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NPCL increases official fuel pump price to N537 per litre

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The Nigerian National Petroleum Company Limited (NNPCL) has jerked up pump prices of petrol, also known as Premium Motor Spirit (PMS) from N195 per litre to 537 per litre.

According to a new price template disclosed by NNPLC on Wednesday, Lagos State has the least price of N488 per litre, while Maiduguri and Damaturu have the highest pump prices of N577 per litre.

DAILY POST gathered on Wednesday that most filling stations in the nation’s capital, Abuja, had adjusted to the new pump price.

 

Similarly, pump prices had been adjusted across States.

For instance, in Benue State, the fuel price had been adjusted to N537 per litre.

The price adjustment represents an over 200 per cent increase.

The implication is that nearly all prices of goods and services would drastically increase.

The development is coming barely two days after President Bola Ahmed Tinubu’s inaugural speech, where he said fuel subsidy would be removed.

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In the first half of 2023, Nigeria spent N3.6 trillion on fuel subsidy alone.

The country will save close to N6.7 trillion if fuel subsidies payment is discontinued.

Nigeria has spent N13.7 trillion on fuel subsidy in the last 13 years, according to Nigeria Extractive Industries Transparency Initiative.

 
 
 
 
 
 
 

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Lagos-Calabar road: Presidency replies Atiku, says Seyi Tinubu has right to pursue any legitimate business

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The Presidency has replied former Vice President Atiku Abubakar, saying Seyi Tinubu has a right to pursue legitimate business interests in any part of the world.

 

The Presidency stated this in a statement signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga on Monday.

 

Atiku Abubakar, in a statement, had faulted the award of the contract for the Lagos-Calabar coastal road to Hitech Construction Company Ltd.

 

According to Atiku, the award of the contract to Hitech Construction Company Ltd constitutes a conflict of interest because Seyi Tinubu, the son of President Bola Tinubu, is a director on the board of CDK Integrated Industries, a subsidiary of the Chagoury Group, which is also the parent company of Hitech.

 

But, reacting to the former Vice President, the Presidency accused Atiku of being hypocritical on many national issues.

 

Onanuga said the fact that Seyi Tinubu’s father is now the President of Nigeria does not disqualify him from pursuing legitimate business interests.

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He said Seyi Tinubu joined the Board of Directors of CDK in 2018, adding that he is representing the interest of an investor company.

 

Onanuga said he found it strange that Atiku could accuse Tinubu of conflict of interest in the award of Lagos-Calabar Coastal highway to Hitech Construction Company.

 

He stated, “Is it not amusing that the former Vice President, a man who openly said he formed Intels Nigeria with an Italian businessman when he was serving in the Nigeria Customs Service, a clear breach of extant public service regulations, is now the one accusing someone else of conflict of interest?

 

“When he was Vice President of Nigeria between 1999-2007, he maintained his business links with Intels that won major port concession deals.

 

“As Chairman of the National Council on Privatisation, he approved sales of over 145 State-owned enterprises to his known friends and associates and openly said during his failed campaign for the presidency last year that he would do the same, if elected.”

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He said that contrary to Atiku’s claim that the Chagourys own the CDK, the Chairman of the company and its highest shareholder is respected General TY Danjuma (rtd).

 

He added that the Chagourys are minority shareholders in the company, adding only one member of the clan is on its five-man board.

 

“It is important to state clearly that Seyi Tinubu is a 38-year-old adult who has a right to do business and pursue his business interests in Nigeria and anywhere in the world within the limits of the law.

 

“The fact that his father is now the President of Nigeria does not disqualify Seyi from pursuing legitimate business interests.

 

“For the records, Seyi joined the Board of Directors of CDK in 2018, more than six years ago.

 

“He is representing the interest of an investor company, in which he has interest. He is not a board member because his father is a friend of the Chagourys.

READ  NNPC spent N864.07bn on subsidy in nine months – report

 

“Information about owners and shareholders of CDK is a matter of public record that can be openly accessed from the website of the Corporate Affairs Commission and CDK’s.

 

“Atiku and his proxy did not need a little-known journal to recycle open-source information to make a fallacious argument.

 

“The Chairman of CDK and the highest shareholder of the company is respected General TY Danjuma (rtd).

 

“The Chagourys are minority shareholders in the company, and only one member of the clan is on its five-man board.

 

“We wonder how Seyi’s membership of the board of CDK conflicts with Hitech Construction Company’s work on Lagos-Calabar Coastal superhighway,” the statement read in part.”

