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New petrol pump price fits global realities – Expert

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Abuja, Sept.3, 2020 (Nigeria news 24) Prof. Wumi Iledare, former president, Nigerian Association for Energy Economics (NAEE) says the new price of Premium Motor Spirit (PMS) also known as petrol is in line with development in the global oil market.

Iledare disclosed this in an interview with the News Agency of Nigeria (NAN), in Abuja, on Thursday.
NAN reports that the Petroleum Products Marketing Company (PPMC) had on Sept. 2 announced a new Ex- depot price of N151.56 for petrol.
Ex- depot price is the price marketers buy products from depot owners.
An increase or reduction in ex-depot price determine the pump price of petrol.
He said that going by the prevailing market fundamentals, the cost of petrol could be as high as N200 per litre in the country.
“The reality on the ground is not pretty at all with respect to what the price ought to be.
“ At the current official exchange rate of one dollar to 385, 200 is about right price because of the level of demand driven by population and quality of life.
“Keep in mind that any attempt to invoke subsidising petroleum has unintended consequences,” he said.
Iledare, a professor of Petroleum Economics said that it was unfortunate that the country missed the opportunities when there was lower crude oil price.
“We suggested not to set the price then, but fear of unrest predominate government action then.
“The economy is highly dependent on oil revenue. Salaries are low and not paid.
“It is a double whammy for petrol to go up. But no budget to subsidise, ” he said.
He advised that Nigerians must adjust and government on its part should pump more money to the economy and invoke patriotism
“Nigeria’s exchange rates call for at least N200 per litre in Nigeria.
“In Ghana, a litre is about N325 -N350 per litre of petrol. Like Nigeria PMS consumed are imported, lessons can be learnt from Ghana.
“If Ghana is surviving, we need to learn from them, ” he added.
Meanwhile, a check by NAN in some petrol stations in the Federal Capital Territory (FCT) revealed that the pump price was between N158 and N162 per litre.
Apart from Total filling station in Tipper Garage, along Kubwa Expressway selling at the old price of N148.8, others had already adjusted their pumps to the new price.
Oando filling station, Gergu oil and Eterna station along the expressway were selling at N160, N159, and N158.1 per litre respectively.
Also, the Nigerian National Petroleum Corporation (NNPC) retail outlet along the same axis was selling at N160 per litre.

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TCN Acknowledges 7th Grid Collapse in 2024

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The Transmission Company of Nigeria (TCN) has reported its seventh partial grid collapse in 2024. Despite the recurring issue, TCN’s General Manager of Public Affairs, Ndidi Mbah, reassured the public that efforts to restore power are well underway, with about 90% of substations receiving bulk power.

Mbah noted that the Azura Power Station initiated the grid recovery, although a minor setback occurred. However, power supply has been restored to the Abuja region and other key distribution centers. The Ibom Gas Generating Station remained unaffected, continuing to supply power to the South-South region.

An investigation into the cause of the collapse will commence once full grid restoration is achieved.

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Jigawa Tanker Tragedy: Shettima, First Lady Mourn Victims, Pledge Federal Support

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Vice President Kashim Shettima has expressed deep sorrow over the tragic tanker explosion in Jigawa State, which claimed over 100 lives. In a statement issued by his media aide, Stanley Nkwocha, Shettima, on behalf of President Bola Tinubu, extended condolences to the affected families, praying for strength and comfort in their time of grief.

Shettima assured the public that the federal government is mobilizing resources to support the injured and assist those affected. He has directed the immediate deployment of the National Emergency Management Agency (NEMA) to provide aid. The Vice President also stressed the need for a review of fuel transportation safety protocols to prevent future incidents.

In a separate statement, First Lady Oluremi Tinubu offered her condolences to Jigawa Governor Umar Namadi and the people of Jigawa, praying for peace and comfort for the families affected. She called the incident “unfortunate” and extended prayers for the recovery of the injured and the repose of the souls lost in the tragedy.

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Nigeria Customs Intercepts Arms, Ammunition Worth N9.5bn Over Six Years

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The Nigeria Customs Service (NCS) has revealed that it intercepted a total of 10,598 pieces of arms and 114,929 rounds of ammunition valued at N9.58 billion over the past six years. Comptroller General of Customs, Bashir Adewale Adeniyi, made this disclosure during a press conference on enforcement activities in Zone A.

Adeniyi highlighted that 60% of these seizures occurred in 2023, reflecting the Customs’ increased efforts to curb arms smuggling. He also mentioned that recent operations such as Operation Whirlwind and Operation Swift Sting are part of a strategic response to tackle evolving smuggling tactics.

In addition to arms seizures, the Customs CG announced the largest pangolin scale seizure since 2020, with 9,493 kg of scales confiscated in collaboration with the Wildlife Justice Commission. The joint operation led to four arrests across Kano, Kaduna, and Lagos. The NCS continues to intensify efforts against wildlife trafficking, targeting supply routes in northern Nigeria and border areas.

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