Economy

Nigeria among 10 cheapest places to buy petrol – Report

Published

6 years ago

January 9, 2018

…As AGF’s memo on Maritime Varsity says Ijaw, Itsekiri leaders in war of words***

With a pump price of N145 ($0.40) per litre, Nigeria has been ranked as the eighth cheapest place in the world to buy petrol.

Other countries among the cheapest places to buy petrol are Venezuela ($0.01), Turkmenistan ($0.29), Kuwait ($0.35), Iran ($0.36), Egypt ($0.37), Algeria ($0.37), Ecuador ($0.39), Bahrain ($0.42) and Syria ($0.44).

The average price of petrol around the world is $1.12 (N403.2) per litre, according to GlobalPetrolPrices.com, which publishes data on retail fuel prices around the world and tracking over 150 countries on a weekly basis.

In its latest weekly global fuel price review (January 2, 2018), it noted that the international oil benchmark, Brent crude, reached $66.9 per barrel during the past week.

“The crude oil price increase pushed up the retail fuel prices around the world and the world average gasoline (petrol) price increased to a level of $1.09 per litre. The world average diesel price also went up by a cent,” it stated.

The report noted that the beginning of 2018 was marked by retail fuel price changes in many countries with regulated fuel markets, but the most significant petrol price change was observed in Algeria, where the government approved a 17.5 per cent increase of the official annual retail price of petrol.

It said the European average petrol price was $1.46 per litre, marking a 0.5 per cent weekly increase.

Petrol prices also went up by 1.2 per cent in the United States; 0.9 per cent in Africa; 0.7 per cent in Asia; and 0.4 per cent in Canada. But in Australia, petrol prices decreased by 1.3 per cent, while the average regional petrol price of South America remained unchanged compared to the previous week.

There was a decrease in 13 of the 107 reviewed countries, no change in 54 countries, and an increase in 40 countries.

Petrol prices went down by more than one per cent in Finland, Cape Verde, Australia, the Cayman Islands and South Africa, while the United Arab Emirates, Algeria, France, and Pakistan saw more than three per cent increase in prices.

The report said, “As a general rule, richer countries have higher prices, while poorer countries and the countries that produce and export oil have significantly lower prices. One notable exception is the US, which is an economically advanced country but has low gas prices.

“The differences in prices across countries are due to the various taxes and subsidies for gasoline (petrol). All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a result, the retail price of gasoline is different.”

In the meantime, more reactions, yesterday, continued to trail the recent memo by Attorney-General of the Federation, AGF, and Minister of Justice, Abubakar Malami, to the National Assembly that the correct location of the proposed Nigerian Maritime University, NMU, is Okerenghigho, and not Okerenkoko. While, apex Itsekiri youth body inaugurated by the Olu of Warri, Ogiame Ikenwoli, the Itsekiri National Youth Congress, INYC, and Itsekiri youth leader, Mr. Alex Eyengho, insisted the AGF was in order, spokesman of the Gbaramatu Council of Chiefs, Chief Godspower Gbenekama, and Ijaw Peoples Development Initiative, IPDI, contended that the AGF was wrong.

According to Mr. Eyengho, the memo by Malami did not warrant Ijaw and Itsekiri ethnic nationalities to beat the drums of war. He said in a statement: “Honestly, I do not see the reason for the hullaballoo trailing the advice to the National Assembly, NASS, by the AGF. As the chief law officer of Nigeria, he (Malami) did the right thing expected of him under existing laws of our land. He advised the National Assembly, and rightly so too, based on a valid exiting Supreme Court judgment. Malami simply did not want the lawmakers to progress in error by passing a law that will ultimately become subject of endless litigations. The Supreme Court judgment the AGF quoted in his memo to the NASS is clear and unambiguous even to the most stupid person on earth.

“He only drew the attention of NASS to the existing position of the law regarding the issue at hand. I am sure the NASS will do well to work with his advice to deepen the law and order this administration preaches. So I do not see any reason for anyone to beat war drums, neither do I see any justification for a renewed crisis between the Ijaw and Itsekiri on this matter.

The bottom-line is that the Maritime University remains in its present location and the manifest fact that the occupants of the location are Ijaws of Gbaramatu in Warri South-West Local Government Area of Delta State.

“The benefits of having that university in the area will come to Ijaw, Itsekiri, Urhobo and other Deltans and indeed Nigerians. Any crisis or war between the Ijaw and Itsekiri over this matter is simply a fratricidal war that will only spell doom for both parties, Delta State and Nigeria. Make no mistake about it, nobody living or dead is more Itsekiri, Ijaw, Urhobo than I am.

