Tag: diesel

  • ‘I didn’t know where I was running to’ – Witness recalls Apapadiesel-laden tanker accident

    ‘I didn’t know where I was running to’ – Witness recalls Apapadiesel-laden tanker accident

    Witnesses have recounted how fear and confusion gripped the Tincan–Liverpool Bridge area of Apapa, Lagos, after a diesel-laden tanker overturned on the bridge, forcing residents and early-morning traders to scamper for safety.

    The NIPCO tanker, fully loaded with diesel, fell on the bridge inward Mile 2 in the early hours on Monday, spilling its contents towards the busy Liverpool underbridge and Lever Market axis.

    Residents said the incident occurred between 5:30 am and 6:00 am, a period when traders were beginning to arrive, and others were still sleeping under the bridge.

    Aminu, who sleeps under the Liverpool Bridge near Lever Market, said he narrowly escaped death after diesel dripped from the bridge.

    “I saw the diesel like water falling close to where I sleep,” he told The Nation. “My mind went straight to what happened in Jigawa last year, when some of my brothers went to scoop fuel and fire killed many of them. I told myself I was not ready to die, so I ran.”

    According to him, he fled towards Tincan without looking back. “I didn’t even know where I was running to. I just ran as fast as I could,” he said, showing bruises he sustained while escaping.

    Aminu said the absence of food vendors at the time helped avert disaster. “There are people who sell akara, plantain, and other food under this bridge. They had not opened at the time. If the cooking fire had been on, many lives would have been lost,” he added.

    Another witness, Chinwendu, a roadside trader under the bridge, said the sound of the accident was alarming.

    “There was a very loud noise, like an explosion,” she said. “The tanker’s tyre burst. I saw it swaying and the driver struggling to control it before it finally fell.”

    She said liquid immediately started pouring from the tanker, prompting her to abandon her goods and run. “At that moment, nobody knew whether it was petrol or diesel. Later, when people heard it was diesel, some returned,” she said.

    According to her, that was when people began gathering with buckets and kegs to scoop the fuel until security operatives arrived and dispersed them.

    A Baba Ijebu operator near the bridge said, “The tanker’s tyre burst, and the driver tried to regain control, but couldn’t until it fell. I watched it from my stand,” he said.

    Security operatives, including police and military personnel, were quickly deployed to the scene to prevent a repeat of past tanker-related tragedies.

    A police officer from Area B Command, Apapa, said efforts were focused on preventing loss of lives.

    “A fully loaded tanker with diesel fell on the bridge, and the fuel was spilling downward. Under the bridge is Lever Market. We ensured everybody was evacuated and informed of the danger,” he said.

    He added that the fire service was contacted immediately. “Fire service officials were on the ground to ensure there was no ignition. We also stopped individuals scooping the diesel and chased them away to avoid any eventuality,” he said.

    During a visit to the scene, The Nation observed emergency responders from the Lagos State Fire Service, Lagos State Emergency Management Agency (LASEMA), and officials of the Lagos State Traffic Management Authority (LASTMA) coordinating traffic control and evacuation.

    Although the area was cordoned off, some youths were seen dragging a filled 50-cl container of diesel away from the bridge. A brief argument reportedly broke out among them over how to share the product.

    At about 2:00 pm, the fallen tanker had been successfully removed and towed away, restoring traffic flow on the bridge.

  • JUST IN: Tragedy averted as tanker spills diesel in Lagos

    JUST IN: Tragedy averted as tanker spills diesel in Lagos

    A tragedy was averted early Monday after a diesel-laden tanker fell and spilled its content on the Liverpool Bridge inward Mile 2 area of Lagos State, thereby sparking panic amongst motorists and commuters.

    The incident was reported to have occurred around 8:30am when the truck lost control and fell, spilling its highly flammable content on the road.

    Viral videos of the incident obtained by The Nation showed some residents scooping the diesel that had spread along the road and under the bridge. 

