GERMANY AND AUSTRIA TO TAP OIL RESERVES AFTER 400 MILLION BARRELS REQUESTED. (PHOTO).

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 Germany and Austria to tap oil reserves after 400 million barrels requested  Germany and Austria announced they are releasing portions of their oil reserves in response to an International Energy Agency request for member nations to collectively release 400 million barrels to help ease rising energy prices linked to the Iran conflict. Japan also said it will begin releasing part of its reserves starting Monday. The move marks one of the largest coordinated releases of emergency oil stocks in history. The previous record came in 2022, when IEA members released 182.7 million barrels following the energy disruptions caused by Russia’s invasion of Ukraine. Member countries currently hold over 1.2 billion barrels of public emergency oil stocks, along with an additional 600 million barrels of industry stocks maintained under government requirements. The release comes amid heightened tensions in the Persian Gulf, where Iran has targeted commercial ships and disrupted shipping throug...
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COURT STOPS INCREMENT IN PRICES OF DSTV, GOTV SUBSCRIPTION. (PHOTO).

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 Court stops increment in prices of DSTV, GOTV subscription


A Competition and Consumer Protection Tribunal (CCPT) sitting in Abuja, on Monday, restrained Multichoice Nigeria Limited, owners of Dstv and GOtv from increasing their tariffs and cost of products and services scheduled to begin on May 1.


The three-member tribunal, presided over by Saratu Shafii, gave the interim order following an ex-parte motion moved by Ejiro Awaritoma, counsel for the applicant, Festus Onifade.


The tribunal, in a ruling, restrained Multi-Choice from going ahead with impending price increase schedule to take effect from May 1, pending the hearing and determination of the motion on notice filed before it.


“The 1st defendant is hereby restrained from taking any step(s) that may negatively affect the rights of the claimant and other consumers in respect of the suit pending the hearing and determination of the motion on notice,” Shafii declared.


She, therefore, directed all parties in the suit to appear before the tribunal on May 7 at 10am for the hearing and determination of the motion on notice.


Onifade, in the suit marked: CCPT/OP/2/2024, had dragged Multi-Choice Nigeria Ltd and Federal Competition and Consumer Protection Commission (FCCPC) before the tribunal.


In the suit filed on April 29, Onifade, also a legal practitioner, sought two orders.


These include, “an order of interim injunction of this honourable tribunal restraining the 1st defendant, whether by themselves, her privies, assigns by whatsoever name called from going ahead with impending price increase schedule to take effect from 1st May, 2024, pending the hearing and determination of the motion on notice.


“An order restraining the 1st defendant from taking any step(s) that may negatively affect the rights of the claimant and other consumers in respect of the suit pending the hearing and determination of the Motion on Notice.”


Other members of the tribunal include Thomas Okosun and Dr. Umar Duhu.

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