Ict/Telecom
Households In PH Lament Increased Kerosene Price … As Gas Consumption Reduces To 800,000mt
Average households in Port Harcourt are currently lamenting the hardship they are exposed to following the astronomical increase in price of the commonly available ‘kpo-fire’ kerosene used as cooking energy.
The Tide’s check shows that one and half litre of the kerosene, usually sold in 150cl plastic bottle, which initially sold at #150.00, later increased to #350.00, is now sold at #1,000.00 since early October.
Obviously, the Kpo-fire kerosene, which many hitherto abhorred, because of the smokes it brings, but have no option but to use them, is now more costly than the price per litter of Premium Motor Spirit (PMS), popularly called fuel.
Some households within Port Harcourt and environs have lamented over the hardship this has left on many families, as many average homes can no longer afford the kerosene.
A resident of Rumuosi Community in Obio/Akpor, Mrs Mercy Ogbonda, said what people are going through to get kerosene and gas is unimaginable.
“Look at common Kpo-fire kerosene that I don’t even like, just yesterday, my son was going round and round to buy, and what I heard was that the small bottle (75cl) now is N500, can you imagine that?
“This is a sign that we are going back to the old crude day where firewood will become the order of the day, and you know, it will affect our forest reserve, and instead of going forward, Nigeria is going backward in this present administration”, she said.
Also responding, one Mr Matthew Adikpa, a resident of Rumuekini in Obio/Akpor said the situation is being aggravated by the flooding that is spreading all over the places.
Adikpa in a chat with The Tide said the price of the small bottle of the kerosene might even hit N1000, adding that the only hope is for people to cry out to God for mercy and help
Meanwhile, the Nigeria National Petroleum Company Limited had recently halted importation of the product, leading to continuous hike in prices by independent marketers.
The Group Chief Executive Officer, NNPC Ltd, Mele Kyari, said more than 70 per cent of the over 200 million Nigerian population lack access to clean cooking fuels. The price of cooking gas has also skyrocketed.
The National President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Oladapo Olatunbosun, had recently revealed that gas consumption had dropped drastically to 800,000 metric tonnes per annum from 1, 250 million MT per annum recorded about four months ago.
According to him, given Nigeria’s huge population, the country should consume at least six million MT per annum.
“800, 000MT per annum is the current consumption rate in Nigeria. A few months ago we were doing 1,250 million MT per annum.
“Ordinarily, given our population in this country, we should consume about six million MT per annum just like other African countries like Morocco , Egypt, Algeria, Kenya , South Africa and other countries.
“But these countries currently consume more LPG than Nigeria despite our huge population,” he stated.
By: Corlins Walter
The Managing Director, Shell Nigeria Exploration and Company Limited (SNEPCo), Elohor Aiboni, said Bonga, Nigeria’s first deep-water asset, has recorded major milestones, due to effective leadership, cutting-edge technology, continuous improvement and collaboration with stakeholders.
She noted that since coming on stream in November 2005, Bonga has maintained a track record of production that saw it achieve one-billion-barrel export on February 13, last year.
In her presentation, titled “The Bonga Journey to a Billion Barrels”, at the ongoing 2024 Offshore Technology Conference in Houston, Texas, United States, Aiboni, said: “SNEPCo is grateful for the contributions of all the parties to the Bonga story and we can all be proud of the milestones.
“Bonga has been consistent. In 2014, nine years after coming onstream, it achieved half a billion barrels of crude and doubled it in 2023. We have worked relentlessly to ensure excellent asset management, project and wells delivery and deployment of technology and innovations in our operations”.
According to her, these factors, “coupled with the supportive partnership of the Nigerian National Petroleum Company Limited and our co-venturers – TotalEnergies, EP Nigeria Limited; Nigerian Agip Exploration; and Esso Exploration and Production Nigeria Limited, make Bonga stand out as a world-class investment case”.