    The Special Assistant on Media to Governor Babajide Sanwo-Olu of Lagos State, Wale Ajetunmobi in an update on his X page formerly Twitter said: “Lagos State emergency management team led by @LagosRescue has already responded to the situation, dispatching personnel to the scene. 

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    “Also, security agencies have been directed to carefully disperse the crowds under the bridge. More updates will follow.”

    LASTMA on its “X” page formerly Twitter said: “There’s a fallen tanker loaded with diesel on top Liverpool bridge inward Mile2.

    “The diesel is spreading on the bridge as a result of the damaged tank. Men of Nigerian Police Force from Area B and other safety Agencies have been swiftly notified.

    “Traffic has been diverted to that other side of the bridge for safety measures.

    In another update, it said: “The road on Liverpool bridge inward Apapa that was cordoned off has been reopened after the contents have been neutralised by men of Lagos State Fire Service.

    “LASTMA officials are doing the needful and traffic is expected to move better, while we await the arrival of a tow truck.”

  • VAT on diesel, CNG, cooking gas gone

    VAT on diesel, CNG, cooking gas gone

    • Edun: small businesses won’t pay tax from Jan 1

    A new tax regime that will minimise the cost of doing business,  improve cost of living and promote  cleaner energy has been unveiled by the Federal Government.

    Value Added Tax (VAT) on cooking gas, diesel, Compressed Natural Gas (CNG) and electric vehicles, among others, have been removed.

    Small businesses will also, beginning from January,  be exempted from paying taxes to boost income and employment generation.

    Presidential aide Dada Olusegun yesterday on his verified X handle @DOlusegun, posted: “As part of efforts to reduce the cost of living, enhance energy security, and speed up Nigeria’s shift to cleaner energy sources, the President Tinubu-led administration has removed VAT on the following:  Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, Clean Cooking Equipment.” 

    He added that in order to  incentivize the energy sector and reverse its  long-time investment drought, the government introduced tax reliefs for deep offshore oil and gas projects.

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     Olusegun, quoting Minister of Finance Olawale Edun, said the decision is meant to attract global investments to the country’s deep offshore projects.

    The Notice of Tax Incentives for Deep Offshore Oil and Gas Production introduces new tax reliefs, fulfilling President Tinubu’s campaign promise.  

    Olusegun quoted the Coordinating Minister of the Economy as saying: “The Notice of Tax Incentives for Deep Offshore Oil and Gas Production introduces new tax reliefs to attract global investments to Nigeria’s deep offshore projects.

     “A reminder that the President, during his campaign, promised to incentivize investors who were divesting away from the country to favorable nations like Guyana and Angola.

     “Increased oil production, among other benefits of these reforms, are expected to improve the earnings of the administration in order to implement its programs successfully.”

    Small businesses get tax relief

    In the new  regulations, small businesses with  annual turnover of not more that N2 million will from January 1 no longer pay taxes.

    They must, however, possess Valid Tax Identification Number (TIN) to qualify for the relief.

    A Finance  Ministry source added  that the regulation is designed  to foster an environment where small businesses and manufacturers can benefit from tax exemptions, especially in sectors with low profit margins.

    He stated that tax deducted at source would henceforth,  not be regarded as an additional cost or separate tax but treated as an advance payment towards the final tax liability of the supplier.

    This approach, according to him,  is meant  to ease the burden on businesses and ensure compliance without adding unnecessary financial strain.

    Under the rules, failure to remit deducted taxes or to deduct tax at source will attract significant penalties. The penalty structure aligns with existing legislation under the Federal Inland Revenue Service (Establishment) Act and the Personal Income Tax Act.

      The Federal Inland Revenue Service (FIRS) is expected  to issue further guidelines to ensure  their smooth implementation.

    The measures are contained in ‘’Deduction of Tax at Source (Withholding) Regulations, 2024’’  signed by the Finance minister.

    Edun said in a statement that the goals of the new tax measures  include   streamlining  “the deduction of taxes at source from payments to taxable persons, reduce complexities, and promote ease of compliance for businesses.”

