Energy
Why price of cooking gas may surge – NALPGAM
The hike in the foreign exchange rate and activities in the international market may result to increase in the price of cooking gas, says the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM).
Mr Olatunbosun Oladapo, the President of the association, issued the warning on Thursday in Lagos during an interview with the News Agency of Nigeria (NAN).
Oladapo noted that a gas terminal operator sent out an official notification of the changes in price, attributing the increase to a significant hike in forex rate and scarcity of same.
He cited rising international prices, high tax rates, prices of vessels, forex scarcity, and naira devaluation as some of the reasons for the price review.
“It is starting next week because international prices have gone up. The prices of vessels have gone up and taxes are high.
“Consumers, middlemen, and retailers are feeling the impact because business is now on the low side,” he said.
Olatunbosun, who described the imminent price increment as unfortunate, said: “The situation is very unfortunate because prices are going higher.
“The government should come in and alleviate the suffering of the masses by providing palliatives, reducing taxes and levies.
“You can imagine that for every 1kg of gas priced at N700, tax would take way N3.50. How much is left in such a business?”
Olatunbosun urged the government to tax profit and not products because consumers were not buying gas anymore.
He also argued that local taxes are worsening the situation, adding that marketers, who had the opportunity to buy products locally, to fix prices with “consumers’ sympathy” in mind.
The National Bureau of Statistics on retail gas prices said the average retail price for refilling a 5kg cylinder of cooking gas decreased by 6.71 per cent month-on-month from N4,360.69 recorded in May to N4,068.26 in June.
On a year-on-year basis, it decreased by 3.56 per cent from N4,218.38 in June 2022.
On state profile analysis, Kwara recorded the highest average price for refilling a 5kg cylinder with N4,750.00, followed by Niger with N4,691.16, and Zamfara with N4,683.33.
On the other hand, Ondo recorded the lowest price with N3,287.86, followed by Ekiti and Nasarawa with N3,288.46 and N3,364.62, respectively.
Energy
Synergy, commitment crucial to clean energy transition, sustainability in Africa — CEO, Egbin Power
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.
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).”
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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