Ogbechie spoke on Tuesday during the Stanbic IBTC Energy and Infrastructure Breakfast Session held in Lagos.

President Bola Tinubu, in his inauguration speech on May 29, 2023, said the subsidy on petrol “is gone.”.

However, according to Ogbechie, the federal government resumed petrol subsidy following the devaluation of the naira in the foreign exchange (FX) market.

He said with the current daily consumption at 40 million litres and the FX rate at N1,300, the government’s subsidy per litre on petrol falls between N400 and N500.

“When Mr. President came last year, one of the things he said is that subsidy was gone, and truly, subsidy was gone because immediately, the price of fuel moved from N200 per litre to N500 per litre,” he said.

“At that point, truly subsidy was gone, because officially, naira was exchanging maybe for anything between N450 and N470. But a few weeks later, they merged the exchange rates, and naira officially moved to about N750. At that point, subsidy was beginning to come back.

“Again, depending on what the exchange rate was, we could go into an argument on whether the exchange was N750 or N500, or whatever. But the moment the two markets officially closed by January this year due to a policy, the CBN came, and officially, the market went to about N1300 at that point, that conversation was out of the window. There was officially subsidy on petrol.

“If you want to know where petrol should be. Just look at where diesel is. Diesel is about N1300, Petrol is selling for N600. So I can tell you, for the top of my head, that there is at least N400 or N500 per litre subsidy on petrol today.

“If you look at what our daily consumption says, conservatively 40 million litres a day if you’re spending N500, that’s at least N20 billion every day, N600 billion every month, or N7.2 trillion depending on how you look at it. So subsidy is definitely back on petrol.”

Ogbechie said the Nigerian National Petroleum Company (NNPC) being the only petrol importer in the country proves the continued existence of subsidy.

He urged the government to prioritise modular refining to improve self-sufficiency in petroleum products.

On January 3, the Nigerian National Petroleum Company (NNPC) Limited denied the return of petrol subsidy, saying it had been removed entirely.

However, on April 15, Nasir el-Rufai, former governor of Kaduna State, said the federal government is spending more on petrol subsidy than before.

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Rainoil Limited emerged the winner of the ‘Downstream Company of the Year Award’ among leading peers in the category.

While expressing his joy at the development, the Group Managing Director, Rainoil Limited, Dr. Gabriel Ogbechie, said the award is an acknowledgement of the group’s consistent focus on “strategic and value-driven investments” in the energy sector of the Nigerian economy.

He stated that the award was particularly gratifying, coming at the time the company is making great effort in contributing to the economic development of the country with its sterling efforts at ensuring in-country utilization and deepening of gas penetration in the nation.

He further noted that the group recently launched its Liquified Petroleum Gas (LPG) facility with a tank capacity of 8000MT and a fleet capacity of about 40 LPG trucks, which he believes perfectly aligns with the company’s vision and mission to continually proffer solutions to fill the voids in the energy sector.

He said the company has also continued to make significant investment in cutting edge technology in order to maintain and improve its excellent customer service delivery.

He affirmed that Rainoil Limited will continue to support the Federal Government’s policy on deepening LPG penetration and also improve domestic consumption of LPG nationwide.

Rainoil Limited has grown over the last 20 years to include: 3 ultra-modern petroleum product storage depots- 50 million litre capacity each in Delta State, Cross River State and Lagos State; over 81 retail outlets across the country; a fleet of over 100 tank trucks for efficient delivery of products and 1 shipping vessel with a total capacity of over 20,000 metric tonnes.

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Hymnodia, which climaxed its first season last April witnessed four other hymntestants (contestants) demonstrate strong resolve to outwit themselves in a keenly contested grand finale dubbed the Hymncert with Kenneth Ekhuemelo, the bassofundo, adjudged the winner and first custodian of the ASAPH.

The other hymntestants who made it to the grand final of the 14-week show were Olumide Dada, the baritone singer and first runner-up, Mobolanle Oladimeji, the architect-baker-hymn writer who came third, Abigael Nnadi and Rachael Darley. Five of them were hosted to a special reception and dinner at Parkview Astoria Hotel, Ikoyi, Lagos, on Thursday, July 18, 2019.

The reception/dinner turned out to be a reunion of some sort with nine of the 12 hymntestants of the Hymnodia Season 1 present at the event and taking turns to regale the audience with tales from the Hymnstitute and reminder hymns from their time in the show.

The Group Executive Director, Rainoil Limited, Mrs. Godrey Ogbechie said Philosoville Limited, the initiators of Hymnodia, have successfully demonstrated that a reality TV show on hymns and church music could be well structured and produced to the admiration of a wide-ranging audience. She noted that Hymnodia has created the desired impact which could change the perception of young Nigerians in the art of worship.

“Hymnodia has promoted the culture of hymns which gives in-depth knowledge and understanding to hymns, which are not fashionable among young Nigerians. Hymnodia has captured the interest of Christians and its worth celebrating for redefining hymns which inspire and inculcate ethical values. I believe we should be able to sing hymns everyday of our lives, and this has been reinforced through Hymnodia,” she said.

The Rainoil boss therefore urged the initiator to continue in the same stride which made Season1 successful, as interest for the show has heightened. She invited other corporate organisations to support the show while pledging further backing for the programme going forward.

According to her “all the twelve hymntestants took hymns rendition to new dimensions throughout the competition which is worth emulating by young Nigerians. I commend the five finalists for making it to the final out of such an intense talent pool. The excitement and potential that Hymnodia has ignited in the worship of God is enormous and deserves to be supported”.

While applauding Rainoil for the reception, the initiator of Hymnodia and Managing Director of Philosoville Limited, Kufre Ekanem commended the five finalists and the collective efforts of all the hymntestants which led to the creation of 62 new hymns in the course of Season 1. He urged the hymntestants to utilise their talents for gainful purposes to justify the enormous investments made to groom them while at the Hymnstitute.

Ekanem praised the goodwill shown by Rainoil in hosting the reception/dinner and disclosed that though Hymnodia Season 1 may have ended, the hymn rebirth journey still continues between the seasons. He promised an even better dimension of Triple-E benefits (entertainment, education and edification) in Season 2 and thereafter.

Ekhuemelo, the winner of Season 1, said the reception has helped to reunite the hymntestants after the show. As first recipient of the ASAPH, a trophy specially designed and named after King David’s chief musician, Ekhuemelo disclosed that after Hymnodia Season 1, he has been more engaged in writing hymns which would soon be recorded and released.

Hymnodia, the fast-growing reality programme created around hymns and worship, commenced last December 30 with a flash mob flag-off and a triple-E (entertainment, education and edification) promise that lasted through weekly performance shows on hymns till the grand finale, the Hymncert, which held at the Shell Hall of MUSON Centre, Lagos on April 24, 2019.

Hymnodia was broadcast on 10 television channels across the country with a dedicated YouTube channel (www.youtube.com/hymnodiahq), which remains available. Recently, the Pentecostal Fellowship of Nigeria endorsed Hymnodia, and wished it many more life impacting seasons.

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