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October 10, 2024 PETROAN Attributes Fuel Price Hike to ‘Challenges in Product Supply’

PETROAN Attributes Fuel Price Hike to ‘Challenges in Product Supply’

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has suggested that the recent fuel price hike may be due to challenges in securing product supply. PETROAN President, Billy Gillis-Harris, explained this during an interview.

"What I can tell you is, once there is difficulty in landing products by NNPCL, and when the burden becomes too overwhelming for them to manage, they will inevitably pass some of that load on," Gillis-Harris said. "I think that’s what has happened."

On Wednesday, the Nigerian National Petroleum Company Limited (NNPCL) increased the pump price of petrol at its retail outlets in Lagos and Abuja. In Lagos, the price per litre jumped to ₦998 from ₦855, while in Abuja, it surged to ₦1,030 from ₦897.

This sudden increase triggered a domino effect, with other filling stations across Lagos raising their prices to as high as ₦1,050 per litre.

The latest hike comes just a month after NNPCL raised the price of petrol from ₦568 to ₦855 per litre, citing heavy debts owed to fuel suppliers. The company had implemented a roughly 40% price increase in an effort to stabilize its finances.

October 10, 2024 Court Dismisses MAN’s Lawsuit Against Electricity Tariff Increase

Court Dismisses MAN’s Lawsuit Against Electricity Tariff Increase

The Federal High Court in Lagos has dismissed a lawsuit filed by the Manufacturers Association of Nigeria (MAN) challenging the implementation of the Band A electricity tariff review by the Abuja Electricity Distribution Company (AEDC) and 11 other defendants.

According to a statement released by the Nigerian Electricity Regulatory Commission (NERC) on Thursday, the court delivered the judgment on Monday. The court ruled that MAN’s case was an abuse of the judicial process, stating it was premature and failed to comply with the provisions of Section 51 of the Electricity Act 2023.

The court further noted that MAN had not exhausted the available dispute resolution mechanisms, and as a result, the suit had no reasonable cause of action. Consequently, the case was struck out for not following due legal process.

MAN had initially filed the lawsuit, challenging the minor tariff review conducted by NERC, which affected electricity rates for Band A feeders. The manufacturers sought four key reliefs, arguing that the AEDC and other electricity providers had not fulfilled the legal requirements for a tariff review before applying to NERC on July 31, 2023. They also contended that the regulatory steps leading to NERC's April 3, 2024, Supplementary Order and the subsequent rate review of May 6, 2024, were not properly followed.

Additionally, MAN claimed that imposing the tariff hike solely on Band A consumers while excluding other bands was discriminatory. The association stressed that the defendants must adhere to administrative procedures before implementing the supplementary orders.

In response, NERC argued that MAN’s lawsuit was hasty and an abuse of court processes, as the manufacturers had not followed proper legal channels before bringing the case to court.

Band A customers, who receive at least 20 hours of electricity daily without government subsidies, have seen their rates increase to ₦209.50 per kilowatt-hour, a threefold hike that MAN says has severely impacted production costs.

October 10, 2024 NNPCL Sets Petrol Price at ₦998 Per Litre in Lagos, ₦1,030 in FCT

NNPCL Sets Petrol Price at ₦998 Per Litre in Lagos, ₦1,030 in FCT

Retail outlets operated by the Nigerian National Petroleum Company Limited (NNPCL) adjusted petrol pump prices on Wednesday in both Lagos and the Federal Capital Territory (FCT), Abuja.

In Lagos, our correspondent reported that several NNPCL stations were selling petrol for ₦998 per litre, an increase of ₦150 from the previous price of ₦855. The sudden hike led to long, snaking queues at stations in Abule-Egba, U-turn, Abbatoir, and other nearby areas, as motorists and transporters scrambled to stock up in anticipation of further price rises.

Non-NNPCL filling stations quickly followed suit, raising their prices incrementally. Many stations in Lagos were selling petrol for as high as ₦1,050 per litre.

The situation in Abuja mirrored that of Lagos, with NNPCL outlets increasing prices from ₦897 to ₦1,030 per litre.

This fresh hike comes just weeks after the previous increase on September 2, 2024, when NNPCL raised the price of petrol from ₦568 to ₦855 per litre, triggering public outrage.

 

October 9, 2024 I Didn’t Instruct NNPCL to Halt Refinery Operations — Oil Minister

I Didn’t Instruct NNPCL to Halt Refinery Operations — Oil Minister

The Minister of State for Petroleum Resources, Heineken Lokpobiri, has clarified that he did not instruct the Nigerian National Petroleum Company Limited (NNPCL) to cease operations at its refineries.

This statement comes after reports emerged from an event in Lagos, where Engr. Kamoru Busari, the Director of Upstream in the Ministry of Petroleum Resources, suggested that Lokpobiri had directed NNPCL to concentrate on equity participation in other refineries.

Lokpobiri stated, “I have been made aware of comments made by Engr. Kamoru Busari, who represented me at a recent conference in Lagos. I want to categorically clarify that the assertion that I directed NNPCL to stop operating its own refineries and focus solely on equity participation in other refineries is false. This does not reflect my position as the Minister overseeing the oil sector or the Federal Government's stance."

He further emphasized that NNPCL operates under the Companies and Allied Matters Act (CAMA), with its own functional board and management. The Ministry of Petroleum Resources does not control or manage NNPCL, which functions independently like any corporate entity.

“The oil and gas sector is fully deregulated, and the Nigerian government is committed to promoting domestic refining. We encourage companies, including NNPCL, to operate independently and adhere to global best practices. While we provide strategic guidance, we do not directly interfere in the operations of these companies,” he added.

READ ALSO: NNPCL Announces Another Fuel Pump Price Increase

Lokpobiri reaffirmed his commitment to supporting the growth and independence of NNPCL, ensuring that its operations align with international standards for efficiency, transparency, and profitability.

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