    He added that  the measures   ‘’cover payments made under the Capital Gains Tax Act, Companies Income Tax Act, Petroleum Profits Tax Act, and the Personal Income Tax Act. Among its objectives are promoting global best practices, reducing tax evasion, and curbing arbitrage between corporate and non-corporate structures.’’

    “The objectives of these Regulations are to (a) set out the rules for the deduction of tax at source from payments to taxable persons under the Capital Gains Tax Act, the Companies Income Tax Act, the Petroleum Profits Tax Act, and the Personal Income Tax Act regarding specified transactions, ” the minister added.

  • NBS: Petrol, diesel prices up by 32.51%, 64.58%

    NBS: Petrol, diesel prices up by 32.51%, 64.58%

    The National Bureau of Statistics (NBS) in its latest report, has disclosed a sharp increase in the average retail price of petrol in Nigeria, with the cost of a litre rising from N626.70 in August 2023 to N830.46 in August 2024.

    The significant surge represents a 32.51 per cent year-on-year increase, signaling growing fuel costs.

    The report, released yesterday, further highlighted that the average retail price of petrol also experienced a 7.78 per cent jump from N770.54 in July 2024, reflecting the continued upward trend in the cost of the commodity.

    Comparing the average price value with the previous month of July, the average retail price increased by 7.78 per cent from N770.54.

    “Comparing the average price value with the previous month of July, the average retail price increased by 7.78 percent from N770.54,” the NBS noted.

    The NBS analysis of petrol prices across various states showed significant differences.

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    According to the report, Benue State recorded the highest average retail price per litre at N941.24, followed closely by Bauchi and Gombe states, where the prices were N935.71 and N925.00, respectively.

    In contrast, the report revealed that Delta, Cross River, and Edo States paid the lowest average prices in August 2024, with Delta at N667.50, Cross River at N672.00, and Edo at N676.25.

    The disparity in prices was also evident across Nigeria’s geopolitical zones.

    “The North-East Zone recorded the highest average retail price in August 2024 at N908.21, while the South-West recorded the lowest price at N677.11 per litre,” the report added.

    The Bureau, in its Diesel Price Watch for August 2024, also provided insight into the rising cost of diesel, indicating a year-on-year price increase of 64.58 per cent.

    It noted that the average retail price of a litre of diesel jumped to N1,406.05, compared to N854.32 in August 2023.

    “On a month-on-month basis, the price increased by 1.93per cent from the N1,379.48 per litre recorded in July 2024,” the NBS stated, highlighting the persistent inflationary pressures on fuel products.

    Kaduna State recorded the highest diesel price in August at N1,979.23 per litre, with Bauchi following at N1,927.34, and Taraba at N1,638.14.

    Conversely, the lowest prices were recorded in Lagos at N1,237.14, Ogun at N1,255.00, and Osun at N1,268.18.

    Analysis by zones mirrored the trend seen in petrol prices, with the North-East Zone reporting the highest diesel price at N1,621.23 per litre, while the South-West recorded the lowest at N1,283.47.

  • Diesel price falls by 5.71% in July, says NBS

    Diesel price falls by 5.71% in July, says NBS

    The National Bureau of Statistics (NBS) has said the average price of the Automotive Gas Oil (AGO) diesel crashed to 5.71% in July 2024.

    Its “Automotive Gas Oil (diesel) price watch July,” report, said, “On a month-on-month basis, a decrease of 5.71% was recorded from N1462.98 in June 2024 to an average of N1379.48 in July 2024.”

    The report also said the average retail price of diesel paid by consumers increased by 73.63% on a year-on-year basis from a lower cost of N794.48 per litre recorded in the corresponding month of last year (i.e., July 2023) to a higher cost of N1379.48 Per litre in July 2024.

    NBS noted that looking at the variations in the State prices, the top three States with the highest average price of the product in July 2024 include Taraba State (N1721.79), Borno State (N1694.17), and Bauchi (N1619.54).

    The report said the top three lowest prices were recorded in the following State namely, Kogi State (N1186.31), Kano State (N1211.11), and Osun (N1246.82).

