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Petrol’s Pump Price Skyrockets From 6 Kobo To 61,700 Kobo

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The astronomical increment of the pump prices of Premium Motor Spirit (PMS) also known as, petrol has seen  it rise from 6 Kobo/litre in 1970 to 61,700/litre as at August 27, 2023.

Data sourced from various online sources by Biztellers indicate that the pump price of petrol has been increased a record 29 times since the Gen Yakubu Gowon regime fixed the price at 6 kobo in 1970.

It stood at that rate for three years before the same government adjusted it to 8 Kobo in 1973.

And by 1978, when the then Gen Olusegun Obasanjo adjusted the pump price to 15 Kobo, Nigerians cried out in anguish.

The first civilian government to tinker with the pump price of petrol was the President Shehu Shagari regime, which adjusted it to 20 Kobo/litre.

That was in 1983 after Shagari had managed the 15 Kobo price it inherited from Obasanjo for more than four years, dating back to 1978.

The price stability was maintained during the tenure of the Gen Muhammadu Buhari military regime of 1984. Even his successor, Gen Ibrahim Bagandiga didn’t adjust the price until 1986, when it was adjusted to 39 Kobo/litre.

Two years down the line, Gen Babangida increased it again to 42 Kobo, before adjusting it to 68 Kobo in 1990 and 70 Kobo in 1991.

Increases in pump price of petrol had always attracted public outcry with civil society rising in one accord against the move by government.

The Interim Government led by Ernest Shonekan jerked it up from 70 Kobo to N5/litre in 1992 with the attendant public uprising enough to consume the government.

Gen Sanni Abacha shoved Shonekan aside and reduced the pump price to N3 25 Kobo, only to jerk it up to N15 in 1994 amidst fuel scarcity that threatened the economy.

When the masses rose up against the move, Gen Abacha reduced it to N11/litre in 1995, before Gen Adulsalam Abubakar who took over after the demise of Gen Abacha pegged the pump price of petrol at N25 in 1998.

The level of public outcry that greeted the move, compelled Gen Abubakar to reduce it to N20/litre 1999.

When Chief Olusegun Obasanjo was elected President in 1999, he tinkered with the pump price of petrol six times in his eight-year tenure.

He first adjusted it to N50/liter in 2002, the back to N22/litre and up to N26/litre the same year, before moving it up to N42/litre in 2003, N65/lite in 2004 and N75/litre in 2007.

Obasanjo’s successor, President Umar Yaradua, in an apparent response to public lamentation, reduced the pump price of petrol to N65/litre.

Yaradua’s tenure was short-lived, and his success, President Goodluck Jonathan, who was in office for about six years, tinkered with the pump price of petrol for three times.

Under Jonathan, Nigerians saw the pump price of petrol move to N141/litre in 2010, back to N97/litre the same year, and down to N87/litre in 2011.

The pump price of petrol had become a tool in the hands of politicians and those desperate to hang on to power had to pander to popular sentiments, hence, the Peoples Democratic Party (PDP) under President Jonathan’s leadership had to toy with the idea of reducing pump price of petrol.

Then came the All Progressives Congress (APC) with President Muhammadu Buhari in 2015.

The former military ruler was in power for eight years, taking his two four-year terms as President, within which period he tinkered with the pump price of petrol several times in a fluctuating manner that tended to reflect his government’s negotiating power with restive civil society groups.

In 2015, President Buhari increased the petrol to N141/litre and in 2016 to N165/litre, before pegging it at N180/litre in 2020, where it was until he left office in May 2023.

N180/litre was where the President Bola Ahmed Tinubu administration met it and on May 29, 2023, before the popular ‘subsidy is gone’ anchor mounted pressure on the prices and saw it hit the roof.

President Tinubu’s less than three-month tenure has seen pump price of petrol adjusted twice from N180 where he met it to N480/litre in June to N617/litre where it is hovering at the moment.

Sadly, it does appear that the current price per litre is a mere suggestion around which marketers could weave their profit, though some do so unscrupulously.

Recall that Commissioner for Special Duties, Enugu State, Emeka Ajogwu, on Friday, while on an unscheduled visit to some petrol stations in the Enugu metropolis to ascertain the alleged metre manipulation by filling station owners, cautioned them against ‘sharp practices’.

According to him, “Over 20 filing stations visited adjusted their metres and sold between N600- N620 per litre, respectively.

“It was confirmed that for every 20 litres of petrol bought, consumers were shortchanged to the tune of N768.60, N702, N682.00, N575.00, N441.60, N480.00, and N256.20 respectively.”

Sadly, this situation is replicated across Nigeria, and the pressure on the Foreign Exchange Market in addition to fluctuating global crude prices tend to guarantee that these incessant increment would continue in the domestic market.

Energy

Asharami Synergy Unveils Fuelling Solutions In Omagwa

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In line with its commitment to driving access to quality petroleum products, Asharami Synergy Limited, a leading Sahara Group downstream company, has said the public can now access exceptional fuelling solutions at its newly commissioned retail station in Omagwa, Rivers State.

Situated strategically along the Airport Road in Omagwa, the station, which features a storage capacity of 45,000 litres each for Automotive Gas Oil (AGO, also known as diesel) and Premium Motor Spirit (PMS, also known as petrol) is equipped with two pumps and four discharge nozzles for PMS and AGO.

The facility also has ample space for sundry services in a bid to ensure consumers get more “miles and smiles” as well as the energy to “go further” with Asharami’s world-class products.

