The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Osun has warned petroleum marketers in the state against hoarding.

The agency also warned residents of the state against panic buying, hoarding and storing of petroleum products at home.

The State Coordinator of NMDPRA, Mr Adekunle Adeyemo gave the warning while speaking with journalists on Monday in Osogbo.

Adeyemo said that the surveillance team of the agency would be all out to ensure that no filling stations hoard the product.

He said that any marketers caught hoarding the fuel or engaging in any form of sharp practices would be dealt with in accordance with the dictates of the law.

Adeyemo promised that the agency would intensify its monitoring and surveillance of outlets in line with its regulatory mandate to ensure compliance with quality, quantity and safety of operations.

According to him, the government is doing everything possible to ensure adequate availability of the product, and it will be unfair for independent marketers who have the product in stock to be hoarding it.

“We want to appeal to independent marketers who have petroleum products in stock to stop hoarding.

“It will be inhuman for those who have the product to be hoarding and inflating the pump price.

“The surveillance team of the agency is already out to ensure that those who have the product are dispensing it to motorists at a reasonable price.

“However, any filling station caught hoarding the product with the view of inflicting pains on the masses will not be spared.

“Yes, there might be a little challenge in the supply process, but relevant government agencies are doing everything possible to ensure that the situation is normalised.

“We will not fold our hands while some few individuals will inflict undue pain on the residents of the state by hoarding the products,” he said.

Adeyemo appealed to petroleum marketers to always adhere strictly to standard safety practices in their filling stations.

He warned that any marketer that violates the standard procedure would be dealt with according to the law.

Adeyemo also appealed to consumers to report sharp practices such as under-dispensing, to the agency for appropriate action.

The NMDPRA boss also warned against storing petroleum products at homes, adding that such can cause a fire outbreak.

He said that people needed to be very careful with how they handle petroleum products.

“Storing of petroleum products at home can result in a fire outbreak, which can lead to the destruction of lives and property.

“We have to be wise, there’s no reason for panic buying or hoarding of the product because the government is doing everything possible towards adequate supply of the product,” he said.

By Ismail Azeez, Osogbo

Students of the Obafemi Awolowo University, Ile-Ife have issued a 48-hour ultimatum to the government to address worsening fuel scarcity, threatening to hit the streets if the government fails to regulate prices.

The ultimatum was contained in a statement signed by the Obafemi Awolowo University Union President,  Abbas Akinremi and obtained by our correspondent on Monday.

The students demanded the revival of the country’s four refineries.

The Union demanded immediate action from the government to curb hoarding practices, and regulate prices.

Akinremi said that they will not hesitate to hit the streets if the government fails to address the fuel crisis which constitutes a threat to their academic pursuit.

According to the statement, “The current plight of students due to the surge in fuel prices and the unavailability of petrol for efficient transportation has reached unprecedented levels. We, as students, can no longer endure the burden imposed by the government’s neo-classical economic policies.

“Last year, when the decision to eliminate fuel subsidies became public knowledge, many, including students, harbored doubts about its impact on the nation’s economy. Even those who supported the removal of subsidies were skeptical, given the absence of concrete plans to alleviate the ensuing challenges.

“Since then, Nigerians, especially students, have been grappling with harsh economic realities. From soaring electricity tariffs to the skyrocketing cost of living; the adverse effects of the government’s capitalist policies have spared no one.

“Despite these challenges, students persist in their pursuit of education and academic endeavors. However, recent events such as fuel shortages and fluctuating prices have left students stranded both on campus and in town.

“And, it has also made students gnash their teeth in excruciating pain because the artificial increase in the price of PMS has affected goods. Despite our pleas, the government has turned a deaf ear. As students, we refuse to accept policies that suffocate us.

“As students of Obafemi Awolowo University, the recent fuel scarcity which is so evident in Ile-Ife town and its environs has rendered us immobile. Public transportation services to campus and even within town are disrupted due to fuel shortages, while fuel stations exploit the situation by unjustly hiking prices. Students bear the brunt of these issues directly, pushing us to our limits.