    It also said the zonal representation of the average price of Automotive Gas Oil (Diesel) shows that North northeast zone has the highest price of N1600.85 while the southwest zone has the lowest price of N1266.57 when compared with other Zones.

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    Similarly, NBS said the average retail price paid by consumers for Premium Motor Spirit (Petrol) for July 2024 was N770.54, indicating a 28.35% increase compared to the value recorded in July 2023 (N600.35).

    Comparing the average price value with the previous month (.i.e. June 2024), the report said the average retail price increased by 2.72% from N750.17. On State profile analysis, Katsina State had the highest average retail price for petrol, at N950.00, Jigawa and Benue States were next, with N903.08 and N846.95, respectively.

    NBS noted that conversely, Kwara, Edo, and Akwa Ibom States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N650.00, N669.75, and N673.75 respectively.

    In the period under review, NBS said on the Zonal profile, the North-West Zone had the highest average retail price of N820.10, while the South-South Zone had the lowest price of N678.30.

  • Why diesel price is high – Tantita ED

    Why diesel price is high – Tantita ED

    The operations of private firms protecting critical national assets against crude oil theft have been attributed to the reason for the hike in the price of automotive gas oil, otherwise known as diesel.

    Tantita Security Services Nigeria Limited (TSSNL), through its Executive Director, Operations and Technical, Captain Warredi Enisuoh, asserted at the ongoing Nigeria Oil and Gas Energy Week Conference in Abuja.

    He also revealed that oil companies patronise illegal refineries across Niger Delta communities for the product.

    Tantita is one of the private firms contracted by the Nigerian National Petroleum Company Limited (NNPCL), to secure crude oil pipelines in the country.

    Enisuoh, who spoke during a panel session titled, “Exploring Nigerian Content Solutions to Meet Energy Demand,” posited that illegal refineries produce a substantial volume of diesel, for consumers, including numerous downstream operators.

    According to him, “The reason why the price of diesel is high today is because of the works of private security companies like my company Tantita Security Services.

    “This is because we have been able to somehow cut down on a lot of the businesses of the illegal refineries. This is why you see the cost of diesel going up.”

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    Stressing that illegal refineries receive patronage not only from smugglers but also from oil firms, he questioned the disparity in the availability of diesel and petrol.

    “About 90 percent of the diesel in the fuel stations is produced by the communities. It will also interest you to know that even the oil companies patronize the local communities. Don’t let anybody deceive you, they (oil companies) also patronize the local communities,” the Tantita ED stated.

    Speaking on infrastructure to meet energy demand, Enisuoh called for increased focus on local communities, emphasizing that without interventions from security firms like Tantita, illegal diesel production would continue to rise.

  • Diesel price stands at N1153 in January 2024 – NBS

    Diesel price stands at N1153 in January 2024 – NBS

    The National Bureau of Statistics (NBS) says the average retail price of a litre of diesel increased from N828.82 in January 2023 to N1153.01 in January 2024.

    NBS stated this in its Diesel Price Watch for January 2024 released in Abuja on Wednesday.

    The report said that the January 2024 price of N1153.01 per litre amounted to a 39.11 per cent increase over the N828.82 paid in January 2023.

    “On a month-on-month basis, the price increased by 2.34 per cent from the N1126.69 per litre recorded in December 2023,” it added.

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    On state profile analysis, the report said the highest average price of diesel in January 2024 was recorded in Kebbi at N1433.33 per litre, followed by Kogi at N1300 and Abuja at N1226.70.

    It stated that the lowest price was recorded in Borno at N927.27 per litre, followed by Kano at N940.89 and Taraba at N988.33.

    “In addition, the analysis by zones showed that the North-Central had the highest price of N1205.11 per litre, while the North-East recorded the lowest price at N1074.03.’’

