is Ipman's national publicity public relations officer. Good morning to you Chief Ukadike. Good morning. Good morning to Nigerians. All right. So Ipman just in case you're wondering, but I imagine you already know Ipman, Independent Petroleum Marketers Association of Nigeria is Ipman and we need to find out from them what's going on. Chief, as far back as January 2022, we saw the price of diesel rise by 184% from January to December in 2022. Nigerians cried and cried because I mean it affected everything. And here we are hearing that it's going to go for up to 1,500 Naira. The cost of diesel is now regulated by government. Could this be a major reason? Could this be the major factor at play here? Well, thank you very much. The diesel has been deregulated for a very long period of time. And I also have to inform you that it's only two Muma refineries in Nigeria that are producing diesel. That is not a data refinery and what has made refineries in most states. This wherever is at Reba state. And I also know that the diesel they are producing is not sufficient enough because of the capacity of that land and also lack of crude because most of them has complained at some interface with some of the directors of the company that they are not receiving crude. They are sourcing crude, so difficult for them. And that is why they could not be able to produce at a very, very high quantity. And the issue of NNPCA serving crude to them at Belarit is also an issue. So which also in one of my interview that I also took it up with the NNPCA that the sale of crude should be domesticated in our exchange rates of Naira. So the diesel has been deregulated. Only because it could come in, diesel was deregulated, DPK, that's domestic, POPOS, Kerazion was also deregulated. It is now left on the hands of importers to be able to import in the current market price and also exchange rates and also building in geologistics before it will now land at the shores of Nigeria. And we also understand that the facilities are being used, not government facilities. These facilities also incur their inputs and also geologistics. So as far as the price of crude in the present decade goes up and the exchange rates continue to go up, the price of diesel skyrockets. One doesn't understand why the local refiners should be sold at dollar rate and you said it has been addressed. And what's the response from NNPCA? Also these are prices and the issues so that we will not suffer. We are the independent marketers. We are the last benchmark in terms of distributing this product. So the declare about the issue of sourcing this crude and the rates of the crude and at the end of the day, as I'm talking to NNPCA, suddenly at the cost of close to 900 or something, as I see it is also very important. So we are not trying to look at the effects of these modular refineries and imported products. I don't think you will have a difference between them. So we will be able to look into our distance and see how we can be able to supply to these consumers and be able to sell this product at a very, very, very friendly price. Indeed. And even the importers of diesel, would you say that the removal of excise duties and perhaps the reduction of that would also play a good role in bringing down these prices? There's actually like, at least if it is amounted at the cost of the product because the dollar is going high. We use dollar to buy this product. The dollar is going high. I have from from four something from an exchange rate to six something, say 750 to 800. The dollar is skyrocketing. I was skyrocketing. It is also equivalent to what they are buying this product. They are not buying this product with Naira. They are buying with Naira. Once somebody do this kind of exchange rate, go to the market international market to buy. And when you cross back, the money is going to be skyrocketing to Naira. I also need to buy another dollar for us from the current market, which whatever the current market gives, it's there where they will buy. Now, as I'm taking this money, I heard that dollar is 1,000 Naira, to 100 Naira. Do I have to be able to reconcile that? We may do some substantive things that can be able to bring back our gifts with Naira. Naira is one thing in a way. So it is also important that we are going to make sure that the Naira is, it is important to refine the total number of dollars. But also stress us the dollars. And this will be able to threaten Naira. Naira is dying. The economy is dying. Everybody is not dying. So we cannot just talk about what they did. We are also facing the financial crisis in Naira. We are facing serious financial crisis. The PMS will normally buy at 8.1 million Naira. We are buying with that 25 million. The ratio is 45 million. As I'm talking to you now, for you to buy 30,000, it is around 45 million. And when you put your 45 million on the bad road, there are better roads. Potskos here and there are no security. Even buying pro at Naira, you see the MDS, they are going to drop, you see that they are going to escort it so that it will not be delayed on the road. Would you say that this rising cost of diesel has garnered enough attention by the government as it should? No. The issue here is that once there is a high cost of diesel, definitely the domestic prices of attributes for all these services will also increase. Our vessel's charges have increased before they used to take $70,000, $100,000 for one vessel to take product to a certain place. Now, the vessel's charges is almost going to $200,000. So it's becoming very, very exorbitant. And most of these trucks that are taking product, cash produce from the north to the south is, some south is to the north. They are almost paying $2 million Naira to a kind of, despite the driver and buying diesel. And all this is a beauty to this commodity. A $2 million Naira cannot be sold less than $1,500 Naira. It's possible to get off here for $1,500 to $4,000. Then for the rest, we get $4,500 Naira before $4,500 Naira. Just to mention a few commodities. I'm talking about the roads that are not even produced, that are produced in Nigeria here. So we also have to look at the culture. We also have to look at the environmental infrastructure because even though the paths of most of these variables are also important, we also suggest for us to be able to get the pass of these variables and the personal variables. Indeed, the Naira should be strengthened. On the final note before we go Chief Okadike, how should our policy makers be addressing the impact of this on our economy? We have a very serious problem. We have good policy makers. They come with a very good, very good power point display policy that are not advantageous. They are not content with what is happening ahead in the society. In addition to the removal of the society, one of the problem makers meant, that this thing would have been gradually prioritizing the refineries by putting some structures, by posting agricultural distance, all the states are supposed to take place simultaneously with the removal of the society. So that Nigeria's will not feel the impact. You understand me? The essence of the issue of policy makers say, we do politics. What are you doing politics? Politics, if you give somebody the village four cups of fries, when they drink, you have a lot of fries. If the woman goes home with only four cups of bread, in the smallest family thing, but is that politics? It will die tomorrow. So that is the kind of policies that our policy makers are making. We talk to the cause, to the impulse of what is coming from the society. You must be able to take note of what it's coming from the society, the output from the society, so that we can be able to make a significant and very very sustainable policy that can limit and subdue the hunger of the people. So now, in our relations with Renovation, a one truck of petroleum in three days, because no drugs are allowed. Nobody's dead. They need money to buy. And it's exorbitant. Well, thank you, Chief Ukadike Chinedu for your time on the show this morning. Thank you very much. Chief Ukadike Chinedu has been my guest on the program. He is the public relations, national public relations of Iqman. That's the show we have for you today and indeed the week. I am Maureen Menonwizegui. Many thanks for being a part of the show on behalf of the team. I say thank you and don't forget you can join us on social media. Let's continue the conversations there. Have a great week.