The blood flowing in my veins paternally and maternally cuts across these three ethnic groups. Therefore, I would not want to see either of these ethnic groups engage in any needless hostility.”

Punch with additional report from Vanguard

Related Topics:Abubakar Malami Nigeria pump price

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Economy

Over $23bn revenue generated by oil and gas in 2021- NEITI

Published

1 day ago

September 20, 2023

Maritime First

FAAC disburses N2.054trn in Q3 2020 – NEITI

The Nigeria Extractive Industries Transparency Initiative (NEITI) said the oil and gas industry generated over $23billion in 2021.

The Executive Secretary of NEITI, Dr Orji Ogbonnaya-Orji said this while presenting highlights on the 2021 Oil and Gas report unveiled on Monday in Abuja.

According to Ogbonnaya Orji, the revenue sources included sales of federation crude oil and gas, taxes, royalties, concession rental, gas flare penalty, bonus and license fees, and transportation fees.

He said that the total revenue was also generated through dividends from NLNG, NDDC levy, NCDMB levy, Ness fee, and miscellaneous income.

According to the NEITI boss, a total of $13.2 billion dollars was remitted from the sum to the federation account.

He said that the Nigeria National Petroleum Corporation, before its transition failed to remit about $2 billion to the federation account and a total of $6.9 billion was deducted at FAAC.

Ogbonnaya-Orji said that while oil production for the year under review stood at about 566,129 million barrels per day, gas production came at over 2,743,700 million standard cubic feet per day.

He said that the sector contributed a total of 7.2 percent to the nation’s Gross Domestic Product (GDP) in 2021 with the export contribution of 76.2 percent

The executive secretary said that the Federal Government paid about $3.087 billion in cash calls as equity contributions while the outstanding cash-call liabilities payable by the federation stood at about N330.007 billion.

On data of Beneficial Owners (BO) of Assets, Ogbonnaya-Orji said that about 69 companies were covered in the production of the report and have disclosed some BO information through NEITI or CAC portal except four companies.

On subsidy, the NEITI boss said about $1,159 trillion was paid by the government as subsidy between March to December 2021.

“NEITI audits revealed that between 2006 and 2021, a total of N8.149 trillion has been so far expended on petroleum subsidy, now referred to as under-recovery,’ he said.

On recommendations, he said that based on the outstanding liabilities payable to FIRS and NUPRC, the NNPC and NPCD should be investigated while other companies should promptly pay their liabilities.

Ogbonnaya-Orji said the report also recommended that a special investigation be instituted to establish the status of our non-operational refineries and value for money assessment on the refineries should be carried out.

He further reiterated the need to strengthen remediation mechanisms and involve independent third parties to conduct detailed investigations when necessary among other recommendations.

Earlier, stakeholders in the oil and gas sector commended NEITI on efforts towards ensuring transparency and accountability in the industry.

Representing the Secretary to Government of the Federation, George Akume, his Permanent Secretary on Political and Economic Affairs, Esuabana Nko-Asanye, reiterated the importance of the report to economic development.

Akume reaffirmed the Federal Government’s commitment to support and deepen the implementation of the EITI in Nigeria.

He then restated the need for security issues especially in the Niger/Delta to be tackled to reduce losses in the sector.

The Group Managing Director of NNPCL, Mele Kyari, represented by his Chief Compliant Officer, Nasir Usman, pledged the unreserved support of NNPCL to NEITI to enable it to achieve its mandate.

Representing the Minister of Budget and Economic Planning, his Permanent Secretary, Nebolisa Anako, stated the importance of data for economic planning.

He then reiterated the commitment of the government to the mandate of NEITI as the oil and gas sector was one of the major sources of foreign exchange for the nation.

The Chairman of, House Committee on Petroleum, Hon. Ikenga Ugochinyere, called for the need to amend the NEITI Act and urged for more government allocation to the initiative to enable it better carry out its mandate.

Ugochinyere also pledged the commitment of the House to work towards the implementation of the report that was unveiled today.

Similarly, the Chairmen Senate Committee on Petroleum Upstream, Etang Williams, and the Senate Committee on Oil and Gas Host Communities, Benson Agadaga also expressed commitment to stand by NEITI in implementing the recommendations of the report.

The News Agency of Nigeria (NAN) reports that the unveiling of the 2021 report, was attended by various stakeholders and partners in the oil and gas sector in the country

Economy

Freight train haulage to carry 90 containers daily – Transportation Minister

Published

1 week ago

September 13, 2023

Maritime First

…Says Lagos-Kano Narrow Gauge Freight Operations Begins December***

The Minister of Transportation, Sen. Saidu Alkali, has said that the inauguration of the wagon freight train from Apapa Ports to Ibadan would move 90 container cargoes on a daily basis.