    (NAN)

  • Manufacturers cut 25% off energy costs by switching from diesel to gas

    Manufacturers cut 25% off energy costs by switching from diesel to gas

    Polyfilm Packaging Nigeria Limited, a manufacturer of flexible packaging focused on the food and consumer sectors, has recorded over 25% savings in energy costs after switching from diesel to gas, at a time when rising diesel prices are forcing businesses to adopt gas as an alternative fuel.

    Vikram Gursahaney, co-founder and executive director at the Ibadan-based firm, said the company was spending nearly half its operating costs on buying diesel and maintaining equipment, which proved unsustainable as diesel prices hit the roof.

    Manufacturing includes addressing daily operational challenges encompassing various facets of the business, particularly energy costs that have become burdensome for industries.

    “Energy costs have risen significantly in the manufacturing industry and can contribute up to 50% of your operational expense, followed by labour and other overheads.”

    The company started operations in 2008 as a privately held business established by the family, who first settled in Nigeria in the I970’s. The business searched for alternative energy solutions for two years before eventually turning to Clarke Energy’s range of gas plants.

    But there was another challenge: there was no pipeline that brought gas to Ibadan. So when Polyfilm settled on the first engine it bought from Clarke Energy — a 1 MW containerised gas engine — it entered a deal with a gas supplier to supply compressed natural gas (CNG) to the plant.

    “Although CNG is expensive it is inevitably more economical than running on diesel,” said Gursahaney. He added, “Since we made the first purchase years ago, we have expanded the plant’s capacity in line with the company’s expansion plans and now run primarily on gas.”

    Speaking on the services provided by Clarke Energy, Gursahaney said, ” They have a very responsive after-sales team available to attend to us when we call. We have realised a substantial increase in value, specifically in terms of the energy yield measured in kilowatt-hours per standard cubic meter of gas. Furthermore, since we do not have access to piped gas yet, which is cheaper than compressed natural gas, it is imperative to consider a very efficient engine to compensate for the difference in cost.”

    Clarke Energy designed the entire power solution from front-end engineering design, engine delivery, installation, commissioning, and equipment maintenance over the life of the asset.

    Yiannis Tsantilas, the Managing Director of Clarke Energy in Nigeria, expressed, “The partnership with Polyfilm Packaging Nigeria Limited aligns with Clarke Energy’s drive to extend value to manufacturers in regions further away from the piped gas network but can access bottled gas, in this case, the ancient city of Ibadan, in the south-western region of Nigeria”.

    Packaging remains a critical process in finishing food and consumer products that are part of our daily lives, directly impacting the global supply chain, food sustainability and human health, requiring a focus on quality, durability, and safety. Polyfilm has continued to meet this demand as it expands its investments and adopts backward integration in Nigeria through its extraordinary leadership and commitment to delivering value to Nigerians.

    The power plant solution supplied to Polyfilm Packaging Nigeria Limited has helped the business remain competitive and reduce their carbon footprint on its journey towards environmental sustainability.”

    “Apart from the cost savings, the gas engine exhaust emissions are significantly lower when compared with diesel generators. In addition, the diesel generators require maintenance every 250 run hours, while the INNIO Jenbacher engine purchased from Clarke Energy requires maintenance every 3,000 run hours, helping to improve the plant’s availability to power our operations,” said Gursahaney.

    These cost savings and other associated benefits have helped the company expand its operations, including the size of its workforce. It now employs over 200 people and has a production capacity of about 10,000 tonnes annually.

    The backward integration strategy is also helping the organisation tackle the challenges of scarce foreign exchange, as it now relies on local sourcing for about seventy per cent of its raw materials, rather than the 30% it did in the past.

  • VW faces $11 b investor suit over diesel scandal

    Volkswagen faces a trial this week as investors seek 9.2 billion euros ($10.7 billion) in compensation, arguing that the automaker should have informed shareholders about a diesel pollution scandal before regulators did in September 2015.

    The lawsuit bundles 1,670 claims brought mainly by VW’s institutional shareholders who have accused the company of failing to inform investors about the scope of a scandal which has cost the company 27.4 billion euros in penalties and fines.