“We, the students of Obafemi Awolowo University, have been pushed to our Limits. We demand immediate action from the government to address the fuel scarcity, curb hoarding practices, and regulate prices. The government must not test our will by not addressing these demands within the next 48hrs,” the statement read.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the Shell Petroleum Development Company of Nigeria Limited (SPDC) assets being considered for divestments have an estimated reserve of 4.96 billion barrels of oil.

The Commission Chief Executive of NUPRC, Mr Gbenga Komolafe disclosed this on Monday in Abuja at the NUPRC-SPDC due diligence divestment workshop.

Komolafe said at the workshop that the assets have reserves of 1.77 billion barrels of condensate, 28.16 trillion cubic feet of associated gas and 28.11 trillion cubic feet of non-associated gas.

The workshop was aimed at discussing the proposed divestment of the participating interests held by SPDC in the SPDC JV Assets, through a sale by the shareholders of all the issued shares of SPDC to Renaissance Africa Energy Company Limited.

The SPDC JV assets are currently operated by the SPDC on behalf of its Joint Venture (JV) partners namely Nigeria National Petroleum Company Limited (NNPC Ltd.), Total Upstream Nigeria Limited, Nigeria Agip Oil Company and SPDC.

“To date, the assets have achieved a cumulative production of 5.35 billion barrels of crude oil, 165. 57 million barrels of condensate, 9.51 trillion cubic feet of associated gas and 3.75 trillion cubic feet of non-associated gas.

“These contribute to the achievement of Nigeria’s crude and condensate output.

“The assets being considered have an estimated total reserve of 4.96 billion barrels of oil, 1.77 billion barrels of condensate, 28.16 trillion cubic feet of associated gas and 28.11 trillion cubic feet of non-associated gas.

“This makes a significant contribution to the nation’s hydrocarbon resources.

“Additionally, these assets hold P3 reserves estimated at 2.85 billion barrels of oil, 850.85 million barrels of condensate, 11.3 trillion cubic feet of associated gas and 12.26 trillion cubic feet of Non-Associated Gas,” he said.

Komolafe said the due diligence meeting would enable the commission to identify a successor who would not only possess the requisite financial resources but also demonstrate the technical expertise to responsibly manage these assets throughout their lifecycle.

He further said that the commission would ensure that the inherent environmental and end-of-life liabilities such as decommissioning liabilities were accurately identified and assigned to the party best equipped to bear the associated risks.

This, he said would necessitate a comprehensive understanding of regulatory requirements, industry best practices and the unique challenges inherent in oil and gas operations.

“To this end, we have implemented robust measures to streamline regulatory procedures and eliminate unnecessary barriers to investment.

“Let me emphasise that the NUPRC wholeheartedly welcomes investment in the Nigerian upstream petroleum sector.

“We recognise the critical role investment plays in driving innovation, creating employment opportunities and ultimately fueling economic prosperity for our nation and its people.

“Therefore, we are always eager to welcome local and international investors who choose to invest in the Nigerian upstream petroleum sector,” he said.

He added that the commission was fully committed to facilitating and supporting investment initiatives that align with national development goals.

Komolafe urged SPDC and Renaissance to engage proactively, adhere to regulatory requirements and work collaboratively with the NUPRC to ensure the successful conclusion of the Shell Divestment.

“As regulators, we will ensure that this evaluation is conducted with precision and impartiality, with a focus on transparency and accountability,” he said.

He lauded President Bola Tinubu for his support and commitment towards ensuring a  purposeful leadership that would attract investment and development of the country’s oil and gas sector.

The News Agency of Nigeria (NAN) reports that the NUPRC has developed a Divestment Framework consisting of seven cardinal pillars to guide the assessment of applications for Ministerial consent to the SPDC divestments and other similar divestments