Alkali made the disclosure during the inauguration of the wagon freight train haulage at APM Terminal, Apapa, in Lagos on Tuesday.

He said that the freight train for moving cargo would decongest the ports and would also save shippers from the accumulation of demurrages.

Alkali said that the wagon would pass through one track, adding that the remaining two tracks would start to function after completion.

“The ministry is going to liaise with the Minister of Finance and the Customs, concerning the demolition of the scanning centre which is affecting the completion of the remaining tracks into the ports.

The Director of Operations of China Civil Engineering Construction Company, Mr Yakub Adogie, the Minister of Transportation, Sen. Saidu Alkali, and the Managing Director of Railway, Mr Fidet Okhiria during the minister’s first visit to railway facilities in Lagos and Ibadan.

“After laying the two remaining tracks, the cargoes will leave the ports respectively and the two remaining lines will enter the ports,” Alkali said.

The Managing Director of Nigerian Railway Corporation, Mr. Fidet Okhiria, said the wagon would carry 30 freights of containerised cargo on a trip from Lagos to Ibadan.

Okhiria said that the Minister of Transportation had inaugurated the freight movement of cargoes to Papalanto and Ibadan.

“We have facilities to move four trips daily but we are starting with three trips, making 90 of the 40ft containers to move out of the ports per day.

“What we are using now is a temporary transitional line, We are making headway to ensure the building gives way to make us have the three lines that are slated for this terminal.

“We are ensuring that the operation starts, so that we don’t give room for vandalisation, when the tracks are not in use then it is vulnerable to attack,” Okhiria said.

He said that if the tracks were used frequently people would see the value and respect the tracks.

The Managing Director of Bueno Logistics, Mr. Jetson Nwankwo, said that he had been working to ensure that the railway was optimally utilised and to decongest the roads.

“Currently we are partnering with the Nigerian Railway Corporation and the terminal operators to help Lagos to decongest its roads from container trucks.

“The new standard gauge line that has entered APM Terminal is a big deal, It will be able to carry at least 60 containers at a go out of Apapa complex, and if we do that every day, you will not see containers on the bridges.

“The deal is to move the containers from the Apapa Port complex to Moniya in Ibadan, where we have a very big freight terminal.

”Any truck coming to pick the truck will go to Moniya that will really decongest Lagos,”

In a related development, the Minister of Transportation, Sen. Sa’idu Alkali, has said that the freight wagon haulage on the narrow gauge from Lagos to Kano will begin in the next three months.

Alkali made the disclosure during his visit to the Kajola Wagon Assembly Plant in Ogun, on Tuesday.

He said the railway corporation was using standard gauge to carry cargo from Lagos to Ibadan. but will begin the operation from Apapa to Kano in three months’ time.

Alkali said that the Federal Government had already fixed the narrow gauge from Lagos to Kano, and will now get some locomotives and wagons to take containers from Apapa and move them to Kano

“Once we evacuate containers from Lagos, we will use the narrow gauge to move them to Kano,” Alkali said.

After visiting some of the railway facilities, the Minister directed the Managing Director of the Nigerian Railway Corporation (NRC), Fidet Okhiria, to look into the cleanliness of the coaches, to enhance patronage on railways.

Okhiria, on his part, said that the Nigerian Shippers’ Council, being the port regulator, and the former Minister of Transportation set up a ministerial committee headed by the former Permanent Secretary of the Ministry of Transportation to look into freight charges.

He said that the purpose of the committee was to ensure the smooth operation of freight rail.

“The impact on NRC is that the terminals are charging 60, 000 per container for moving the container to the wagon freight, which is still higher than the movement on trucks, and the Shippers’ Council is working on that.

” The terminal charges are high because of the double handling; presently, moving cargo by rail is more expensive than road but is faster.

“We are looking to see how we can do it, we have minimum operational cost, and we don’t need to go and borrow money to buy diesel, that is why we are starting the freight rail movement of cargo handling now,” Okhiria said.

He said that NRC had begun the freight rail movement from the port pending when they received the order from the Minister to reduce charges.

Okhiria said that NRC was operating the rail freight with the narrow gauge before now, but stopped due to security issues.

He said the corporation would use a month to repair all the vandalised tracks on the narrow gauge, adding that the management would assemble all the wagons and service them before putting them on track.

Okhira said that NRC had about 120 narrow gauge wagons, as the Federal Government had been proactive and the corporation had placed an order through the China Civil Engineering Construction Company.