Fire incident probe: Warri Refineries MD seeks new date •Says Senate invitation coincides with daughter’s wedding

THE Managing Director of Warri Refineries and Petrochemical Company, Chief Paul Obelley, failed to appear before the Senate, on Thursday.

His failure to honour an invitation extended to him by the upper legislative chamber was to enable him to attend his daughter’s wedding, taking place this weekend in Agbor, Delta State. The Senate Committee on Petroleum Resources (Downstream) had summoned Obelley, along with top management of the refinery to appear before it on Thursday. They were expected to explain the circumstances surrounding the fire incident that occured at the refinery on October 22. However, Obelley, in a letter signed by the Group Executive Director, Refinery and Petrochemicals, Mr Tony Oguigbe, said he would not be able to attend the meeting, as he wanted to attend his daughter’s wedding. “I would like to request your kind consideration to give us another date to enable me to attend and participate in my daughter’s wedding taking place on November 1 and 2 at Agbor and Asaba respectively. “We sincerely regret any inconvenience this may cause your esteemed committee and I kindly request that you re-schedule for another day,” the letter read. The Group Managing Director (GMD), Nigerian National Petroleum Corporation (NNPC), Mr Andrew Yakubu, also failed to honour the Senate invitation. The NNPC boss, in a letter to the committee, asked for time to collate his information on petroleum products and the NNPC crude oil swap arrangement. The letter was signed by the NNPC Group General Manager of the National Assembly Liasion Office. Chairman of the Senate committee, Senator Magnus Abe, agreed that the NNPC GMD and his team needed more time to be able to collate the document on the issue. He, however, said they should able to get it done within the next one week and, unfailingly, report to the committee in two weeks’ time. He also warned that they should not fail to honour the next invitation, noting that the cooperation of all agencies working with his committee was needed to safeguard the interest of all Nigerians.

Good news for drivers: Gas prices near 2013 lows

Retail gas prices have dropped at the fastest rate in nearly a year to the lowest national average since January. The national average for regular gasoline was $3.40 per gallon on Monday, a nearly 20-cent per gallon decline in just the past month. AAA says the national average could drop another 25 to 30 cents per gallon through December. Gas prices in many Southern states are already below $3.25 a gallon and some South Carolina residents paying less than $3 a gallon at the pump. "Most drivers are paying the lowest gas prices in more than eight months due to abundant gasoline supplies, the end of the summer driving season, lower oil costs and the switchover to winter-blend gasoline," said AAA spokesman Avery Ash. "Supply and demand is working in most consumers' favor with consumption down and gasoline stocks more than 10 percent higher than a year ago." Retail gasoline prices are following the slide in gasoline futures, which has outpaced the fall in oil prices in September. RBOB gasoline futures plunged 9 percent this month compared to a 5 percent drop in West Texas Intermediate crude futures. On Monday, RBOB gasoline futures were the biggest decliner in the energy market once again, falling nearly 2 percent to a session low of $2.62 per gallon, while WTI oil prices were down 1 percent, hitting a session low of $101.50. Prices for gasoline on the New York Mercantile Exchange have fallen roughly 11 percent in September as supplies reached their highest level in three years and the peak summer driving season ended, noted Dave Lutz, head of exchange-traded fund trading and strategy at Stifel Nicolaus & Co. in Baltimore. "The availability of inexpensive oil has enabled refineries to increase their production of gasoline at a rate that has exceeded demand," Lutz commented in a market note. "This drop in gasoline prices should be a tailwind for US consumers toward years end."