NNPC allays fears of fuel scarcity, admits hitches in depots
The Nigerian National Petroleum Corporation has admitted that there are pricing issues at some petrol depots in the country but ruled out any hike in the pump price of the product.
It was reported on Tuesday that fuel queues resurfaced on Monday in the Federal Capital Territory and some parts of Nasarawa and Niger states.
Retailers had claimed that the ex-depot price of the product had been increased by private tank farm owners from the recommended N148-N149.5/litre to between N153 and N155/litre.
The Group Managing Director, NNPC, Mele Kyari, while delivering a presentation at a conference organised by Energy correspondents in Lagos on Tuesday, said the corporation had an adequate stock of Premium Motor Spirit (petrol).
He said, “As we speak now, there is speculation of fuel scarcity within the media, but we have over 1.7 billion litres of Premium Motor Spirit in the country. We have another 2.3 billion litres coming in; so there is no shortage in supply as being speculated.
“Of course, there are issues about pricing at some depots but the government has no plan to revise the pricing structure.”
According to Kyari, NNPC’s objective is to provide energy security for Nigeria and ensure the availability of petroleum products in the country.
Speaking on ‘Petroleum Industry Act: Energy transition and the future of Nigeria’s oil and gas,’ he explained why Nigeria was demanding energy justice at the ongoing United Nations Climate Change Conference (COP26) in Glasgow, Scotland amid the global push for the energy transition.
Kyari noted that the COP26 again highlighted the challenges faced by Nigeria and other African countries in the global energy transition.
He noted that President Muhammadu Buhari in his speech before the world leaders had demanded energy justice for Africa and highlighted the need to exploit the available resources as a pathway to attain the net-zero carbon objective by 2050.
According to Kyari, although Africa accounts for only about three per cent of the global carbon emission, the continent still has the responsibility to join the world in combating climate change.
He said Nigeria had identified its abundant gas resources as its fuel for energy transition, citing the declaration of the year 2021 to 2030 as the ‘Decade of Gas’ by the government.
The NNPC boss said, “We are making good progress in terms of the implementation of the PIA which is clearly creating the path for transition.
“There is no way we can achieve this feat without adequate infrastructure to transport the resources to where it will be used, and that is why we are investing in massive gas infrastructure.”
He said gas projects such as the Obiafu-Obrikon-Oben and the Ajaokuta-Kaduna-Kano pipelines would deepen gas utilisation in the country.
Court reverses self over contempt charge against Fidelity Bank chief
A Chief Magistrate Court sitting in Ikeja, Lagos has vacated its ruling that convicted and sentenced the Managing Director of Fidelity Bank,Nneka Chinwe Onyeali-Ikpe and Company Secretary of Fidelity Bank, Mrs. Unuigboje Ezinwa to six weeks in prison or a fine of Four Hundred Thousand Naira respectively for contempt.
Supreme court restrains FG from enforcing naira swap deadline
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Up till Saturday, CBN had insisted on the 31st January deadline for the validity of the old N200, N500 and N1,000 despite overwhelming complaints that the notes are either not available or in short supply in the banks or their Automated Teller Machines.
Last October, Emefiele announced the Naira redesign policy which entails the issuance of new notes to replace the existing N200, N500 and N1,000 series.
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