Connect with us

VenturesNow

Nigeria: Suppliers warn as diesel could hit ₦1,500 per litre in weeks, calls for PMS subsidy removal

Published

on

In Nigeria, the Natural Oil and Gas Suppliers Association (NOGASA) warned that the cost of diesel per litre is expected to increase from N800 to N1,500 within the next two weeks.

NOGASA made the disclosure on Tuesday during a media briefing in Abuja, Nigeria’s capital city.

The National President, NOGASA, Bennett Korie, said that about 75% of filling stations in Nigeria have gone out of business.

There is no diesel to take fuel to their stations. All of them are going down.

“And it is not that the fuel is not there, but the cost of bringing it to the stations is too high. We know that the crisis between Ukraine and Russia has contributed badly, but the government has to do something fast, otherwise we are going to buy diesel in the next two weeks at N1000 to N1500/litre.” Korie said.

The pressure group leader argued that the way out of the price surge is for the government increase the price of Premium Motor Spirit (PMS), popularly called petrol little to reduce the money spent on subsidizing it.

“I know Nigerians will not be happy to hear this, but this is the only solution. They should increase the price of fuel a little so that the savings will enable the Central Bank of Nigeria to have enough foreign exchange.

“You and I know that we import everything now in Nigeria. Diesel is an imported product and it is fully deregulated. So the importers are not getting dollars at the official CBN rate to import diesel. Everybody is going to the black market to get dollars to import their products and so you expect the price of diesel to be high,” he added.

Despite her increasing debt profile, Nigeria’s government in January postponed its planned removal of subsidy on petroleum products till further notice. Petrol subsidy payments reportedly gulped overN1.15 trillion 2021 alone, resulting in low revenue for federal, state and local governments to cater for developmental projects.

There was a continued scarcity of Premium Motor Spirit (PMS), popularly called petrol in Nigeria, while the price of diesel hit a record high at ₦900 per litre in filling stations in March.

The hike in fuel price affects Nigeria’s economy immensely as Nigeria’s epileptic power situation means they are all run on fuel for operations. Industries like aviationtelecom operators have all lamented over the situation and have disrupted business operations.

The ongoing Russia/Ukraine war has contributed immensely to the shortage of diesel globally, has ongoing sanctions on Russia, which is expected to affect poorer nations from Nigeria to Sri Lanka that import its diesel.

VenturesNow

COVID-19: Friendship renewed as Algeria opens land border with Tunisia

Published

on

Algerian President, Abdelmadjid Tebboune has announced that it will reopen the land border between the two countries in mid-July.

The border, which starts in the north at the Mediterranean coast, proceeding overland in a broadly southwards directions via a series of overland lines was closed in 2020 during the peak of Covid-19.

Abdelmadjid Tebboune made the announcement at Algiers airport alongside his Tunisian counterpart Kais Saied who was preparing to leave the country after attending the festivities marking the 60th anniversary of Algeria’s independence.

“We have taken a joint decision to reopen the land borders from July 15.”

Until the pandemic, more than three million Algerians travelled to Tunisia each year, according to local media.

Generally speaking, relations between Algeria and Tunisia have so far been homogenous. Although Algeria postponed the opening of it borders with Tunisia in May.

Continue Reading

VenturesNow

The Gambia benefits from World Bank’s $68m grant to revive tourism industry

Published

on

The Gambia and the World Bank have sealed a $68m grant deal which will go to support the West African country’s tourism industry, hitherto the biggest contributor to its Gross Domestic Product (GDP), before the Coronavirus pandemic hit the global tourism sector, causing a near economic meltdown.

World Bank’s Managing Director of Operations, Axel Van Trotsenburg, who announced the signing of the deal at a ceremony in Gambia’s capital, Banjul, on Tuesday, said the grant is meant to support the diversification and climate resilience of the country’s tourism after the pandemic and economic crisis.

Trotsenburg added that promoting the diversification and climate resilience of tourism will help protect the Atlantic coastline of The Gambia from the effects of climate change.

About 20 per cent of The Gambian economy depends on earnings from its tourism as it is the largest foreign exchange earner for the government but the advent of the pandemic had caused the country’s economic growth to contract by 0.2 percent in 2020, according to the World Bank.

This was as a result of the global restrictions on travelling between 2020 and 2021, which prevented tourists and visitors going to the country, leading to the tourism industry taking a huge hit.

Continue Reading

EDITOR’S PICK

Politics5 hours ago

Court summons Tunisian opposition leader, Rached Ghannouchi, over money laundering

Tunisian opposition party, Ennahda has revealed that its leader, Rached Ghannouchi has been summoned by a judge over money laundering...

Politics8 hours ago

Exiled former Burkina Faso’s president, Blaise Compaore, to return home

Burkinabe authorities has revealed that former president of Burkina Faso, Blaise Compaore will return from exile for the first time...

Metro18 hours ago

Malian migrants, including children, die as makeshift Europe-bound boat capsizes in Libya

Twenty-two Malian migrants including three children, have been killed when their makeshift Europe-bound boat capsized in the Mediterranean Sea off...

Metro20 hours ago

Monkeypox: WHO records over 6,000 cases in 58 countries in recent outbreak

According to the World Health Organization, more than 6,000 cases of monkeypox have now been reported from 58 countries in...

Politics21 hours ago

Rwanda, Congo DR settle for peace as Kagame, Tshisekedi agree to de-escalate tension

It appears the sun is setting on the diplomatic tension between the Democratic Republic of Congo and Rwanda president of...

VenturesNow23 hours ago

COVID-19: Friendship renewed as Algeria opens land border with Tunisia

Algerian President, Abdelmadjid Tebboune has announced that it will reopen the land border between the two countries in mid-July. The...

VenturesNow23 hours ago

The Gambia benefits from World Bank’s $68m grant to revive tourism industry

The Gambia and the World Bank have sealed a $68m grant deal which will go to support the West African...

VenturesNow23 hours ago

Ghana wants $1.5 billion from IMF to solve economic riddle. Will they get it?

Following Ghana’s decision to run back to the International Monetary Fund amidst its economic woes, the West African country has...

Metro23 hours ago

Nigerian-born OPEC Secretary-General, Mohammed Barkindo, dies hours after presidential reception three weeks to departure

The Nigerian-born Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), Mohammed Barkindo, has died a few hours after he...

Sports24 hours ago

Three foreign-born players switch allegiance to Ghana: Can the trio help the Black Stars go far in Qatar?

Three foreign-born footballers, Tariq Lamptey of Brighton & Hove Albion, Southampton’s Mohammed Salisu as well as Inaki Williams of Athletic...

Trending