Diesel, kerosene hits N120, N70 per litre over uncertainties ….Shell reports fire on Yorla well 16
By Hector Igbikiowubo
Thursday, May 03, 2007
LAGOS—PRICES of Diesel and Kerosene have hit an unprecedented high of N120 and N70 per litre respectively, largely spiked by the uncertainties over the outcome of the Nigerian electoral process, with no respite in sight yet for hapless consumers.
The Shell Petroleum Development Company (SPDC) has expressed grave concern over a fire incident at its Yorla well 16, one of its non-producing oil wells in the Ogoni area.
Even after the electoral exercise, most filling stations in the Lagos area continue retailing diesel at N120 per litre and kerosene at N70 per litre.
Vanguard gathered dealers of petroleum products decided to cash in on the uncertainty over the outcome of the electoral process by raising pump prices.
However, a dealer who spoke with the Vanguard on condition of anonymity explained that the stage for a raise in pump prices was set by Conoil Nigeria Plc which set its ex-depot price of diesel at N100 per litre.
The government insists that it has deregulated the price of diesel and so cannot interfere with its pricing.
Those mostly impacted by the high cost of diesel are manufacturing concerns which depends on their own generating plants for power supply owing to the inability of the state power utility company, Power Holding Company of Nigeria (PHCN) to meet their needs, as well as residential consumers. Kerosene consumers are largely residents who require it for their cooking needs.
However, investigations revealed that as at yesterday, Zenon Oil and Gas Company’s ex-depot price of diesel is N78 per litre, Obat Oil sells at N79 per litre, Ascon Oil sells at N79 per litre, Jones; N79 per litre, Capital Oil; N79 per litre and MRS; N79 per litre.
A statement signed by Mrs Diezani Alison-Madueke disclosed that the Shell oil well fire incident was confirmed during an overfly on 25th April and immediately informed the Rivers State Government, the Department of Petroleum Resources and other relevant agencies.
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