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Estimated Billing by Electricity Firms, a Rip-off, Says NUJ

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  • Estimated Billing by Electricity Firms, a Rip-off, Says NUJ

The Nigeria Union of Journalists (NUJ), Correspondents’ Chapel of Bayelsa State has described the estimated billing system of the Port Harcourt Electricity Distribution Company (PHEDC) as a rip-off.

It therefore called on the management of PHEDC to immediately commence the supply of pre-paid meters to customers.The statement was coming on the heels of numerous complaints by consumers in Yenagoa on the alleged inefficiency in the system.

Citing the case of exorbitant monthly estimated bill of between N5, 000 and N6, 000 at its chapel secretariat along Toolda road, Ekeki, Yenagoa, the Chairman of the Correspondent’s Chapel and Secretary, Kola Oredipe and Chris Eze, said PHEDC bill was unjustifiably high.

They faulted the attitude of the PHEDC officials who were always anxious to disconnect debtors.According to the union, “Sometimes in July this year, the office was disconnected and we decided not to pay for two months. Then we relied on alternative power source, especially as the PHEDC power supply was irregular.

“To our surprise, however, electricity bills were brought for the two-month period that the office was without public power. By the time we visited the PHEDC Business Office in Yenagoa, we were told that we ought to have notified them that we would not use their source for that period. We were shocked, since PHEDC ought to have a record of houses or buildings disconnected.

“Their statement further confirmed the inefficiency in PHEDC when the Correspondent’s Chapel office was disconnected on Thursday, December 8, 2016 despite the fact that we have cleared the current bill and part of outstanding as directed.

“When we met with the Yenagoa Business Manager on December 12, 2016 to complain that the office was erroneously disconnected, he offered his apology and directed a senior officer to ensure immediate reconnection.”

“One full week lapsed without reconnection despite a reminder call to the Business Manager on December 14, 2016. This was clearly lack of insensitivity. We do hope that the office will not be billed for electricity not consumed from the December 8, 2016.

The NUJ called on the state government to protect the citizens from ongoing extortion in the name of bulk billing, estimated billing, unjustified disconnection, harassment of customers and billing of a house that has been disconnected.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Crude Oil

Crude Oil Pulled Back Despite Joe Biden Stimulus

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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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Crude Oil

OPEC Says Uncertainties Remain High in 2021

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OPEC Says Uncertainties Remain High in 2021

The Organization of the Petroleum Exporting Countries (OPEC) on Thursday said global uncertainties remained high going forward in 2021 but kept its oil demand forecast unchanged.

In the cartel’s latest oil outlook for 2021, oil demand is expected to increase by 5.9 million barrels per day year on year to 95.9 million barrels per day. The prediction was unchanged from December’s assessment.

However, OPEC and allies, 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.

Crude oil rose to $57 per barrel this week after incoming US President Joe Biden announced it would inject $1.9 trillion stimulus into the world’s largest economy.

But the recent rally in the commodity and stimulus announcement is expected to boost US crude oil output and disrupt OPEC+ production cuts strategy for the year.

The 2021 supply outlook is now slightly more optimistic for U.S. shale with oil prices increasing, and output is expected to recover more in the second half of 2021,” OPEC said.

Still, OPEC, in its forecast “assumes a healthy recovery in economic activities including industrial production, an improving labour market and higher vehicle sales than in 2020.”

“Accordingly, oil demand is anticipated to rise steadily this year supported primarily by transportation and industrial fuels,” the group said.

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Crude Oil

Brent Crude Oil Rose to $56.25 Per Barrel

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Brent Crude Oil Rose to $56.25 Per Barrel

Oil price surged following the declaration of Joe Biden as the President-elect of the United States of America last week after Trump’s mob invaded Capitol to disrupt a joint Senate session.

Also, the large drop in US crude inventories helped support crude oil price to over 11 months despite the second wave of COVID-19 crushing the world from Asia to Europe to America.

Brent crude oil, against which Nigerian Crude oil is priced, rose to $56.25 per barrel on Friday before pulling back to $55.422 per barrel on Monday during the London trading session.

Experts attributed the pullback to the rising number of COVID-19 cases in Asia with about 11 million people already locked down in Hebei province in China.

Covid hot spots flaring again in Asia, with 11 million people (in) lockdowns in China Hebei province… along with a touch of FED policy uncertainty has triggered some profit taking out of the gates this morning,” Stephen Innes, chief global market strategist at Axi, said in a note on Monday.

China, the world’s largest importer of crude oil, has joined the United Kingdom and others declaring full or partial lockdown to curb the second wave of COVID-19.

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