By Favour Ifeoluwa & Akinola Ajibade The Federal Government yesterday( Monday) announced the transfer of Regulatory Oversight of the Electricity Market in Imo State to the state electricity regulatory commission, otherwise known as (ISERC). In a statement issued by the Nigerian Electricity Regulatory Common( NERC), the development is in compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended), reiterating that all transfers envisaged by this order shall be completed by 31 December 2024. According to the Commission,the transfer Order’s provisions include: “Direct Enugu Electricity Distribution Company (EEDC) to incorporate a subsidiary (EEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Imo State from EEDC, and that EEDC shall complete the incorporation of EEDC SubCo within 60 days from 27th June 2024. The subcompany shall apply for and obtain licence for the in
By Akinola Ajibade
Nigeria has the potential to become a regional pricing hub when its comes to trading in Petroleum Motoring Spirit (PMS) and others,as well as boasting of greater chances to supply demand, the Vice President, Argus Media, James Gooder has said.
He spoke yesterday,during a one-day workshop organised by the Major Marketers Association of Nigeria (MOMAN) for energy correspondents in Lagos. The workshop was meant to celebrate the World International Day and also help showcase the roles played by gasoline pricing in the trading of the products, among oil consuming nations, with particular reference to Nigeria.
The event topic is :" The Importance of Fundamentals and Price Data in Downstream Markets,’ “..
According to him, there should be transparency in the process of developing and fixing prices for the petroleum products that can be seen and accessed by countries which chiefly rely on them for improved socio-economic activities.
He said that about 80% to 90% gasoline that comes into Nigeria has price index which is published for open markets.
He said: “We add the price of freight to Africa then to West African and Lagos specifically with a delivered price in naira per liter and also in dollars per ton as the international market works which is above the regulated pricing band.”
Continuing further, Gooder said that price differentials in pumps across the country is because regulation is not uniformly applied hence some are higher while others are low.
Also, MONAN's Chief Executive Officer of MOMAN, Mr Clement Isong said data on products demand on refined fuels and lubricants would help in streamlining operations, improve product delivery, storage utilisation, among others.
He said that automation in the oil industry would bring about transparency, excellent customer service, eliminate fraud, corruption and boost the reputation of the industry, urging Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to invest in infrastructure for data gathering.
“Our position in MOMAN is that we are looking for the automation of the entire supply chain. It means everybody needs to invest in order to optimise their businesses.
“Eventually, the beneficiary is the customer. It is good for corporate governance. It removes people’s ability to steal.
“And the authority, NMDPRA, itself, has got to invest in infrastructure for data gathering and has got to do a preliminary analysis of that data.
“It has to put up that information on its website, which investors, marketers, operators and everybody can access.
“On that basis, optimise the business and make investment decisions. It is fundamental to a deregulated system.
“It improves the quality of decision-making as well as transparency and eliminates bad behaviour as well as fraud and theft.
“You have to shine your light and darkness and bad practices will disappear. This is very important,” lsong added.
The MOMAN helmsman threw more light on the aspect of erring marketers operating under the umbrella of the association who are mostly accused of selling PMS above stipulated price.
He pointed out that such marketers if discovered punitive measures will be taken against them.
The lead political analyst, Ikponmwosa Aikhionbare, said that Ghana launched the Bulk Road Vehicle Tracking System (BRVTS) to track the movement of petroleum products from depots to retail outlets.
“The system uses GPS technology to monitor the location, speed, and fuel consumption of trucks transporting petroleum products.
“In India, the government has implemented a system called the Automated System for Oil Movement and Storage (ASOMS), which tracks the movement of petroleum products through the supply chain.
“The system uses data analysis to monitor product quality and identify potential issues before they cause defects or safety hazards,” he said.
Giving his closing remark at the virtual event, Chairman of MOMAN, Mr. Olumide Adeosun made it known that the revered association will ensure that gray areas in the downstream sector are tackled assuring that MOMAN will always engage the media.
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