BUSINESS
Fuel Scarcity will Soon Disappear, NMDPRA Assures Nigerians
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has assured Nigerians that the prevailing fuel crisis ravaging various parts of the country would soon disappear.
Its Coordinator in Delta, Mr Victor Ohwodiasa, gave the assurance when he led a team of the regulatory authority on an unscheduled inspection visit to some petroleum depots at Ifiekporo, on Thursday evening and yesterday in Delta.
Ifiekporo Community is in Warri South Local Government area of Delta.
Ohwodiasa said that a lot of vessels laden with Premium Motor Spirit (PMS) known as Petrol were already coming into the state.
He said the regulatory authority would ensure that the vessels discharge products as quickly as possible.
“We will ensure that the depots receiving these products lift them out to the end users.
“By the time we have all the depots wet with PMS and they are lifting regularly, the looming scarcity we are experiencing will disappear,” Ohwodiasa said.
The agency’s coordinator said essence of the visit was to ensure that depots with the products dispensed to licenced retail outlets, eliminate middle men and also avoid diversion.
“Once we get our daily manifest, we send our men out to make sure that those trucks gets to their actual locations.
“There might be one or two infractions; we have apprehended about two persons for product diversion and they were made to face the full wrath of the law.
“As a regulatory authority, saddled with the responsibility of regulating the Midstream and Downstream of the Oil and Gas sector in Nigeria, we will continue to do what we need to do.
“This is to ensure that the products are available and adequately and fairly distributed within Delta and neighboring states,” he said.
Ohwodiasa said the NMDPRA would carry out intense routine surveillance, adding that it would sustain the tempo to ensure that the right things were done in the Midstream and Downstream sector of the oil and gas industry.
He, however, urged people to stop panic buying, assuring that the Federal Government was doing everything possible to ensure availability of petroleum products in the country, particularly during the Yuletide season and beyond.
Ohwodiasa added that NMDPRA would ensure that the products get to the consumers at the right price, quality and quantity.
Among the depots visited were: Matrix Energy Group, Pinnacle Oil and Gas Ltd. and AYM Shafa Ltd.
Speaking on behalf of the Matrix Energy, Mr Francis Ibe, the Terminal Manager, Matrix Energy, said that the PMS stock level at the Warri Depot was 14 million litres on Thursday.
Ibe said as at evening of Thursday, it had trucked out over four million litres.
“With what I am pushing out, I know it will not be enough. Before now on weekly basis, we were receiving 40 million litres of PMS, but at the moment, we barely received 40 million in two weeks. So you can see the difference.
“Fourty million litres in one week as against receiving one vessels in two weeks cannot solve the problem. There is a serious supply gap,” Ibe said.
Also, Mr Luke Nnajieze, the Depot Manager, Pinnacle Oil and Gas, Warri Depot, said that the current stock level of the company in Warri as at Thursday morning was
3.1 million litres of Premium Motor Spirit (PMS).
Nnajieze added that the Automated Gasoline Oil (AGO) was 2.9 million litres. At the moment, we are out of stock of Dual Purpose Kerosene (DPK). (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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