By Udeme Akpan
Against the possible return to fuel subsidy burden, the Federal Government may have begun moves to get the organised private sector to implement a shift to gas from petrol in powering automobiles.
An investigation by Vanguard shows that the Ministry of Petroleum Resources, through the National Gas Expansion Programme, NGEP, has already engaged with many stakeholders, including the Department of Petroleum Resources, DPR, Major Oil Marketers Association of Nigeria, MOMAN, and Independent Petroleum Marketers Association of Nigeria, IPMAN for this purpose.
The move, Vanguard learnt, became necessary as autogas is becoming increasingly cheaper while petrol prices are steadily going up.
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Published 11 January 2021
The sustained increase in global crude oil prices has pushed up the landing cost of imported petrol closer to the current pump prices of the product in Nigeria, and appears to have triggered a return to petrol subsidy era, ’
FEMI ASU reports
Since November 13, 2020 when the pump prices of Premium Motor Spirit (petrol) were last increased in the country, the price of the international oil benchmark, Brent crude, has been on an upward trajectory, rising from $41.51 per barrel to close at $51.22 per barrel on December 31.
Fuel marketers had in December expected another upward adjustment of PMS prices to reflect the further rise in crude oil prices.
Fuel subsidy: Let’s shift to Autogas, FG tells MOMAN, IPMAN, others
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By Udeme Akpan
AS an immediate response to the rising price of petrol, and by extension, the return of fuel subsidy, the Federal Government has urged operators in Nigeria’s downstream sector of the petroleum industry to shift to Autogas.
The call becomes necessary as Autogas is cheaper, about 60 per cent of the current price of petrol, which price could have hit the roofs at about N181.53 per litre, without government intervention through the Nigerian National Petroleum Corporation, NNPC.
The breakdown provided by the Petroleum Products Pricing Regulatory Agency, PPPRA, showed that the landing cost of petrol rose from an average of N143.60 in December to N158.53 per litre on January 7, 2021.
Police confirm kidnap of prominent Ekiti petroleum dealer
Mr Akinbami is also one of the leaders of the state chapter of the Independent Petroleum Marketers Association of Nigeria.
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Gunmen on Sunday night kidnapped a prominent petroleum dealer, Suleiman Akinbami, in Ado Ekiti, the Ekiti State capital.
The Police Command in Ekiti State, on Monday, confirmed the abduction of the businessman and said a manhunt had been launched with the collaboration of other security agencies.
The News Agency of Nigeria (NAN) reports that Mr Akinbami was abducted by gunmen suspected to be kidnappers on Sunday night at about 9:00 p.m. at one of his filling stations located along Ado Ekiti – Ijan Ekiti road, close to the Odo Ado Divisional Police Headquarters.