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Petrol Pricell Increase When Oil Goes Up Sylva
~1.9 mins read
Petrol price’ll increase when oil goes up – Sylva
THE Minister of State for Petroleum, Timipre Sylva, on Monday said Nigerians would soon get used to hike in price of fuel.
Sylva also said petrol price would always increase whenever oil rate had gone up.
He spoke in an interview with State House correspondents after a meeting he had with the President, Major General Muhammadu Buhari (retd.), at the Presidential Villa, Abuja.
He said, “Petrol is refined from crude oil, so petrol price is directly related to the price of crude oil in the market.
“So, if I buy crude oil at a certain price and refine this month, if the crude price is low at the time, then my petrol price will become low because the feedstock from which I refined petrol was lower in price.
“If the price of crude oil goes up, then it means the price of the feedstock has gone higher, it will also affect the price of the refined product and that is why you see that product prices are usually not static, it depends on the price of crude oil, which goes up and down.â€
Sylva added, “If you have been following crude oil prices, you would have seen that crude oil prices went up a little bit, as a result of this (vaccine) announcement.
“So, when crude oil prices go up a little bit, then you will see that it instantly reflects on the price of petrol, which is a derivative of crude oil. That’s why you see that there’s this movement and if we listen to ourselves, this is the same explanation we’ve been giving.â€
The minister said because of deregulation, the government was not longer in the business of fixing fuel price.
He further said, “Just take the example of our production levels; our crude oil production level was over two million barrels a day. Today, to comply with OPEC cut and quota, we have reduced production to 1.4 million barrels.
“Having reduced production to 1.4 million barrels, crude oil is also not selling at an optimal rate. Where do you get the money to continue to subsidise?
“It is very clear that today; things are not as they were before. The earnings of government has reduced by 60 percent and what is happening in the oil sector reflect what is happening elsewhere.
“I believe that at this point, we are still trying to cross the first buck. We will get there; we will get used to it as Nigerians.â€
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Fidelity

Data Usage Rise By 83% As Internet Users Increase.
~1.8 mins read
Data usage rise by 83% as Internet users increase
As more people come online, the total volume of data consumed by Nigerian subscribers increased by 83 per cent in 2019, a latest report by the Nigerian Communications Commission has shown.
According to the NCC’s 2019 Subscribers/ network data report, telecoms subscribers consumed 125,149.86 terabytes of data as of December 2019 compared with 68,154.12TB of data in December 2018.
The commission attributed the rise in data usage to the increased broadband penetration in the country in 2019.
Also, the regulatory body said it provided the necessary regulatory support for operators to implement the various initiatives within the year that increased data usage in the country.
The report stated that 2019 Active Mobile Broadband Subscriptions to 3G and 4G networks were 72.15 million.
Based on the total number of broadband subscriptions to MTN, Glo, Airtel, 9mobile, Smile and Ntel, broadband penetration stood at 37.8 per cent as of December 2019.
The statistics showed that as of December 2019, the total active Internet subscriptions for the mobile segment was 126.08 million reflecting a 12.5 per cent increase from 112.06 million reported in December 2018.
Three of the four major GSM operators reported growth in subscription between December 2018 and December 2019.
MTN recorded the highest percentage increase of active Internet subscriptions of 23.26 per cent, from 43.9 million subscriptions in 2018 to 54.11 million subscription in the same period in 2019.
Subscribers to Airtel Internet services grew by 16 per cent and Globacom Internet users grew by 3.31 per cent.
9mobile recorded a decline of 18.67 per cent in active Internet subscription from 9.91 million subscriptions in 2018 to 8.07 subscriptions at the end of 2019.
Visafone Communications Limited recorded the least number of active Internet subscriptions at 90,174 as of December 2019.
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Under the fixed line category, NCC said the active Internet subscriptions for MTN, 21st Century and ipNX as of December 2019 was 9,670.
This indicated a further decrease from 2018 which was 9,868 subscriptions.
A breakdown of the data showed that Ipnx had the highest subscriptions at 4,775, MTN had 2,096 and 21st Century had the lowest at 2,799.
Analysis showed that the Internet usage for the fixed wired network was being relegated and that there was an indication that most subscribers had switched to GSM lines.
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