She continued that, “SNEPCo also enjoyed the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Content Development and Monitoring Board (NCDMB) in the success of Bonga operations”.
Aiboni also listed the challenges of keeping the Bonga Floating Production, Storage and Offloading vessel full as the asset ages and dealing with unexpected developments with subsea wells and equipment.
She said: “SNEPCo responded with a campaign of operational excellence, which among other initiatives, led to the creation of a programme known as the Bonga Business Improvement Plan that continually reviews and identifies improvement initiatives and drives sustainability in operations and upskilling of staff.
“The Bonga success story has been led by Nigerians who have been managing directors of SNEPCo since it was established in 1993, in a deliberate policy by Shell to develop indigenous manpower for deep-water operations in Nigeria.
“Today, some 97percent of the SNEPCo workforce is Nigerian and overall, Bonga has helped to create a new generation of Nigerian deep-water professionals.
“Our vision at SNEPCo remains to be the best deep-water business, powering growth and achieving net zero emissions in line with Shell’s Powering Progress strategy”.
Banks’ borrowings from the Central Bank of Nigeria (CBN) fell month-on-month, (MoM) by 44 percent to N12.16 trillion in April from N21.7 trillion in March.
Analysis of latest data from the CBN shows that the 44percent drop represents the first MoM decline in banks borrowing from since January when it increased by 268.7 percent to N3.6 trillion from N976.29 billion in December 2023.
However, further analysis showed that banks’ deposits in the CBN SDF grew MoM by 118.4 percent to N428.97 billion in April from N196.37 billion in March 2024.
Banks make use of the SLF to access liquidity to run their day-to-day business operations while the Standing Deposit Facility window (SDF) on the other hand, is an overnight deposit facility that allows banks to lodge excess liquidity (money) with the CBN and earn interest.
The decline in banks’ borrowing from SLF may reflect an increase in banking system liquidity and also the decision of the apex bank last year to remove the limit on the remunerable daily placements by banks at the SDF.
According to the CBN Governor, Mr. Olayemi Cardoso, the CBN removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity.
A Financial technology expert, Olatunji Akinrinola, has highlighted the exponential growth of the FinTech industry, which according to him, was driven by technological advancements.
Akinrinola made this assertion in a press release recently, where he stressed that the role of technology in driving this exponential growth in the FinTech sector was very outstanding.
According to him, Technology has revolutionised the way financial services are delivered, making them more accessible, efficient, and inclusive.
“Through innovations such as mobile banking, digital payments, and blockchain technology, FinTech companies have been able to reach a larger population and provided them with access to financial services”, he stated.
Akinrinola emphasised the role of technology in enabling financial inclusion, adding: “Technology has democratised access to financial services, particularly in regions with limited banking infrastructure.
“Mobile money platforms and digital wallets have empowered individuals to conduct financial transactions conveniently and securely, without the need for traditional banking services”.
He also underscored the role of Artificial Intelligence (AI) and data analytics in driving innovation within the FinTech industry, noting: “AI-powered algorithms and predictive analytics have revolutionised risk assessment, fraud detection, and customer personalisation in financial services.
“These technologies enable FinTech companies to provide tailored solutions and mitigate risks more effectively, ultimately enhancing the overall customer experience”.
Akinrinola stressed the importance of regulatory frameworks in fostering the growth of the FinTech industry.
“While technology has accelerated the growth of FinTech, it is essential to establish robust regulatory frameworks to ensure consumer protection and maintain market stability. Regulators play a crucial role in balancing innovation with risk management, thereby creating a conducive environment for the sustainable growth of the FinTech sector”, he stated.
Akinrinola underscored the role of technology in driving the exponential growth of the FinTech industry, saying, “Technology has been a game-changer for the FinTech sector, enabling innovation, expanding access to financial services, and driving economic growth.
“As technology continues to evolve, the FinTech industry will undoubtedly play a significant role in shaping the future of financial services ecosystem”.
Corlins Walter