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Fuel imports to Nigeria fell to 106,000 bpd in July from 205,200 bpd in May 2023 – Report 

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By Akinyemi Precious

According to a report from S&P Global Commodity Insights, fuel imports into Nigeria fell to 106,000 barrels per day (bpd) in July 2023, from the 205,200 barrels per day recorded in May 2023.

The Authority chief executive, Farouk Ahmed said that the figure represented a 35 per cent reduction when compared with the 65 million litres per day, prior to subsidy removal.

According to the report,it was recorded that in various months, litres produced were January, 62 million litres per day, February: 62 million litres per day, March: 71.4 million litres per day, April: 67.7 million litres per day, May: 66.6 million litres per day, June: 49.5 million litres per day, July: 46.3 million litres per day.

A part of the report stated, “The subsidy removal has shaken up longstanding arbitrage for European refiners. While Nigerian demand has diminished, other destinations have picked up the slack.

“The US Atlantic Coast made up 28 per cent of total gasoline exported from the Amsterdam-Rotterdam-Antwerp region in July amid persistently low stocks, according to Kpler shipping data, increasing its share from the low teens almost in tandem with the shrinking Nigerian demand.

“As a result, European refiners have been unfazed by sinking demand in West Africa. European traders already faced being crowded out by Russian refined products that have flooded into Africa – including Nigeria – since the onset of the war in Ukraine saw European countries boycott Russian oil products. Yet even Russian exports to Nigeria have fallen sharply since the fuel subsidy was scrapped.”

However, Nigeria has in mind  compressed natural gas (CNG) revolution as an alternative to fuel as pump prices have increased since the removal of fuel subsidies in the country, creating affordability problems for the general population. The gas revolution will become active early in 2024.

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Energy

Synergy, commitment crucial to clean energy transition, sustainability in Africa — CEO, Egbin Power

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As carbon emissions reduction and energy security remain a crucial focus in the global sustainability agenda, shared commitment, synergy and decisive actions are the cornerstone of accelerating the transition to cleaner energy and achieving a sustainable environment.

Having analysed the percentage of global greenhouse emissions attributed to sectors including electricity/heat production, agriculture/forestry and land use, transportation, industry and others, the Chief Executive Officer, Egbin Power, Mokhtar Bounour, charged for synergy and renewed commitment among stakeholders.

He made this known at the maiden edition of Asharami Square, a Sahara Group initiative aimed at amplifying the discourse on sustainability through impactful media advocacy.

While highlighting Egbin Power’s unwavering commitment to reducing carbon emissions and promoting sustainable energy sources, Bounour further stressed the need for deepened engagement and advocacy to further prioritise sustainability.

Bounour outlined Egbin Power’s comprehensive approach to sustainability, which includes an array of pragmatic initiatives such as obsolescence management, asset upgrades, energy efficiency improvement, sustainability and environmental impact management, and fugitive emissions minimization.

These programs are strategically designed to effectively address carbon emissions and promote cleaner energy initiatives.

According to him, Egbin Power drives sustainability through afforestation, adoption and enforcement of ANSI Lighting Design Standards for the Egbin built environment, a gradual switch from Internal Combustion Engines (ICEs) to Compressed Natural Gas (CNG) and the integration of Electric Vehicles (EVs) into the company’s operations, among other interventions.

“These actions demonstrate Egbin Power’s commitment to thinking globally and acting locally, ensuring that deliberate and impactful steps are taken to promote sustainability and environmental consciousness actively.

“As a responsible organisation Egbin Power is steadfast in its commitment to promoting sustainability.

“Our roadmap and initiatives are designed to align with global sustainable development goals and to ensure that we contribute to a cleaner and more sustainable energy landscape in Africa.

“Our pragmatic initiatives which include obsolescence management, asset upgrades and overhauls, energy efficiency improvement, sustainability and environmental impact management, and fugitive emissions minimization as part of programs designed to address carbon emissions.

“We are committed to treating the environment with the utmost care, knowing well that every activity we engage in – either as an individual or collectively as an organisation has an impact on the ecosystem,” Bounour explained.

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Energy

NNPC debunks ‘Lubricants-for-Petrol’ claims, initiates investigation

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By Esther Agbo

NNPC Retail Limited has swiftly responded to allegations circulating on social media regarding coercive practices at one of its filling stations.

A video clip surfaced on social media, X (formerly Twitter) precisely, purportedly showing customers being pressured to purchase lubricants or engine oil in order to obtain Premium Motor Spirit (PMS), commonly known as petrol. The attendant in the video claimed that this directive originated from NNPC Retail Management.

In a statement issued, NNPC Retail categorically refuted the allegations, asserting that such practices are entirely false and do not align with the company’s Customer Service Charter. According to NNPC Retail, customers visiting any of their filling stations are under no obligation to purchase additional products as a condition for buying petrol.

Managing Director of NNPC Retail Ltd, Mr. Huub Stokman, emphasised the company’s commitment to transparent and quality service delivery.

He stated, “We are dedicated to providing clear, transparent and quality service to all our customers, guaranteeing that their needs are met without any recourse to unnecessary and unscrupulous conditionalities.”

In response to the incident, NNPC Retail Limited has initiated an investigation to ascertain the facts surrounding the video. The company has assured the public that appropriate disciplinary measures will be taken against any individuals found responsible for misconduct.

“The public is hereby advised to disregard the information in its entirety and report any such occurrences to the appropriate authority.

“In the meantime, NNPC Retail Limited has launched an investigation into the unfortunate incident and assures that appropriate disciplinary action will be taken against the culprit (s).”

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Energy

NERC issues Imo approval to regulate electricity

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In line with the Electricity Act 2023, the Nigerian Electricity Regulatory Commission, NERC, issued an order transferring regulatory oversight of the electricity market in Imo to the Imo State Electricity Regulatory Commission.

This was contained in a recent order signed by NERC Chairman Sanusi Garba.

The order shall take effect on July 1, 2024.

The implication is that Imo State will be responsible for the complete regulation of its electricity market.

The order stated: “Section 230 (3) of the Act mandates the commission to develop a transition plan and timeline for the transfer of regulatory oversight of the intrastate electricity market from NERC to ISERC upon receipt of formal notification from the State

“EEDC shall complete the incorporation of EEDC SubCo within 60 days from the effective date of this Order and, EEDC SubCo shall apply for and obtain a licence for the intrastate supply and distribution of electricity from ISERC.

“EEDC shall identify the actual geographic boundaries of Imo State and carve out its network in Imo State as a standalone network with the installation of boundary meters at all border points where the network crosses from Imo State into another state.”

With the development, Imo becomes the fourth state to get electricity regulatory authority after Enugu, Ondo and Ekiti states.

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