Energy
NLC, TUC, CSOs Reject Electricity Tariff Hike
The Nigeria Labour Congress (NLC), Trade Union Congress (TUC), and various civil society organizations (CSOs) have jointly expressed their opposition to the proposed 40 percent increase in electricity tariff which is cheduled to come into effect on July 1.
The Nigeria Labour Congress (NLC) strongly criticized the proposed tariff increase, describing it as insensitive and callous.
Similarly, the Trade Union Congress (TUC) expressed their discontent, stating that the increase displays a complete lack of empathy towards the hardships faced by the general population.
The civil society organizations (CSOs) also voiced their opposition to the tariff hike, labeling it as unfair and lacking justification, urging the government to immediately abandon the proposal.
It is worth noting that the Nigerian Electricity Regulatory Commission (NERC) had previously justified the tariff increase by stating that the current Service Based Tariff (SBT) was based on an exchange rate of N441/$ and an inflation rate of 16.97 percent.
According to the Nigerian Electricity Regulatory Commission (NERC), the increase in electricity tariff is deemed necessary due to the current exchange rate of the naira to the dollar, which now stands above N700, and an inflation rate of 22.45 percent.
The commission argues that the tariff hike is crucial to alleviate the operational costs faced by electricity providers.
Leading the opposition against the tariff hike, the Nigeria Labour Congress (NLC) expressed concerns about the potential cumulative impact of various cost increases, such as the anticipated rise in school fees in tertiary institutions and already high fees in privately-owned educational institutions.
The NLC emphasized that with additional costs and tariffs on the horizon, life in Nigeria could become exceedingly challenging.
In a statement issued by NLC President Comrade Joe Ajaero, the union urged the government to prioritize the collective well-being of the masses and abandon the proposed tariff hike.
The statement partly reads “The plan to increase electricity tariff by 40% by July 1 is both insensitive and callous and reflects an organised indifference to the well-being of consumers, especially, the poor masses.
“The massive increase is explained away as a response to the over 100 per cent increase in the pump price of premium motor spirit, otherwise known as petrol.
“Details reveal a movement in inflation from 16.9% to 22.41 (threatening to needle 30), and a shift in exchange rate from N441 to N750. We believe not even these figures are a justification for this reckless proposed tariff increase.
“The issue of capacity to pay and quality of service delivery are not only germane but superior to any rationalisation by market logic.”
The NLC contended that there had been increases without notice in violation of statutes, saying “the service providers, in spite of sundry support, have not been able to meet the threshold of 5,000 megawatts.
“Coupled with this, there have been surreptitious increases without notice in violation of the statutes.” It added.
Energy
Dangote Partnership: MRS Urges Nigerians To Insist On N935/Litre Petrol Price Nationwide
MRS Oil Nigeria Plc, a prominent player in the Nigerian downstream oil industry, has implemented a new petrol price of N935 per litre across all its retail service stations nationwide.
The company has also called on Nigerians to monitor and report any outlets that fail to adhere to the new price structure.
Biztellers reports that this is consequent upon an announcement by the President of Dangote Industries Limited, Aliko Dangote, that the Dangote Petroleum Refinery has partnered with MRS Oil and Gas to offer petrol at N935 per litre at retail outlets, following a reduction in the ex-depot price from N970 to N899.50 per litre.
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It was gathered that MRS Oil Nigeria Plc has instructed all its outlets to implement the new price immediately, setting up a digital platform and monitoring team to ensure full compliance.
In a statement on Monday night, the company declared, “Petrol is now being sold at N935 at MRS Filling Stations nationwide. If you find any station not following this price, please report it. Call 08009447853 or email: NG-FMKPMGWHISTLEBLOWING@NG.KPMG.COM”
Emphasising the eco-friendly nature of its products, MRS Oil added, “We call on all petrol station owners to join MRS Oil Nigeria Plc in improving the supply chain of our beloved country, ensuring product quality and availability in every corner of Nigeria for the benefit of all Nigerians.”
