Business
Current petrol pump price remains for now — FG
The Federal Government at the weekend insisted that the current pump price would remain for now with the expected high rate of travel during the festive period.
Presently, petrol sells at N162/163 per litre in most major petrol stations with independent marketers selling at N165/litre.
The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Engr. Farouk Ahmed who spoke to journalists in Abuja at the Petroleum Regulators’ 1st Invitational Golf Tournament organised by the Nigerian Upstream Petroleum Regulatory Commission, NUPRC and NMDPRA, assured consumers that there would be no price increase in the immediate future.
Ahmed who was represented at the event by Ogbogu Ukoha, Executive Director, Distribution Systems, Storage and Retail Infrastructure, said the government was working hard to resolve the challenges faced by operators.
According to him, “I will like to assure everybody that it is mere speculation. There will be no increase in the pump price, not in the near future.
“This is peak consumption period for Nigerians. Our focus must be on the average Nigerian who is on the street.
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“People will be travelling now and so you don’t increase pump price arbitrarily like that. So the pump price will be maintained and Nigerians should feel free to travel”.
He however pointed out “But having said that, yes there are issues. Last two weeks the chief executive led, for the first time, we had every major player under the same roof.
“They raised the issues, the issues were addressed as much as we could and we all left with happy faces and handshakes.
“This is the way forward for now. The NNPC was represented by as high as the Group Executive Director, Downstream, who assured that there will be sufficient supply during this period.
“And even on the dollar payment issue, they (NNPC) conceded to take freight in naira. This is because as we know the dollar issue is critical. So I will like to assure everybody that there will be no pump price increase,” he added.
Also speaking to journalists at the event, the Chief Executive of NUPRC, Engr. Gbenga Komolafe noted that despite the global clamour for energy transition, the Commission has had fruitful discussions with investors in the industry.
Komolafe stated that Nigeria needed to increase its oil and gas production to meet its national economic and social demands.
He said: “Since I came on board we’ve started various engagements with investors including international oil companies and other independent producers.
“The feedback we are getting from our engagements with investors has been quite positive regardless of the developments in the outside world, especially with regards to energy transition.
“The PIA (Petroleum Industry Act) has offered very robust and attractive fiscal regimes and so there’s still quite a lot of investment opportunities in the Nigerian oil sector and we try to canvass that to investors regardless of the challenges posed by the energy transition”.
Speaking on the golf tournament which was held at the IBB International Golf and Country Club, Maitama, Komolafe said: “We need productivity in the oil and gas sector and it is in realisation of that that the NUPRC has put together this tournament with our sister agency, because it is important for our workers to be healthy.
“Apart from the health benefits of the game of golf, it is a means of social connectivity and networking. And for oil and gas investments you need to network with investors. So this provides that opportunity for you to achieve that,” he added.
Vanguard
Business
Dangote refinery drops diesel price further to N940/litre
Dangote refinery drops diesel price further to N940/litre
Dangote Petroleum Refinery has announced a further reduction in the price of both diesel to N940 per litre.
This is coming a few days after the refinery reduced diesel price to N1,000 per litre.
It also gave a new price for aviation fuel, pegging it at N980 per litre.
It disclosed this in a statement on Tuesday, saying the diesel price change of N940 is applicable to customers buying five million litres or more from the refinery, while those purchasing one million litres or more will pay N970.
It said this marked the third major reduction in diesel price “in less than three weeks when the product sold at N1,700 to N1,200 and also a further reduction to N1,000 and now N940 for diesel and N980 for aviation fuel per litre”.
Speaking on the new development, Anthony Chiejina, head of communication, Dangote Group, said the new price was in tandem with the company’s commitment to alleviating the effect of economic hardship in Nigeria.
“I can confirm to you that Dangote Petroleum Refinery has entered a strategic partnership with MRS Oil and Gas stations, to ensure that consumers get to buy fuel at affordable price, in all their stations, be it Lagos or Maiduguri,” he said.
“You can buy as low as one litre of diesel at N1,050 and aviation fuel at N980 at all major airports where MRS operates.”
He said the partnership would be extended to other major oil marketers.
“The essence of this is to ensure that retail buyers do not buy at exorbitant prices,” he said.
“The Dangote Group is committed to ensuring that Nigerians have a better welfare and as such, we are happy to announce this new prices and hope that it would go a long way to cushion the effect of economic challenges in the country.”
Director-General of the Manufacturers Association of Nigeria (MAN), Ajayi Kadiri, said the decision “to first crash the price from about N1,750/litre to N1,200/litre, N1,000/litre and now N940 is an eloquent demonstration of the capacity of local industries to positively impact the fortunes of the national economy.
“The trickle-down effect of this singular intervention promises to change the dynamics in the energy cost equation of the country, in the midst of inadequate and rising cost of electricity.”
Aviation
Dana Air grounds plane after runway incident, 83 passengers on board
Dana Air grounds plane after runway incident, 83 passengers on board
Dana Air says it has grounded its airplane that skidded off the Lagos airport runway on Tuesday.
The affected aircraft, a McDonald Douglas (MD-83) with registration 5N-BKI, had 83 passengers on board, it added.
Spokesman for the airline, Mr Kingsley Ezenwa, however, said all the 83 passengers and crew onboard the flight disembarked safely without injuries.
He said in a statement that the airline decided to ground the plane to allow for proper investigation into what caused the accident.
The statement read in part, “Dana Air regrets to inform the public of a runway incursion involving one of our aircraft, registration number 5N BKI, which was flying from Abuja to Lagos today, 23/04/24.
“We are relieved to confirm that all 83 passengers and crew onboard the flight disembarked safely without injuries or scare as the crew handled the situation with utmost professionalism.
“We have also updated the Accident Investigation Bureau, AIB, and Nigerian Civil Aviation Authority (NCAA) on the incident, and the aircraft involved has been grounded by our maintenance team for further investigation.
“We wish to thank the airport authorities, our crew for their very swift response in ensuring the safe disembarkation of all passengers following the incident, and our sincere apologies and appreciation to the passengers on the affected flight for their patience and understanding.”
Aviation
Just in: Panic as Dana Air plane skids off Lagos airport runway
Just in: Panic as Dana Air plane skids off Lagos airport runway
Tragedy was averted on Tuesday as a Dana Air plane skidded off the Lagos airport runway.
Although it was not immediately clear why the pilot lost control, causing the plane skid off the runway, Newstrends learnt that the incident led to the diversion of other flights to the international wing of the Murtala Muhammed Airport, Lagos.
In a post by X user, BelemaMhart — who boarded another airline — it was stated that there were no casualties.
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