    Had VW warned investors about the size of the scandal before the U.S. Environmental Protection Agency (EPA) issued a “notice of violation” on September 18, 2015 then institutional investors may have avoided losses on their shareholdings, plaintiffs said.

    VW shares lost up to 37 percent of their value in the days after authorities exposed illegal levels of pollution emitted from VW diesel cars.

    Volkswagen has admitted systematic emissions cheating but denies wrongdoing in matters of regulatory disclosure.

    Presiding Judge Christian Jaede at the higher regional court in Brunswick, Germany, near VW’s headquarters, will make opening remarks at the trial on today.

    VW insists that the U.S. EPA’s issuance of the notice of violation was not in keeping with how U.S. authorities had handled similar cases involving other carmakers.

    Because other carmakers had reached a settlement for emissions cheating without an EPA notice of violation, and because VW was in talks about reaching a settlement, VW’s board did not see the need to inform investors, the carmaker said in a filing with the court.

    VW had already made substantial provisions in late 2015 to cover other vehicle recalls, and because previous fines by U.S. authorities for similar violations were below $200 million, there was no need to issue an ad-hoc disclosure notice under German law, the carmaker said in the filing.

    Volkswagen said board members at the time, including Volkswagen’s Chief Executive Officer Herbert Diess and Chairman Hans Dieter Poetsch, therefore, did not violate disclosure rules, according to the VW defence document filed with the court.

    “Neither the management board nor individual board members caused or were involved with the compliance violation in the United States,” VW’s court filing said.

    However, plaintiffs, including lawyer Andreas Tilp from law firm TILP and fund management firm Deka, argue that managers below management board level, including divisional heads, knew about deliberate and systematic emissions cheating.

    The company as such was therefore aware of severe criminal activity and investors should therefore have been warned earlier, the plaintiffs said.

     

  • Navy seizes 1.2m litres diesel, arrest six suspected smugglers

    The Nigerian Navy in Bonny, Rivers, says it seized about 1.22 million litres of adulterated diesel from six crewmen believed to be smugglers.

    The suspects, who were arrested along the state waterways, were alleged to have smuggled the petroleum products, worth about N350 million from Lagos.

    Cdr. Ibrahim Gwaska, the Acting Commanding Officer, Forward Operating Base, Bonny, presented the eight suspected smugglers, vessel and diesel to journalists on Monday.

    “The arrest followed routine patrols of one of our capital ships, NNS Okpabana, deployed on sea to stem crude oil, illegal bunkering and other illicit activities within the maritime environment.

    “In the course of such patrols, NNS Okpabana intercepted, MV Princehood, over the vessel suspicious movement along the sea.

    Gwaska said that troops, after boarding the vessel, found out that the vessel was laden with 1.2 million litres of diesel, suspected to have been lifted from unapproved refining site.

    He said preliminary investigation was immediately launched and that it was found out that the vessel loaded the diesel in Lagos and headed to NSDC terminal off Bonny before its seizure.

    “The vessel was later arrested on the grounds that her destination was inconsistent with what was captured on her manifest.

    “Also arousing troop’s suspicion was the fact that the quantity of petroleum product on board the vessel was inconsistent from what was declared by captain of the vessel.

    “We later found out that what was earlier declared by captain of the vessel was at variance with what was got after calibration test was carried out,” he said.

    Gwaska handed over the six suspected smugglers and vessel to operatives of the Economic and Financial Crimes Commission (EFCC) to conduct further investigation and possible prosecution of the suspects in court.

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    The officer noted that the zero tolerance policy adopted by naval authorities had led to drastic reduction in oil theft, illegal bunkering and other illicit activities on the waterways.

    According to him, the navy has “upped its game” with new strategies and measures to deter criminals, especially as the ember months approaches.

    “The Nigerian Navy has stationed its capital ships on routine patrols at sea as well as set up lots of barriers on the hinterlands to discourage criminality.

    “We are not relenting in our commitment to rid the nation’s maritime environment of illicit activities, for legitimate social and economic activities to thrive.