“The Asharami Omagwa Retail Station is fully operational, offering a range of premium products and services. It’s a one-stop shop that also gives our esteemed customers eat-in and take-out restaurant services, shopping, as well as the Asha lubricants and Asha Service experience which will ensure premium care for all classes of automobiles and engines,” said Oladimeji Williams, Head, Government Relations and Business Development at Asharami Synergy.

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At the Commissioning, Willaims said the new station represents an important step in Asharami Synergy’s expansion plan aimed at reaching and serving more communities responsibly. “This station is strategically positioned close to the airport, serving as the gateway for powering socio-economic development in the community and those close to it, while enabling Asharami Synergy integrate all aspects of its downstream business towards ensuring efficiency and value for our customers,” he stated.

Williams commended the Federal Airport Authority of Nigeria (FAAN) and the Omagwa community leaders for their support and collaboration throughout the project’s duration, describing it as a “seamless and productive process that highlights Asharami’s corporate stewardship and social impact” in the community.

Similarly, Ifesinachi Ezike, Regional General Manager (South South), FAAN, emphasized the broader significance of the new station, stating, “This occasion marks a significant milestone not just for Asharami Synergy but for the airport and the entire community. It marks not just an opening of a new facility but the beginning of a renewed commitment to enhancing the travel experience of all our passengers and stakeholders”.

In a move that underscores its commitment to sustainability and community development, Asharami Synergy also commissioned a solar-powered borehole during the launch. The borehole is set to improve access to clean and reliable water for residents, marking a tangible contribution to the local community.

“At Sahara, we are always making a difference—not just through our business operations; we are unwavering in our commitment to driving sustainable development and building partnerships that enhance the well-being of our host communities,” Williams added.

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Energy

Awards Galore For Shell, Staff At NAPE 2024 Conference

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The Shell companies in Nigeria and staff won awards in recognition of their robust participation at the 42nd Annual International Conference and Exhibition of the National Association of Petroleum Explorationists (NAPE), held in Lagos.

At the closing dinner of the event, the Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo), Ronald Adams pledged sustained efforts by the company to address “the Nigerian energy trilemma by powering progress towards energy security in a sustainable manner”.

On the awards, the Shell was declared Best Overall Exhibitor and Best Exhibiting Energy company (International) just as Geophysicist Somime Oguntola took home the Award of Excellence for Oral Paper (second place).

The icing on the cake was a Shell staff, Johnbosco Uche, being installed as the new President of the NAPE.

It was gathered that the Shell companies in Nigeria have supported NAPE since its founding in 1975, using the skills and expertise of the large pool of energy professionals in its employment to improve its activities especially educational and mentoring programmes.

In addition to being a major sponsor of the 2024 conference, Shell mounted a high-profile exhibition, featuring among other things, career counselling, engagements on Nigerian Content and Contractor development and panel sessions on Women in Industry and Sustainability Energy Challenge.

A highlight was the Shell medical stand which attended to more than more than 500 conference participants and members of the public over the four days of the annual event. The doctors and nurses offered a wide range of services including laboratory tests, deworming, medical consultation as well as ophthalmology checks and distribution of nearly 300 eyeglasses.

Adams referred to the operations of SNEPCo as an example of Shell’s contribution to energy security in Nigeria. “As a result of sustained production from Bonga, we have provided funds to finance development, created a new generation of Nigerian Deepwater professionals, empowered indigenous contractors and service providers, and implemented social investments that have touched lives in the six geo-political zones of the country,” he said.

Adams added, “SNEPCo and indeed Shell are in Nigeria for the long haul. Our commitment is reflected in both our current and growth plans, all of which are grounded in principles of safety, affordability, and competitive performance.”

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Energy

Accugas Denies Culpability In Akwa Ibom’s Power Outage

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Owing to the persistent power outage, which has crippled economic and social life in most parts of Akwa Ibom State and environs, Accugas Limited has washed its hands off the ugly situation.

This was contained in a statement under the signature of its Communications Manager, Okwudili Onyia, in which the company traced the anomaly to a “fault in the 132-KV Aba-Itu transmission line”.

To ameliorate the situation, the company maintained that “It is imperative that the restoration of the Aba-Itu line is completed as soon as possible.”

In addition, the company pledged thus, “Accugas will continue to partner with, and support, the government of Akwa Ibom State towards achieving the government’s agenda for economic development and prosperity of the state.”

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The statement reads, “Accugas Limited, a subsidiary of Savannah Energy, wishes to strongly deny the misinformation concerning its alleged involvement in the current power outage in Akwa Ibom State.

“The power cut in Akwa Ibom State is entirely due to the reported fault in the 132-KV Aba-Itu transmission line, which, unfortunately, is preventing power being transmitted from the National Grid into the State. It is imperative that the restoration of the Aba-Itu line is completed as soon as possible.

“Ibom Power Company (“IPC”) is one of 23 thermal power generation companies which channel power to the National Grid, which in turn disseminates all accumulated power to each State of the Federation through the electricity distribution companies (“Discos”). Indeed, Accugas supplies gas to enable c. 20% of Nigeria’s thermal generation capacity and, as such, is a critical enabler of the Nigerian economy.

“Within Akwa Ibom State, Accugas has been the sole supplier of gas to IPC since 2014 and, together with other Savannah subsidiaries, has invested over US$1.5 billion in gas development within the state. Furthermore, Savannah has recently invested c. US$45 million in a gas compression project at Accugas’ Uquo central processing facility at Esit Eket. Accugas’ commitments also extend to several social investment projects in the state. All the foregoing investments and projects, including other imminent investments Accugas intends to make in the State, demonstrate the Company’s long-term commitment to Akwa Ibom State and Nigeria.

“Accugas will continue to partner with, and support, the government of Akwa Ibom State towards achieving the government’s agenda for economic development and prosperity of the state.”

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