Some motorists and commuters in FCT have expressed mixed reactions to the N66-per-litre petrol discount offered by the Nigerian National Petroleum Company Ltd. as the Oct. 31 deadline approaches.

Speaking with the News Agency of Nigeria on Thursday, some of them commended the initiative while others expressed reservations about its impact.

NAN reports that the Federal Government announced a 30-day discount on petrol sold by the NNPC Ltd., with public transport operators to receive priority under the arrangement.

The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, said the arrangement was not a return to petrol subsidy.

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The minister said the government was also negotiating a ceiling of N1, 350 per litre on the ex-gantry or landing cost of petrol in an effort to reduce sharp fluctuations in pump prices.

NAN reports that Dangote Petroleum Refinery cut its gantry petrol price by N25 per litre from N1,350 to N1,325.

Mr Abubakar Saidu, a motorist who resides in Wuse, commended the Federal Government for the discount offered at NNPC Ltd. retail outlets.

Saidu stated that he purchased petrol through the app but sometimes had to wait in long queues before accessing the product.

He said that many Nigerians were unable to benefit from the discount due to network challenges.

“I downloaded the app and followed the procedure before buying the petrol at N1,339 per litre,” he said.

Another commuter who resides at Nyanya, Mr Obi Anyawu, said the intervention had not translated into lower transport fares.

Anyawu said the intervention had failed to ease the burden of high transportation costs on Nigerians.

According to him, commuters are still struggling to afford daily transportation to work.

“The transportation fare keeps increasing, and there has not been any difference,” he said.

Mrs Stephanie Okoro, a commuter who resides at Karu, said commuters were still struggling to afford daily transportation to work.

“I have not benefited from the intervention, and I have not seen any positive impact it has, even among the transporters.

“Commuters continue to face difficulties accessing affordable transportation, with many stranded at bus stops due to high fares,” she said.

Mr Jide Oyetola, a motorist who resides in Bwari, called for a comprehensive review of the intervention and the introduction of additional measures to alleviate the hardship faced by Nigerians.

Oyetola urged the government to explore alternative measures to reduce transportation costs and ease the economic burden on citizens.

“My secretary recently complained that her salary can no longer cover her transportation expenses.

“She said she might not be able to come to work five days a week because her salary can no longer cover her transportation costs.

“Even if she waits for a cheaper bus every morning, the situation will still not be manageable. You cannot blame her. I am sure she is not alone in that plight,” he said.

He said it forced her to consider reducing the number of days she would report to work.

Mrs Nonye Obanla, a commuter who resides at Dutse, urged the government to explore alternative measures to reduce transportation costs and ease the economic burden on citizens.

Courtesy – NAN

Brent crude oil price rose above $111 per barrel on Tuesday, as the International Energy Agency (IEA) warned that global energy markets might not return to normal in 2027 amid escalating tensions in the Middle East.

The international benchmark was trading above $111 per barrel, according to CNN, as concerns over a possible escalation of the conflict involving the United States and Iran heightened fears of further disruptions to global oil supplies.

However, Oilprice.com data showed that Brent later retreated to $109 during the day.

The Executive Director of the IEA, Fatih Birol, warned that the global energy market remained vulnerable to overlapping crises in the Middle East, saying there was no credible prospect of a return to normal next year.

“I don’t see any credible pathway that 2027 will be a year of normalisation,” CNN quoted Birol as saying at an industry gathering in London on Tuesday.

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He warned that the Strait of Hormuz, a strategic waterway that handled about one-fifth of global oil and natural gas supplies before the war, could be closed again.

“The Strait of Hormuz has been closed once, it can be closed again,” he said.

The warning comes as crude oil price rose in recent weeks amid concerns that the conflict involving the United States and Iran could escalate, threatening oil production and shipments across the region.

Iran has signalled preparations for another round of conflict, issuing public threats against Washington, while Saudi Arabia has faced attacks by Iran-backed Houthi militants that have disrupted oil shipments.

The developments have heightened uncertainty in the international energy market, although oil continues to flow from the Middle East despite the security challenges.

Data from analytics firm, Kpler, showed that the seven-day average of oil flows from the region, including shipments through the Strait of Hormuz, the Red Sea and the Gulf of Oman, had risen above pre-war levels to just over 24 million barrels per day as of Tuesday.

