Oil & Energy
Nigeria Imports N1.62 trn Petrol In Nine Months
Nigeria spent a total of N1.62 trillion on the importation of Premium Motor Spirit, otherwise known as petrol, from January to September, this year, the latest data obtained from the National Bureau of Statistics (NBS) have shown.
This is against N1.72 trillion the country spent on petrol imports in the whole of 2019.
The data also showed that petrol topped the list of products imported into the country, accounting for 11.7 per cent of the total amount spent on imported products from January to September, this year.
Petrol imports, according to NBS, jumped 511.64 per cent to N53.62 billion in the third quarter of 2020 from N87.08 billion in Q2 and N371.75 billion in Q3 2019. In the first three months of this year, the country spent N1 trillion on the importation of petrol.
Petrol accounted for 73.04 per cent of the N700.46 billion spent on the importation of petroleum products into the country in Q3, according to the NBS data.
The Tide reports that fuel consumption and imports plunged to a record low in Q2 2020 amid the lockdown imposed by the Federal Government to contain the spread of COVID-19 pandemic in the country.
Data obtained from the Nigerian National Petroleum Corporation (NNPC) showed that the volume of petrol imported into the country through the Direct Sale Direct Purchase (DSDP) scheme fell from a high of 2.25 billion litres in March to 1.81 billion litres in April and 495.10 million litres in May.
Under the DSDP scheme , selected overseas refiners, trading companies and indigenous companies are allocated crude supplies in exchange for the delivery of an equal value of petrol and other refined products to the NNPC.
Nigeria relies largely on importation of refined petroleum products as its refineries have remained in a state of disrepair for many years despite several reported repairs.
The NNPC has been the major importer of petroleum products into the country in recent years.
Despite the recent petrol deregulation, most marketers have yet to resume petrol importation due to a lack of access to foreign exchange at the official rate.
In a related development , European petrol cash prices rallied in the week commencing December 14, recovering to levels not seen since the start of the pandemic as crude oil continued to gain momentum despite the poor prompt outlook for gasoline consumption in the United States and Europe.
European petrol prices, according to S & P Global Platts, have made considerable gains this month, with Eurobob FOB AR barges climbing 10.1 per cent in value since the start of December, and 15.7 per cent since the start of the fourth quarter.
Road fuel demand in the US and Europe has stabilised in recent weeks but remains around 15 per cent below year-ago levels as spiking COVID-19 infection rates threaten a return of mobility curbs in some regions.
Oil & Energy
‘Revamping Moribund Refineries ‘ll Address Rising Cost Of Petroleum Products’
Oil & Energy
The Race To Cut Methane Emissions Is Exposing A Global Divide
By Felicity Bradstock for Oilprice.com 16
Oil & Energy
Delta Targets 120MW Power Boost, Moves To Cut Reliance On National Grid
The State Commissioner for Works (Rural Roads) and Public Information, Charles Aniagwu, disclosed this at a press conference in Asaba, weekend, noting that the initiative was part of wider reforms aimed at opening up the power sector to private investors.
Aniagwu, who was accompanied by the Executive Assistant to the Governor on New Media, Felix Ofou, said the state was exploring alternative sources of electricity to support businesses, households and communities while reducing pressure on the national grid.
He said the government was particularly interested in exploiting Delta’s abundant natural gas resources for power generation, pointing to the Kwale Free Trade Zone, which is part of the state’s special economic zone, as a major opportunity for investors.
According to him, prospective investors were taken to the zone during the state’s recent economic summit to enable them to assess the availability of gas as a key raw material for electricity generation. ComparePower Rates
The commissioner explained that generating more electricity locally would not only increase supply in Delta but also free up power on the national grid for use by other consumers.
Aniagwu cited the 8.5MW Independent Power Plant located behind the state secretariat in Asaba as an example of what could be achieved through alternative power sources.
He said the facility had enabled the secretariat complex to operate independently of the national grid, thereby making the electricity that would otherwise have been consumed there available to other users.
He added that the planned 120MW partnership with Supply Power would further strengthen the state’s electricity supply capacity and provide a more reliable power base for small and medium-sized enterprises.
Aniagwu said the state government was also intervening in areas traditionally regarded as the responsibility of electricity distribution companies because inadequate power supply could no longer be allowed to constrain economic development. LearnQuantum Physics
He identified the extension of the electricity grid from Abraka towards the Ndokwa axis as one of the interventions being undertaken to connect more communities to electricity.
The commissioner, however, raised concerns over the burden placed on communities that are often required to provide transformers and other electricity infrastructure, only for distribution companies to take over the facilities and subsequently collect electricity bills without adequately accounting for the investments made by the communities.
He said the state would continue to support efforts aimed at energising communities, noting that improved electricity supply would stimulate businesses, create jobs and help tackle social problems associated with unemployment and idleness.
On regulation, Aniagwu said the government was working with the Ministry of Energy and a committee set up to develop an appropriate regulatory framework for the state’s emerging power sector. SwitchEnergy Plans
He said the proposed energy commission would be responsible for regulating new electricity producers, determining appropriate tariffs and overseeing distribution networks.
The commissioner stressed that liberalising the sector required effective regulation to protect consumers and investors, adding that decisions on power distribution infrastructure, including the use of overhead or underground lines, must take into account the peculiarities and safety requirements of each location.
He warned that power expansion without adequate regulation could expose residents to electrocution and other hazards, stressing the need to protect electricity infrastructure while ensuring consumers were not subjected to unfair pricing.
Aniagwu said the state government’s broader objective was to build an efficient and sustainable electricity market driven by private investment and capable of powering businesses, households and communities across Delta State.
-
Education23 hours agoFCE Yola Graduates 3,555 Teachers , Seeks Upgrade to University
-
Niger Delta1 day agoDiri Restates Stance On Lagos-Calabar Coastal Highway
-
Sports22 hours agoNigerian Trio Target Titles At PFL Africa Finals
-
Niger Delta1 day agoC’River, NUJ Pay Tribute To Late Guardian Editor
-
News1 day agoNDLEA Recovers Tons Of Illicit Drug Consignments In Nine States
-
Opinion1 day agoChecking Voter Apathy In Nigeria’s Electoral Process
-
Politics22 hours ago2027: DICKSON’S EX-ALLY VOWS TO WORK AGAINST NDC INTEREST IN BAYELSA
-
Politics22 hours ago2027: GROUP PLEDGES 40,000 SUPPORTERS FOR COALITION CANDIDATES IN RIVERS
