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Energy

NNPC says no plans to increase pump price of petrol

The NNPC has assured organised labour and Nigerians that there is no plan to increase the price of petrol.

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Crude oil market remains unpredictable- NNPC Boss

The Nigerian oil giant, the Nigerian National Petroleum Corporation (NNPC) has assured organised labour and Nigerians that there is no plan to increase the price of Premium Motor Spirit (PMS) otherwise known as petrol in the month of February.

This follows the reported rumour of plans to increase the price of petrol due to the continuous increase in the global price of crude oil and the reported hoarding of the product by some depot owners and marketers.

The assurance was contained in a statement issued by the NNPC and signed by the Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, on Thursday in Abuja.

READ: Petrol may sell for N200 per litre as oil price hits almost $60 per barrel

Obateru in the statement said, “In spite of the rise in the price of crude oil in the international market, NNPC has ruled out any increment in the ex-depot price of PMS in February 2021.’

Obateru in the statement explained that the decision was to allow ongoing engagements with organised labour and other stakeholders on an acceptable framework that would not expose the ordinary Nigerian to any hardship.

While giving assurances that the corporation had enough stockpile of petrol to keep the nation well supplied for about 40 days, he urged petroleum products marketers not to engage in the hoarding of PMS in order not to create artificial scarcity and unnecessary hardship for Nigerians.

Obateru also called on relevant regulatory authorities to step up monitoring of the activities of marketers with a view to sanctioning those involved in products hoarding or arbitrary increase of pump price.

READ: The race to net zero emissions and why Nigeria is not in it

What you should know

  • It can be recalled that the Minister of State for Petroleum Resources, Chief Timipre Sylva, had in March 2020 announced the deregulation of the downstream sector of the oil industry and the subsequent removal of the petrol subsidy.
  • He said that subsequently, the prices of petroleum products would be determined by prevailing market forces.
  • With the increase in the oil price to about $65 per barrel, oil marketers and other stakeholders have insisted that the current petrol price is not sustainable unless the Federal Government would return back to the subsidy regime, which has no provision in the 2021 budget.
  • The ex-depot price is the price at which oil marketers buy products from the depot and the price determines the price at which they sell to motorists at their various petrol stations.

 

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Energy

Siemens Power deal: FG to collaborate with Egypt

Nigeria is set to collaborate with Egypt towards a total overhaul of the power grid and distribution systems.

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FG set to create at least 5 million jobs for youths in the power sector – Minister of Power , Consortium of Western investors to inject upwards of $5 billion in Nigeria's renewable energy sector, Power: Nigeria's deal with Siemens - the birth of a new era?

President Muhammadu Buhari ordered the Ministry of Power to work with the Egyptian government on an effective rollout of the  Presidential Power Initiative with German engineering company Siemens AG.

This was disclosed by Mr. Aaron Artimas, Special Adviser, Media and Communication to the Minister of Power,  in a statement in Abuja on Monday.

The Special Adviser revealed that the Minister of Power, Mr. Sale Mamman, disclosed this in a meeting with the  Egyptian Ambassador to Nigeria, Mr. Ihab Awad, citing that the FG wants to learn from Egypt’s successful implementation of a power upgrade with Siemens AG.

“The President had reasoned that obtaining more information from Egypt will enable Nigeria to maximize our agreement with Siemens, towards the total overhaul of our power grid and distribution systems,” he said.

The Power Minister said that the FG would leverage on Egypt’s rollout programme also and added that both countries would also collaborate on renewable energy, and improving other sectors of the electricity value chain.

What you should know 

  • Nairametrics reported that the FG  and Siemens AG have signed a contract for the pre-engineering phase of the Presidential Power Initiative.
  • In 2018, Siemens, Elsewedy Electric, and Orascom Construction launched a 14.4 GW  project under 30 months including the largest combined cycle megaprojects in Beni Suef, Egypt.

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Energy

TCN hits power transmission of 5,615.40MW

The TCN has broken its own transmission record twice in the space of a week.

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TCN MD Abdulaziz, four other directors receive appointment letters

The Transmission Company of Nigeria (TCN) announced that it hit another record milestone on transmission, as it recorded a national peak of 5,615.40MW.

This was disclosed in a statement by Ms Ndidi Mbah, General Manager, Public Affairs, TCN, on Tuesday in Lagos, she added that the TCN hit the record on the 28th of February.

The TCN added that the transmission was distributed at a frequency of 50.20Hz by 9.30 pm of the same day, as the TCN has broken its own transmission record twice in the space of a week.

“Also, on Feb.26, 2021, TCN equally transmitted a new Maximum Daily Energy of 116,891 14MWH which is higher than the previous value of 116,121 42MWH achieved on Feb. 25, 2021 by 769.72MWH,” the TCN said.

Mr Sule Abdulaziz, Managing Director, TCN, said the company would remain focused on its goal to complete ongoing projects and undertake new ones as it strives to put in place a robust transmission and, despite challenges posed by vandalism and insecurity.

What you should know 

  • Nairametrics reported on March 1st that The Transmission Company of Nigeria announced it has broken its transmission record once again, after hitting a record of 5,584.40 MW.

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