CNN reported that the restoration of Saudi Arabia’s pipeline exports had helped sustain oil flows, even as tanker crossings through the Strait of Hormuz remained well below pre-war levels.

Birol warned against assessing the severity of the energy crisis solely through crude oil prices, noting that petroleum products had experienced more significant price increases.

“We don’t use crude oil, we use products,” he said, noting that diesel prices had doubled from pre-war levels, largely because of the conflict involving Iran and attacks on Russian refineries.

He warned that the outlook could worsen as diesel demand typically increases during the coming season, while several major refineries are scheduled for maintenance.

“We are on thin ice and I am very worried about this,” he stated.

The IEA chief added that member countries would consider releasing additional emergency oil reserves if necessary to ease supply pressures.

The agency’s member countries agreed to release 400 million barrels from emergency reserves in March, with about 80 percent of the volume already supplied to the market and the remaining 20 percent yet to be released.

Birol said member countries still held about 1.6 billion barrels in reserves.

“We are keeping it for the rainy days,” he said.

Steps for the actualisation of recommendations from an industry-wide study on in-country manufacturing of key components for the oil and gas industry was the focus at a stakeholders’ meeting on Monday in Port Harcourt, Rivers State.

According to the Nigerian Content Development and Monitoring Board (NCDMB), the meeting was aimed at boosting local manufacturing capacity, empowering indigenous enterprises, and reducing reliance on imported components.

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Recall that on July 7, 2022, the NCDMB commissioned a diverse oil industry team to develop a strategy for in-country manufacturing of pumps, valves, flanges, gaskets, bolts and nuts, metering solutions, and instrument fittings, and the team submitted its report on July 12, 2023.

The study was initiated after local manufacturing of vital components was identified as essential to advancing Nigerian content, given their significant role in sustaining oil and gas production uptime and their substantial share of both operating and capital expenditures.

Representing the Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe at the meeting, the General Manager, Institutional Development, Capacity Building Directorate, Olugbenga Sheba, underscored the Board’s drive to deepen local capacity, promote industrialisation, and maximise value retention in the Nigerian oil and gas industry.

He emphasised that developing the capacity to manufacture critical industry components within the country would strengthen indigenous enterprises, improve technical competence, and position Nigerian companies to participate more effectively in the supply chains of major oil and gas projects.

He cited the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010, which provides for first consideration of Nigerian goods and services, reinforcing the statutory basis for promoting indigenous participation and local production.

According to him, the Board remains committed to ensuring that the implementation of the study report’s recommendations is guided by the provisions of the Act and creates greater opportunities for qualified Nigerian companies to thrive.

“Today’s rollout is not an isolated initiative; it is an integral pillar of our NCDMB 10-Year Strategic Roadmap, which targets achieving 70% Nigerian Content by 2027,” he stated.

He explained that the implementation of the study report would directly advance the technical capability development pillar of the Board’s 10-Year Strategic Roadmap by addressing identified skills gaps, technological deficiencies, and limitations in local manufacturing capacity.

He further outlined key areas of focus for the implementation process, including infrastructure expansion, structured capacity-building initiatives, improved access to capital and strategic partnerships, as well as effective monitoring, compliance, and enforcement.

He urged stakeholders to demonstrate strong commitment to the implementation process, stressing that collaboration among the Board, indigenous manufacturers, operators, service companies, financial institutions, and other industry players would be critical to achieving sustainable results.

In his presentation, Assistant Manager, Institutional Strengthening of the Capacity Building Directorate, Mr. Nander Salmwang, disclosed that approximately 60 indigenous companies had been identified in the assessment, of which only 18 met the required criteria. He also highlighted challenges affecting the development and expansion of in-country manufacturing capacity, underscoring the need for targeted interventions to bridge existing gaps.

Similarly, Manager, Nigerian Content Development Fund (NCDF), Emmanuel Yusuf presented funding opportunities available through the NCDF, explaining the relevance of financial support to indigenous companies and community contractors seeking to strengthen their operations and participate more actively in the industry’s supply chain.

The meeting also highlighted the relevance of the Nigerian Oil and Gas Park Scheme (NOGaPS) in supporting the development of local manufacturing infrastructure and capabilities.

Other presentations and discussions provided a platform for stakeholders to examine existing opportunities, identify implementation challenges, and explore practical approaches to improving indigenous participation in the manufacturing of critical oil and gas equipment and components.