News
Oil depots increase petrol price to N950/litre
The loading cost of Premium Motor Spirit (petrol) and other refined petroleum products at the depots increased on Monday.
It was gathered that marketers raised petrol and diesel prices at depots by N43 or 4.74 per cent due to the rising crude oil prices.
Recall that the cost of Brent, the global benchmark for crude, reached $79.76 per barrel on Sunday.
This current situation indicates that filling stations nationwide may adjust their pump prices to reflect the higher costs of refined products.
Data obtained while analysing petrol price movements at loading depots on Monday showed that Swift depot increased its loading price to N950 per litre from N907 last Friday.
Wosbab Depot increased its price to N950 from N909, while Sahara Depot made a similar change to N950 from the N910 it sold a litre of petrol last Friday.
Also, a private depot, Shellplux, increased its loading costs to N960 from N908. Chipet Depot asked retailers to pay N960 per litre to receive products. It sold at N908 per litre last week Friday.
Nipco Depot increased its price by N38 from N912 to N950 while the Matrix Warri Depot increased its cost from N925 per litre to N945.
It was also gathered that marketers who picked products from the Dangote refinery and resell to other retailers increased their costs to N923 per litre despite picking products from the refinery at N899 per litre.
For diesel, some loading depot prices including Stockgap depot increased its price from N1,080 to N1,150. Ibeto Depot approved an increase from N1,050 to N1,150 per litre. Sahara Depot sold its product at N1,150 from N1,045 last week.
Nipco Depot increased its price to N1,150 from N1,120 while Optima Depot approved a N72 increase to N1,120 per litre from N1,048.
The average increase in depot prices for PMS stands at approximately 7-10 per cent while AGO prices have surged by 5-10 per cent, depending on the depot and location.
Reacting in an earlier interview, an oil and gas expert, Olatide Jeremiah, said depots are poised to increase the loading price of refined petroleum products.
Jeremiah, who is the Chief Executive Officer of petroleumprice.ng, said, “It implies that there is a possibility of increased fuel prices, particularly diesel prices.
“As of Friday, when Brent crude neared $80, prices selectively increased in some depots in Lagos, and on Monday, prices might be jacked up by importers because a large chunk of oil marketers import petroleum products and Brent crude is a major determining factor in the refining process.”
Another marketer, Bayo Adelaja said, “Depot rates have escalated sharply, and this is directly affecting pump prices. Consumers should expect further fluctuations in the coming weeks,” he noted.
With depot rates showing no signs of stabilising, the coming weeks may bring further adjustments, emphasising the need for long-term strategies to mitigate the impact on consumers and the economy.
News
Food security: FG To Deploy Drones For All-Year-Round Farming- Minister reveals
The Federal Government is set to deploy advanced technology, including drones, to enhance agricultural productivity and promote all-year-round farming in Nigeria.
This was revealed by Sen. Abubakar Kyari, the Minister of Agriculture and Food Security during a briefing with State House correspondents on Tuesday.
Kyari emphasized that technology would play a crucial role in speeding up various agricultural processes. He stated that the government intends to use drones to accelerate land clearance, harvesting, and the deployment of agricultural chemicals such as pesticides and herbicides.
“The faster we clear land, harvest, chemical deployment, whether it’s pesticide, whether it’s herbicide, the better,” Kyari said.
He further explained the efficiency of drones, highlighting that “what one drone can do, a hundred people cannot do in a day.”
The minister noted that drones would help speed up agricultural activities, making it possible to harvest quickly and prepare the land for the next cycle of cultivation. This move is aimed at improving the efficiency of the farming process and ensuring that the land is continuously utilized for cultivation.
Support to youth engagement in Agriculture
Kyari also revealed plans for the ministry to collaborate with the private sector to support young Nigerians in taking advantage of the government’s mechanization programme.
He emphasized the importance of engaging the youth in agriculture, noting that agriculture should not only be viewed as a means of sustenance but also as a viable business opportunity.
“It is very important to also educate our farmers that agriculture is no longer for the stomach only. It should also be seen as a business, something that will earn a livelihood,” he said.
The minister acknowledged that traditional input support may not be sufficient to incentivize smallholder farmers. He stressed the need to shift the mindset of farmers, focusing on ways to engage them in a manner that encourages private sector funding to support agricultural production.
What you should know
In line with the Federal Government’s efforts to modernize agriculture through technology, the government is also set to launch a youth farmers enrollment portal aimed at creating direct jobs for Nigerian youth across the agricultural value chain.
This initiative was discussed during a visit by the Nigerian Youth Economic Engagement and De-Radicalisation Programme (NIYEEDEP) delegation to the Minister for Youth Development, Comrade Ayodele Olawande, on Monday.
The portal will provide Nigerian youth with the opportunity to apply for agricultural grants and support, with the official unveiling scheduled for January 17, 2025, in Abuja.
News
Finally, DSS gets first female Deputy Director General
Nigeria has got her first-ever deputy director general for the Department of State Service (DSS) in the person of Folashade Adekaiyaoja.
An indigene of Kogi State, Adekaiyaoja was appointed following an approval by President Bola Tinubu on Tuesday, January 14.
First of its kind, Adekaiyaoja appointment has been met with commendation from serving and retired officers of the secret police.
Sources said Adekaiyaoja’s appointment is in line with the plan to reverse DSS’ structure for better and effective leadership structure which comprises of three deputy directors.
Her appointment, some operatives have said is based on a recommendation from the agency’s Director-General through Nuhu Ribadu, Nigeria’s National Security Adviser.
News
Fire outbreak hits 3-storey Abuja popular hotel
A popular hotel in the Garki area of Abuja, Focus Holiday Inn, has been engulfed by fire.
Eyewitnesses said the fire, which began around 3 am, started from a section of the building before engulfing the three-storey structure
It was gathered that officials of the hotel were alerted when a guest ran down to the reception unclad to notify workers about the fire.
The fire, which started from a section of the three-storey building, extended to other parts of the complex, causing panic among guests and staff members.
At the time of this report, fire service officials had arrived and were trying to put out the fire.
Founded in 2022, Focus Holiday Inn describes itself as an upscale and luxurious home away from home in Abuja, Nigeria’s federal capital.
The cause of the fire is unclear and no casualty has so far been reported.
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