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Jet Fuel, Cooking Gas Prices Crash, Amidst Subsidy Removal

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The price of aviation fuel known as Jet A1 has been on a downward slide as soon as the fuel subsidy was removed which jacked up the price of premium motor spirit (pms) otherwise known as Petroleum.

It was gathered that from over N800, aviation fuel crashed to N650 in Lagos and N680 in Abuja from June 1st while slightly higher in Kano and Maiduguri and Port Harcourt.

Checks yesterday showed that Jet A1 fuel was sold at N620 in Lagos; N660 in Abuja and N680 in Kano.

“The price is crashing and I think we can’t explain the trend but I want to believe it is the forces of demand and supply that are at play.

“This has been the development since last week when fuel subsidy was removed from Jet A1. It appears this is a spontaneous reaction to developments in the oil and gas market,” said an operator.

It was gathered that the price of Jet A1 skyrocketed beyond what the operators expected, hitting almost N1,000 per litre last year.

One of the operators said the reduction in price of Jet A1 is a respite to airlines.

This is the situation with cooking gas with 12.5 kg crashing from about N14,000 to N6,950 in Lagos and about N8,000 in other states as at yesterday.

Checks at different locations yesterday indicated that the cooking gas sells at about N700 to N800 per kg as against over N1,000 a few weeks ago.

Energy Expert, Olusesan Okunade in a chat with our correspondent said there was no correlation with the crash in prices of cooking gas and jet fuel, adding it is just the forces of demand and supply.

He said, “I think it is just the forces of demand and supply that are working on the gas which we talked about in terms of liberalisation. I am sure because there is no fund in circulation, people are not buying so much. So there is supply, rather than wasting the resources, you will rather dispose at a very minimal margin. There is no gimmick for what is happening. I learned as of today (yesterday), it is about N6,950. It has no correlation with fuel subsidy.

“To the best of my knowledge, I have not heard anything being responsible for this. People just want to dispose of those things, and sell at a minimal margin as against when we were buying it N12,000; N13,000.

“For Jet A1, the demand is on the high side, people are still traveling. It is a specialized fuel for airlines. I have not heard anything special that they have done but I don’t think it is in correlation with removal of fuel subsidy.”

Also speaking, an economic analyst, Mr. Babatunde Adeniji said the supply may be more than demand with Jet A1 as well.

He added, “Sometimes the situation when these products are ordered is different from when they arrive. So many may receive the stock at the same time.”

 

Credit: Daily Trust

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FG Revokes 924 Inactive Mining Licences — Solid Minerals Minister Alake

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924 inactive mineral licences have been withdrawn by the Federal Government via the Ministry of Solid Minerals Development.

Dele Alake, the Minister of Solid Development and Minerals, revealed this information on Wednesday in an Abuja press conference.

There are 273 small-scale mining licences, 101 quarry licences, 20 mining leases, and 528 exploration licences among the revoked permits.

November of last year saw the ministry withdraw 1,633 mineral titles that had been issued to mining corporations that had not complied.

In order to make the solid minerals industry more competitive internationally, the minister also pledged to clean it up and asked all parties involved to start acting morally again.

But speaking at the briefing, Alake said the ministry decided after identifying a problem of licence racketeering among players in the sector.

He said, “In line with constitutional provisions, we ensured that adequate notice was given to the concerned parties through the official gazette of the Federal Republic of Nigeria no 227 which was published on December 27, 2023.

“This notice gave all concerned parties 30 days to regularise their status including clarifications on what caused the licence to be dormant.

“In view of the above, which shows our adherence with due process and fair consideration and in line with the standard policy of use it or lose it, I hereby revoke the 924 dormant licences with immediate effect.

“These include 528 exploration licences, 20 mining leases, 101 quarry licences and 273 small-scale mining licences.”

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An Icon Of Service: NATCOM Boss, Otunba Adejare Adegbenro’s Leadership Legacy

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In the intricate mosaic of Nigeria’s societal fabric, Otunba Adejare Adegbenro stands as a beacon of commitment, resilience, and service.

Born on March 6th, 1973, in Lagos, he draws from a lineage steeped in political legacy, being the grandson of the late Premier of Western Region, Alhaji Daudu Sooroye Adegbenro. Raised in a family that values service to the community, Otunba Adegbenro has carved his path as a distinguished figure in Nigerian society.

The culmination of his familial heritage and dedication to community service was marked by his installation as the first Otunba Laje of Owu Kingdom in Ogun State, Southwest Nigeria.

This historic event, which took place on January 20th, 2018, under the auspices of His Royal Majesty Oba Olusanya Dosunmu II, traditional ruler of Owu kingdom, reinforced Otunba Adegbenro’s deep-rooted ties to his cultural heritage and commitment to uplifting his people.

Beyond his traditional titles, his influence extends globally, with his appointment as High Commissioner by the International Human Rights Commission (IHRC), where he spearheads foreign special missions aimed at preventing illegal migration and human trafficking. This appointment is a testament of his reputation as a renowned security expert and industrialist, whose expertise transcends national borders.

In his role as the acting Director-General of the National Commission against the Proliferation of Arms, Light Weapons, and Pipeline Vandalism (NATCOM), Otunba Adegbenro has demonstrated a steadfast commitment to combating threats to national security. His vast experience in security consultancy and supply of security gadgets has positioned him as a pivotal figure in Nigeria’s security landscape.

However, Otunba Laje of Owu Kingdom’s contributions extend beyond the realm of security.

Through his foundation, the Otunba Adejare Adegbenro Foundation (OAAF), he channels his resources towards uplifting the less privileged in society. With initiatives ranging from the provision of boreholes to communities lacking access to clean water, to scholarships for deserving students, he exemplifies the spirit of philanthropy and communal solidarity.

Reflecting on his journey, Otunba Adegbenro once acknowledged the challenges he has faced, from navigating the complexities of entrepreneurship to confronting societal stereotypes.

Yet, through it all, he remains resolute in his commitment to service and upliftment. His philosophy, rooted in faith and compassion, drives him to make a tangible difference in the lives of others, regardless of obstacles encountered along the way.

Otunba Adejare Adegbenro stands as a testament to the power of leadership, resilience, and unwavering dedication to the common good. In him, Nigerians find not only a visionary leader but a compassionate steward of progress, whose impact reverberates far beyond the shores of his homeland.

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JUST IN: FG Grounds All Dana Air Operations Following Tuesday’s Incident At MMIA

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There were hints, on Wednesday, that the nation’s Minister of Aviation, Festus Keyamo, might have halted Dana Airline operations.

The instruction was issued in response to the April 23 incident involving a Dana Air aircraft at Lagos airport, which compelled aviation officials to reroute flights from the local airport to the international one.

According to earlier reports, on Tuesday at the Murtala Muhammed International Airport in Lagos, one of the airline’s aircraft, registered under the registration number 5N BKI, went off the runway.

While the details surrounding the incident were not readily available as at press time, no casualty was recorded, as passengers safely disembarked using the front exit door.

The last time the airliner nearly got into major accident was on May 3, 2022, when no fewer than 50 passengers who were onboard a Lagos-bound aircraft were rescued after its tyres caught fire.

The airplane involved was scheduled to take off from Port Harcourt International Airport enroute Lagos. As in that incident, there were no casualties also.

 

More to come…

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