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"Synergy, Commitment Are Key to Global Energy Sustainability, Says Bounour

By Favour Ifeoluwa & Akinola Ajibade  The Chief Executive Officer, Egbin Power Plc, Mr Mohktar Bounour says global transition to cleaner energ and sustainable environment are achievable, as long as there is strong synergy and commitment among stakeholders in the value chain.  He spoke during the maiden edition of  Asharami Square in Lagos. This is an initiative introduced and implemented by the Sahara Group, in order to amplify discourse on energy sustainability through  media advocacy globally. He said: " Having analyzed the percentage of global greenhouse emissions attributed to sectors including electricity/heat production, agriculture/forestry and transportation, we are realised that there is need for synergy  and renewed commitment among stakeholders". According to him, Egbin Power has unwavering commitment to reduce carbon emissions and promotes sustainable energy sources, stressing that the need to depeening engagement and advocacy among stakeholders in
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Fuel Costs N617 Per Litre Because Of........ Kyari



By Favour & Akinola Ajibade


The recent surge in the petroleum motoring spirit (PMS) pump price to N617 per litre was caused by market forces, not scarcity of the product, the Group Chief Executive Officer (GCEO),  Nigerian National Petroleum Company (NNPC), Mele Kyari has said.

While a litre of fuel sells at N617 per litre in Abuja, the product is sold at N180 per litre in Lagos. Other states have different prices for fuel, based on the cost of transportation of the product from deports to their outlets.

Speaking to state house correspondents after a meeting with Vice President Kashim Shettima at the Aso Rock Villa, Kyari clarified that the price adjustment is not due to insufficient petrol supply.

He stressed that the market regulates itself, resulting in fluctuating prices.

According to him, “When you go to the market, you buy the product, you come to the market and sell it at its prevailing market price. It has nothing to do with supply. We don’t have supply issues.”

Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), also highlighted the impact of rising global crude oil prices and various expenses faced by importers during the distribution process.

Ahmed explained, “Basically, what we’re seeing is the effect of market forces. You can see that crude oil prices have been on the rise… So naturally, these prices also influence the cost of the product.”

Recall that the Nigerian National Petroleum Company Limited (NNPCL) increased the pump price of petrol, known as Premium Motor Spirit (PMS), from N537 to N617 per litre in May.

The latest increase is the second in less than two months, following the removal of fuel subsidy by the federal government.

NNPC filling stations in Abuja have already implemented the new price, with other stations expected to follow suit.

In the first half of 2023 alone, Nigeria spent N3.6 trillion on fuel subsidy. The Federal Government estimates that discontinuing fuel subsidy payments would save the country close to N6.7 trillion.

According to the Nigeria Extractive Industries Transparency Initiative, Nigeria has spent a staggering N13.7 trillion on fuel subsidy in the past 13 years.

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