 

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Nigeria cuts electricity supplies to Benin Republic, Togo, Niger to boost domestic supply

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The Federal Government has decided to improve the domestic power supply by cutting the energy sales to cross-border in the Niger Republic, Niger Republic and Togo.

 

The electricity regulator, Nigerian Electricity Regulatory Commission (NERC) ordered a department within the Transmission Company of Nigeria, the System Operator (SO), to cap power supply to the three neigbhouring customers to six per cent.

NERC’s order, published on Friday, was dated April 29, 2024, and effective from May 1, 2024, was jointly signed by the commission’s Chairman, Sanusi Garba, and Vice Chairman, Musiliu Oseni.

The directive, outlined in a document titled ‘Interim Order on Transmission System Dispatch Operations, Cross-border Supply, and Related Matters,’ will only last for six months, subject to change.

 

According to the document, power delivery to Nigeria’s neighbours must not exceed six per cent of the total grid electricity at any given time.

 

The electricity sector regulator expressed concern about sub-optimal grid dispatch practices, which have impacted the ability of Distribution Companies (DisCos) to meet their service tariff commitments to end-users.

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“The reliance on limiting Discos’ load off-take while prioritising international off-takers and Eligible Customers has proven neither efficient nor equitable,” the document read.

 

NERC stressed that the current international and bilateral contracts with Generation Companies (GenCos) often fall short of industry standards.

 

It stated that many off-takers contracted bilaterally by GenCos exploit this prioritisation, exceeding their contracted levels during peak operations without penalties.

 

As an interim measure, NERC said the move was targeted at guiding the system operator and TCN in implementing Standard Operating Procedures to enhance transparency and fairness in grid operations.

 

The order also called on the system operator to place interim caps on capacities supplied to international customers for the next six months, minimising the impact on domestic supply obligations by Gencos.

 

The document stated that the system operator must develop and present a pro-rata load-shedding scheme to ensure equitable load allocation to all off-takers (Discos, international customers, and eligible customers) during generation drops or grid imbalances.

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“The system operator will log and publish hourly readings, enforcing penalties for violations of grid instructions and contracted nominations. Maximum load allocation to international off-takers in each trading hour shall not exceed six per cent of the total available grid generation.”

 

It partly read, “The commission hereby orders as follows: The system operator shall develop and present to the commission for approval within seven days from the issuance of this order a pro-rata load-shedding scheme that ensures equitable adjustment to load allocation to all off-takers — Discos, international customers, and eligible customers — in the event of a drop in generation and other under-frequency related grid imbalances necessitating critical grid management.

 

“The system operator shall implement a framework to log and publish hourly readings and enforce necessary sanctions for violation of grid instructions and contracted nominations by off-takers in line with the grid code and market.

 

“The aggregate capacity that can be nominated by a generating plant to service international off-takers shall not be more than 10 per cent of its available generation capacity unless in exceptional circumstances a derogation is granted by the commission.“The system operator shall henceforth cease to recognise any capacity addition in bilateral transactions between a generator and an off-taker without the express approval of the commission,” it added.

READ  NNPC spent N864.07bn on subsidy in nine months – report

 

It urged, “The system operator and TCN to immediately initiate and install integrated Internet of Things (IoT) meters at all off-take and delivery points of eligible customers, bilateral supplies, cross-border trades, and outgoing 33kV feeders of the Discos to provide real-time visibility of aggregate offtake by grid customers.

 

“The installation of and streaming of data from the IOT meters should be completed within three months from the date of this order.”

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We’re not considering any foreign military base in Nigeria — FG

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The Minister of Information and National Orientation, Alhaji Mohammed Idris, has said that the Federal Government was not considering any foreign military base to counter insurgency and other crimes.

 

Disclosing this on Monday in Abuja, Idris noted that the Federal Government was aware of the false alarm being raised in some quarters about discussions with some foreign countries on the siting of foreign military bases in Nigeria.

He urged the public to “totally disregard this falsehood”.

 

In his words: “The Federal Government is aware of false alarms being raised in some quarters alleging discussions between the Federal Government of Nigeria and some foreign countries on the siting of foreign military bases in the country.

 

“We urge the general public to totally disregard this falsehood.

 

 

“And the President remains committed to deepening these partnerships, with the goal of achieving the national security objectives of the Renewed Hope Agenda.”

 

 

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