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Fuel Scarcity: Petrol Sells N220 Per Litre in Nsukka

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petrol scarcity Nigeria

Premium Motor Spirit, otherwise called petrol, now sells for between N200 and N220 per liter at the independent marketers’ service stations in Nsukka, Enugu State.

The News Agency of Nigeria is reporting the hike in the price against the official pump price of N162 per liter.

It said it started about a fortnight ago due to the scarcity of the commodity in the town and its environs.

Some residents of the town expressed deep worry over the development in separate interviews with NAN on Wednesday.

A civil servant, Stephen Ozioko, said the situation had further compounded the economic difficulties in the area.

Ozioko said many private car owners had been compelled to park their vehicles at home and move around in public transport.

He said: “Since the scarcity started, I decided to park my car and take public transport to the office and back home. N220 per liter is exorbitant and I cannot afford it considering my salary as a civil servant. I shall continue to use public transport until the situation returns to normal.”

A building material dealer, Timothy Ngwu, said the development had also led to an increase in transport fare in the area.

Ngwu said: “Some people now trek from Nsukka Old Park to Odenigbo Roundabout because of the 100 percent hike in fares from N50 to N100 by tricycle.

“Before now, transport fare from Nsukka to Enugu was N500, but transporters now charge between N800 and N1000.”

Also, a commuter bus driver, Victor Ogbonna, described the scarcity and hike in the price of petrol as “unfortunate and an ugly development”.

Ogbonna added: “Today, only a few filling stations are selling the commodity in Nsukka town, while others are shut.”

He alleged that some filling stations, which claimed to be out-of-stock, were selling to black marketers at night.

He said: “This is why black marketers have sprung up everywhere in the town, selling the commodity for about N300 per liter.”

NAN reports that virtually all the major marketers in the area have stopped the sale of petrol, claiming to be out-of-stock.

The people called on the government to urgently intervene in order to bring the situation under control and also put an end to its harsh economic effects on the messes.

NAN.

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Energy

African Nations at Odds Over Location of Africa’s First Energy Bank, Nigeria Faces Opposition

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Renewable Energy

A brewing dispute among African nations has thrown into question the location of Africa’s inaugural energy bank, with Nigeria encountering fierce resistance from at least six countries on the continent.

The proposed financial institution with an initial capital of $5 billion, aims to bolster investment in the oil and gas sector across Africa.

Ghana, Egypt, South Africa, Benin Republic, Cote d’Ivoire, and Algeria have emerged as formidable opponents to Nigeria’s bid for hosting rights.

These nations have actively lobbied decision-makers who will ultimately determine the bank’s headquarters.

The disagreement underscores the significance attached to the financial institution’s location, with each nation vying to secure economic advantages.

The contentious deliberations have attracted the participation of key stakeholders, including Angola, Cameroon, the Republic of Congo, and Equatorial Guinea, among others.

The establishment of the energy bank is seen as crucial to the future of Africa’s oil and gas industry, especially amid declining Western investments in fossil fuels.

The proposed bank aims to bridge the funding gap plaguing the sector, which is vital for Nigeria’s ambition to tap into its vast oil reserves.

While Nigeria’s leadership in the African Petroleum Producers Association (APPO) would seemingly provide leverage, internal and external dynamics complicate its bid.

Nigeria’s APPO representative has highlighted the need for proactive engagement and commitment, cautioning against complacency in the pursuit of hosting rights.

The decision on the bank’s location is expected to be reached by the end of March, emphasizing the urgency for Nigeria and other contenders to articulate compelling arguments and fulfill stringent criteria set by APPO.

The outcome will not only shape the future of Africa’s energy landscape but also reflect the continent’s evolving geopolitical dynamics.

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60% of Metered Customers Bypass Meters – TCN Reveals

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Power - Investors King

The Transmission Company of Nigeria (TCN) has disclosed that 60% of metered customers bypass meters.

Ali Ahmad, TCN’s General Manager, shared this alarming statistic during the National Institute of Physics’ webinar series 2.0, themed “Policy, Regulatory, and Technical Constraints in Achieving Energy Security in Nigeria: The Way Forward.”

Ahmad’s presentation shed light on Nigeria’s energy landscape, where out of an estimated population of 230 million, only 13,112,134 citizens are officially registered to use electricity.

Moreover, just 44.23% of these registered customers possess meters, indicating a significant gap in metering coverage across the nation.

With only 2.52% of Nigeria’s population metered, Ahmad emphasized that meter bypass directly contributes to the country’s energy poverty, characterized by unreliable and unaffordable energy access.

He stressed the critical importance of energy security, defined by having dependable and reasonably priced energy sources, to drive sustainable development.

Highlighting the various forms of energy poverty in Nigeria, Ahmad underscored the necessity of achieving energy sovereignty and independence for national progress.

Nigeria’s energy vulnerability, he explained, stems from heavy reliance on gas, insufficient production capacity, and unreliable gas supplies.

The TCN’s revelation underscores the urgency for comprehensive reforms in Nigeria’s energy sector, including robust measures to combat meter bypass, enhance metering infrastructure, and ensure equitable energy access for all citizens.

Addressing these challenges is paramount to advancing energy security and fostering socio-economic development across Nigeria.

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Heirs Energies Expands Gas Supply to Geometric Power’s Aba Plant

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Heirs Holdings

Heirs Energies, a leading integrated energy company, has announced the expansion of its gas supply operations to the newly-opened 188-megawatt power plant operated by Geometric Power Limited in Aba, Abia State.

This move represents a significant milestone in Heirs Energies’ commitment to enhancing Nigeria’s energy landscape and promoting economic development.

The company, in a statement released on Wednesday, revealed its ongoing provision of gas to TransAfam Power Limited and First Independent Power Limited, both key players in Nigeria’s power sector, to support the national grid.

Now, extending its services to Geometric Power’s Aba plant, Heirs Energies reaffirms its dedication to powering Nigeria and fostering socio-economic growth.

Osa Igiehon, the Chief Executive Officer of Heirs Energies, expressed the company’s dedication to illuminating Nigeria and facilitating its journey toward prosperity.

He emphasized that Heirs Energies isn’t merely a participant in the energy sector but a catalyst for progress and development.

With the ability to supply gas to major power plants, Heirs Energies underscores its pivotal role in Nigeria’s energy sector and its commitment to driving operational synergies across the energy value chain.

Founded in 2021, Heirs Energies operates OML17 and related infrastructure, ensuring a reliable supply of gas to the domestic market.

By supplying gas to critical power plants like Geometric Power’s Aba facility, the company contributes directly to Nigeria’s industrial and economic advancement.

Heirs Energies’ gas expansion initiative aligns with its vision of creating a Nigerian champion in domestic gas supply, driven by Tony Elumelu’s Africapitalism philosophy, which advocates for businesses to deliver economic and social benefits to stakeholders.

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