Energy

Daily fuel consumption falls by 28 Percent – NMDPRA

By Web News 480

The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has disclosed that the average daily consumption of fuel in Nigeria has fallen by no fewer than 28 percent since President Bola Ahmed Tinubu announced the scrapping of fuel subsidies.

According to new figures released to Reuters by NMDPRA, the average daily petrol consumption fell to 48.43 million liters (13 million gallons) in June, as against the previous average of 66.9 million.

The fuel regulatory industry added that since the scrapping of the subsidy, neighboring countries like Cameroon, Benin, and Togo, which relied on petrol smuggled out of Nigeria, have experienced a collapse in their black market.

It will be recalled that President Tinubu announced the removal of fuel subsidies, which had kept petrol prices low for decades, during his inaugural speech on May 29, 2023.

 In his democracy day speech, June 12, the President admitted the decision to remove fuel subsidies would impose an extra burden on the masses, but appealed to the good people of the country to bear the brunt of the decision as it will “save our country from going under.”

The removal of the fuel subsidy, which tripled the price of petrol, has affected virtually every part of the economy, leading to an increase in the prices of goods and services across the country.

According to the World Bank in June, despite having spent $2.41 billion on the subsidy in the first five months, Nigeria could save up to $5.10 billion this year from the removal of fuel subsidies and foreign exchange reforms.

The Nigerian government spent no less than $10 billion (£7.8 billion) on the subsidy last year.

Tribuneonline/Ibrahim Adeyemo

Subscribe to our Telegram and YouTube Channels also join our Whatsapp Update Group

Energy

Fuel Scarcity: Residents of Ibadan Decry NMDPRA’s Attitude

By Web News 826

Residents of Ibadan have condemned the negative attitude of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) as the scarcity of premium motor spirit known as petrol bites harder.

They made their displeasure known in Ibadan while speaking with a Radio Nigeria correspondent who monitored the situation in Ibadan, the state capital. 

The Residents lamented the hardship being faced in buying the product, saying the NMDPRA had failed to perform optimally as Nigerians were facing a lot of difficulties to get fuel. 

“Buying petrol has become a tug of war as we are struggling to get the product due to its scarcity and hike in the price of the product. 

“The authority that is supposed to be checking the filling stations’ excesses are not performing and need to be scrapped because we are surfing.”

Another resident said, “The hike in price in PMS by the marketers had affected transport fare and cost of food items and IPMAN  was lamenting the high cost of purchasing from the Private depot in Lagos and the authorities that to check the filling stations folded their arms“.

Some motorists who spoke with Radio Nigeria bare their minds on the situation. 

“The several hours spent in the queue  is too much because those filling  stations are exploiting us.” 

“Government needs to attend to the situation urgently because it is a big punishment.”

“I have been sleeping in the filling station that sells at One hundred and eighty naira per litre to enable me to take the children to school since I cannot afford to buy the black market ” 

Our correspondent reports that gridlocks were observed at most filling stations selling the product below two hundred naira per litre while the product price per litre at most Independent filling stations in Ibadan ranges from 250 to 300 naira and black market price ranges between Four hundred to five hundred naira per litre.

The black marketers displayed different jerrycans, calling the attention of vehicle owners for patronage. 

Efforts to speak with the Comptroller, Nigerian Upstream and Downstream Petroleum Regulatory Authority, Ibadan Field Office to react to the situation were unsuccessful as he was unavailable for comments when Radio Nigeria visited the office. 

Olukemi Akintunde 

Subscribe to our Telegram and YouTubeChannels also join our Whatsapp Update Group

Energy

FG has no intention to increase fuel price – NMDPRA

By Web News 762

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says the Federal Government has no intention of increasing the price of Premium Motor Spirit (PMS) during the festive period.

The General Manager, Corporate Communications, NMDPRA, Mr Kimchi Apollo said this through an advisory which addressed speculations on the increase in price and availability of PMS

He said the Nigerian National Petroleum Corporation Limited (NNPCL) had imported PMS with current stock levels sufficient for 34 days.

“Consequently, marketers and the general public are advised to avoid panic buying, diversion of products and hoarding.

 Recall reports that the pump price of PMS is being sold currently between N178 and N180 per litre inside Abuja city centre while the outskirt retail stations dispense fuel between N200 to N250 per litre.

Mosope Kehinde