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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EL-RUFAI: FG NOW PAYING MORE FOR FUEL SUBSIDY, BUT MANY NIGERIANS DON'T KNOW. (PHOTO).

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 El-Rufai: FG Now Paying More For Fuel Subsidy, But Many Nigerians Don’t Know


Former governor of Kaduna State, Malam Nasir El-Rufai, says fuel subsidy is back, but many Nigerians do not know this.


Fielding question from newsmen in Maiduguri , Borno State capital, on Monday, El-Rufai said the federal government is now paying more than before.


Traveling across Quang Binh to stunning cinematic locations


He observed that the packages of support that would reduce the impact of fuel subsidy were not effective, hence reversal of the policy.


In his inaugural speech, President Bola Tinubu had announced the removal of fuel subsidy, saying its payment was no longer justifiable.


But El-Rufai, who said he was in support of the policy, said the government had to make necessary adjustments.


“Fuel subsidy is another policy that has been implemented by the president, it’s the right policy. I always supported withdrawing fuel subsidy.”


“But, in the course of implementation as you can see the government has now realized that the subsidy has to be back because right now, we are paying a lot of money for subsidy even more than before.


“This is because the impact has been seen and the packages of support that would reduce the impact have not been so effective in reducing the impact, so the federal government is back now subsidizing Petrol.”


He said many people don’t know that fuel subsidy is back, “but, if they want to know whether we are subsidizing or not, they should compare the price of petrol and diesel because petrol should be more expensive than diesel but diesel is priced above a thousand naira while petrol is at N600 per liter.


“So, we are still subsidizing Petrol because the government has realised that they way it implemented the fuel subsidy initially required some adjustments. That’s what I keep saying about policy and policy pragmatism,” he said.


El-Rufai had earlier presented a paper titled: “Leadership and Public Policy: Navigating Challenges and Lessons”, at the Capacity-building workshop for Senior Government Officials of Borno State.

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