In Lagos, commuters were seen queuing at MRS filling stations to purchase petrol, with many expressing their gratitude to the Dangote Petroleum Refinery and MRS Oil and Gas, urging other marketers to support the indigenous refinery rather than import off-spec products into the country.
A commuter at the MRS station at Alapere on the Lagos Ibadan Express way, Ibukun Phillips, could not hide her joy as her husband filled up their car.
“I am very happy today. This is a victory for Nigeria,” she said. “The price reduction is the best gift of the season. But beyond just the reduction, we are buying standard, eco-friendly petrol at a lower rate. My husband and I have decided we will only be using MRS from now on because we are confident in the quality of the product and supporting the economy.”
A commercial bus driver, Adio Ajibade described the price reduction as a great relief, especially during the festive season.
“The reduction is a great relief. It will reduce transportation costs and benefit Nigerians. God will continue to bless Alhaji Aliko Dangote,” he said.
A public affairs analyst and university lecturer, Dr. Tunde Akanni, said the collaboration between Dangote Petroleum Refinery and MRS Oil represents a significant step towards improving the affordability, quality, and sustainability of petroleum products in Nigeria.
According to Dr. Akanni, “this move will not only help ease the financial burden on Nigerians but also promote a more environmentally conscious approach to fuel consumption, benefitting both the economy and public health in the long term.”
Energy
FDI: Shell To Invest Billions Of Dollars On Nigeria’s Bonga North Oil Field
As a direct implication of the Federal Government’s Foreign Direct Investment drive, the Royal Dutch Shell has completed the final investment decision on the deep offshore Bonga North project in Nigeria.
Biztellers reports that the Bonga North will be a subsea tie-back to the Shell-operated Bonga Floating Production Storage and Offloading (FPSO) facility which Shell operates with a 55% interest.
Shell’s Integrated Gas and Upstream Director, Zoë Yujnovich, said, “This is another significant investment, which will help us to maintain stable liquids production from our advantaged Upstream portfolio”.
ALSO READ: OGUNCCIMA Commends Dangote Refinery’s Impact
It was gathered that the Bonga North project involves drilling, completing, and starting up 16 wells (8 production and 8 water injection wells), modifications to the existing Bonga Main FPSO and the installation of new subsea hardware tied back to the FPSO.
The company is optimistic that the project will sustain oil and gas production at the Bonga facility.
The Bonga North currently has an estimated recoverable resource volume of more than 300 million barrels of oil equivalent (boe) and will reach a peak production of 110,000 barrels of oil a day, with first oil anticipated by the end of the decade.
In addition, the Bonga North will help ensure Shell’s leading Integrated Gas and Upstream business continues to drive cash generation into the next decade.
Energy
Chevron Nigeria Bags ‘Energy Company Of The Year For Environmental Sustainability And CSR
Chevron Nigeria Limited (CNL), has received an award as “Energy company of the year (2024)” for its Environmental Sustainability and Corporate Responsibility accomplishments.
The award presented by the Nigerian News Direct newspaper, on Friday December 6, 2024, and was received by Manager Communications, Chevron Nigeria and Mid-Africa Business Unit, Victor Anyaegbudike, at a colourful event at the Grand Ballroom of the Oriental Hotel, Lagos.
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The organizers of the award noted that Chevron has implemented the “Protecting People and the Environment” policy, which aims at preventing injuries, illnesses, and environmental incidents. They also referenced that the company has achieved 97% gas flaring reduction in its operations in Nigeria, while implementing waste management and environmental conservation programs.
According to the media organization, Chevron Nigeria has also invested millions of dollars in community development programs, supporting education, health and economic development initiatives that have benefited thousands of people, while ensuring diversity, inclusion, and employee engagement in its business operations.
Receiving the award from the Lagos State Commissioner for Information and Strategy, Gbenga Omotosho, Anyaegbudike thanked the organizers for the honour, and reiterated Chevron’s commitment to continue to develop, affordable, reliable and ever-cleaner energy that enables human progress around the world.