- Firm Introduces Alternative Fuel for Car, Generator
Banner Gas, a brand of Banner energy has introduced to the Nigerian market a Liquified Petroleum Gas (LPG), to serve as a substitute and cheaper fuel for powering cars and generators.
This initiative followed the costly impact of the high cost of Petroleum Motor Spirit (PMS) on cars and generators, especially for manufacturing industries and businesses.
According to the Chief Executive Officer of Banner Gas, Mr. Nuhu Yakubu, the new product, which can be installed on generator and car at a pocket friendly bill, represents a model for solving the problem of shortage of cleaner and efficient energy, especially with the high cost of PMS, its health implication and the regular scarcity experienced in the country.
While hosting dealers at a franchise conference in Lagos, Yakubu added that the policy direction of the present administration which encouraged alternative fuel use, had made it imperative for Nigerians to take advantage of the innovation, which he said was locally produced, hence did not put pressure on the dollars, as against the conventional PMS.
Shedding more light on the benefits of the product, the CEO noted that “by switching to the latest, there will be no need to service your car more than once in a year, as against the routine monthly servicing that comes with the conventional fuel.
“The scheme, with attendant benefits for employment generation, technical skills acquisition and wealth creation, is one of the gains of the present administration’s policy on partial deregulation of the petroleum downstream sector.Considering the abundance of LPG supply in Nigeria, with its benefit as being clean and affordable replacement fuel for petrol (PMS), kerosene, diesel, LPFO, HPFO, fire wood, coal, sawdust and other unclean and environmentally unfriendly fuels, the launch sounds a welcome relief in response to the positive direction for energy policy of the federal government.”
The company which also announced the Franchise Retailership Scheme of the product, said its had arranged up to 100 delivery vans for door-to-door LPG delivery operations across the country.
This development, according to Banner Energy Head of Operations, Mr. Ade Makinde, will make for easier access to the product by the members of the public.
“The door-to-door LPG (cooking gas) delivery scheme aims at creating maximum connectivity to end users , including homes, hotels, eateries, schools, laboratories, factories, etc, along with related connection accessories, around its filling plants localities across the country.
“The scheme’s maximum penetration strategies aim to deepen demand for the product by end users, and expand operating space for more skilled workforce participation, employment generation and wealth creation in Nigeria’s LPG industry,”Makinde stated.
Gold Gained Ahead of Joe Biden Inauguration 2021
Gold price rose from one and a half month low on Tuesday ahead of President-elect Joe Biden’s inauguration on Wednesday.
The precious metal, largely regarded as a haven asset by investors, edged up by 0.2 percent to $1,844.52 per ounce on Tuesday, up from $1,802.61 on Monday.
He said, “The key factor appears to be the (U.S.) currency.”
As expected, a change in administration comes with the change in economic policies, especially taking into consideration the peculiarities of the present situation. In fact, even though Biden, Janet Yellen and the rest of the new cabinet are expected to go all out on additional stimulus with the support of Democrats controlled Houses, economic uncertainties with rising COVID-19 cases and slow vaccine distribution remained a huge concern.
Also, the effectiveness of the vaccines can not be ascertained until wider rollout.
Still, which policy would be halted or sustained by the incoming administration remained a concern that has forced many investors to once again flee other assets for Gold ahead of tomorrow’s inauguration.
Crude Oil Holds Steady Above $55 Per Barrel on Tuesday
Brent Crude oil, against which Nigerian crude oil is priced, rose from $54.46 per barrel on Monday to $55.27 per barrel as of 9:03 am Nigerian time on Tuesday.
Last week, Brent crude oil rose to 11 months high of $57.38 per barrel before pulling back on rising COVID-19 cases and lockdowns in key global economies like the United Kingdom, Euro-Area, China, etc.
While OPEC has left 2021 oil demand unchanged and President-elect Joe Biden has announced a $1.9 trillion stimulus package, experts are saying the rising number of new cases of COVID-19 amid poor vaccine distribution could drag on growth and demand for oil in 2021.
On Friday, Dan Yergin, vice-chairman at IHS Markit, said in addition to the stimulus package “There are two other things that are going with it … one is of course, vaccinations — in the sense that eventually this crisis is going to end, and maybe by the spring, lockdowns will be over.”
“The other thing is what Saudi Arabia did. This is the third time Saudi Arabia has made a sudden change in policy in less than a year, and this one was to announce (the) 1 million barrel a day cut — partly because they are worried about the impact of the surge in virus that’s occurring,” he said.
Also, the stimulus being injected into the United States economy could spur huge Shale production and disrupt OPEC and allies’ efforts at balancing the global oil market in 2021.
Crude Oil Pulled Back Despite Joe Biden Stimulus
Crude oil pulled back on Friday despite the $1.9 trillion stimulus package announced by U.S President-elect, Joe Biden.
Brent crude oil, against which Nigeria’s oil is priced, pulled back from $57.38 per barrel on Wednesday to $55.52 per barrel on Friday in spite of the huge stimulus package announced on Thursday.
On Thursday, OPEC, in its latest outlook for the year, said uncertainties remain high in 2021 with the number of COVID-19 new cases on the rise.
OPEC said, “Uncertainties remain high going forward with the main downside risks being issues related to COVID-19 containment measures and the impact of the pandemic on consumer behavior.”
“These will also include how many countries are adapting lockdown measures, and for how long. At the same time, quicker vaccination plans and a recovery in consumer confidence provide some upside optimism.”
Governments across Europe have announced tighter and longer coronavirus lockdowns, with vaccinations not expected to have a significant impact for the next few months.
“The complex remains in pause mode, a development that should not be surprising given the magnitude of the oil price gains that have been developing for some 2-1/2 months,” Jim Ritterbusch, president of Ritterbusch and Associates, said.
Still, OPEC left its crude oil projections unchanged for the year. The oil cartel expected global oil demand to increase by 5.9 million barrels per day year on year to an average of 95.9 million per day in 2020.
But also OPEC expects a recent rally and stimulus to boost U.S. Shale crude oil production in the year, a projection Investors King experts expect to hurt OPEC strategy in 2021.
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