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Diesel price hits all-time high in Nigeria after Vice President met oil executives

Published

3 years ago

March 8, 2022

With continued scarcity of Premium Motor Spirit (PMS) in Nigeria, the Vice President, Professor Yemi Osinbajo yesterday summoned the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC) to the Presidential Villa.

Meanwhile, the price of diesel has hit a record height at ₦625 per litre in filling stations. The price jumped from ₦ 430 to ₦545 two days ago. The product was sold for as low as ₦ 420 last week.

The summon came less than 24 hours after President Muhammadu Buhari declared that his deputy is now in charge of the country as he departed for a two-week medical vacation to London,

Sources confirmed that Mr. Mele Kyari, the GMD of the NNPC and some other executives of the company were seen on Monday afternoon coming into the Villa and leaving soon after.

Nigerians have been reacting to the continued scarcity of the essential commodity which became scarce in the first week of February 2022 when the Nigerian government says it found an unsafe quantity of methanol in petrol imported into the country, and cited that as the reason for fuel shortage that has led to hard times for many Nigerians.

It was disclosed that in what was a short meeting, the Vice President asked for an update on how the NNPC intended to quickly resolve the lingering fuel scarcity.

“The NNPC boss gave an impressive report and plan to the VP and was seen leaving the Villa…walking briskly as if he had been given a firm order,” said a reliable source.

Sources added that a sense of urgency to resolve the fuel scarcity was stressed by the Vice President at the meeting, a cue the NNPC executives also took.

“Judging from the look of things, the scarcity would be over very soon,” said another source close to the NNPC executives.

Related Topics:DIESEL Featured Nigeria oil

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Nigeria’s Dangote Refinery exports first fuel to Cameroon

Published

2 days ago

December 12, 2024

Ifeoluwa Dada

The Dangote Refinery in Nigeria said on Wednesday that it had exported its first petrol to Cameroon, marking a significant milestone that may help stabilise gasoline costs throughout the region and open the door for regional energy integration.

When fully operational, Nigerian billionaire Aliko Dangote’s 650,000-barrel refinery in Lagos is intended to alter the trade of refined products in the Atlantic basin and compete with refineries in Europe.

According to a statement by Neptune Oil, an energy company based in Cameroon, both businesses were looking into new projects to create a dependable supply chain that would assist in stabilising fuel costs and opportunities throughout the area.

According to Neptune Oil, there were no middlemen involved in the petrol delivery deal.

It is anticipated that the refinery’s operations will spur growth in the upstream, midstream, and downstream sectors, increasing investments in cement manufacture, plastic and rubber production, chemical and pharmaceutical goods, and oil refining.

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Egypt’s November inflation drops to 25.5%, near 2-year low

Published

3 days ago

December 11, 2024

Ifeoluwa Dada

According to figures released Tuesday by statistics agency CAPMAS, Egypt’s annual urban consumer price inflation rate fell more than anticipated to 25.5% in November, the lowest level since December 2022.

Following the Russian invasion of Ukraine, which caused international investors to pull billions of dollars out of Egyptian treasury markets, inflation started to rise sharply in early 2022.

In September 2023, headline inflation reached a record high of 38.0%. It dropped to 26.5% by October 2024.

In a Reuters survey last month, 15 economists’ consensus prediction was for annual inflation to gradually decline to 26.4%.

According to CAPMAS statistics, headline inflation decreased from 1.1% in October to 0.5% in November every month.

Compared to October, when they fell 1.1%, food costs fell 2.8% over the month, making them 23.3% more than they were a year ago.

An increase in the money supply has been a major contributor to inflation. According to central bank data, Egypt’s M2 money supply increased by 29.54% in October compared to the same month last year.