Diesel car sales have plummeted in Europe in the first quarter of the year, representing only 23.2 percent of sales as opposed to 30 percent during the same period last year, according to data released Friday by car manufacturers.

“Hybrid electric vehicles made up 18.4 percent of total passenger car sales in the EU, almost doubling their market share in a year,” the European Automobile Manufacturers’ Association said. “Demand for electrically-chargeable cars also increased during these three months: battery electric vehicles made up 5.7percent of all new cars, while plug-in hybrids accounted for 8.2 percent of EU registrations.”

The group said that from January to March of this year, diesel volumes fell 20.1 percent compared to a year ago to reach 593,559 cars sold across the European Union. The volumes fell nearly 30 percent in Germany and Spain.

Similarly, demand for petrol cars continued its downward trend, with sales decreasing by 16.9 percent from 1.3 million units sold in in the first quarter of 2020 to 1.1 million so far this year, ACEA said.

It said the shy recovery of the auto market, which was hard hit by the coronavirus pandemic, had especially benefitted hybrid electric vehicles which saw a siginificant rise in sales, notably in Italy, France, Germany, Spain and Poland.

“Registrations of plug-in hybrid electric vehicles (PHEVs) jumped by 175.0%, totalling 208,389 units,” ACEA said. “One of the drivers of this growth was Italy, where 16,103 plug-in cars were registered in the first quarter — a year-on-year increase of 445.7 percent.”

Sweden, Germany and France also registered an increase in the sale of such vehicles.

Registrations for battery electric vehicles across the bloc also jumped by 59.1 percent to reach 146,185 cars, with demand still benefiting from government stimuli for zero-emission vehicles, ACEA said .

By contrast, demand for battery electric cars fell in Sweden, Spain and the Netherlands.

The Nigerian National Petroleum Corporation (NNPC) and Sterling Oil Exploration and Production Company (SEEPCO) have signed a pact to unlock 1.2 trillion cubic feet of gas from Oil Mining Lease (OML) 143.

According to the Group Managing Director of the NNPC, Mallam Mele Kyari,the Gas Development Agreement (GDA), is in sync with the Federal Government’s National Gas Expansion Programme (NGEP).

He disclosed yesterday that the resource from the project would be processed at the Ashtavinayak Hydrocarbon Limited’s (AHL) 125 million standard cubic feet (mmscf) of gas per day gas plant located in Kwale, Delta State.

The NNPC boss said the development of OML 143 would bring value for the Federal Government, NNPC and SEEPCO Group that would in turn boost the nation’s economy.

On his part, the Group Managing Director of SEEPCO, Tony Chukwueke, said the pact was a milestone for the country, because it was the “first agreement in Nigeria that fully separates gas development from oil production”, noting that the arrangement would promote holistic development of the gas potential in the block.

He explained that the GDA was a significant step, as it was the first of its kind to expressly include terms that “encourage the contractor to be effective in its cost management, thereby passing on significant revenue to the Federal Government, NNPC and other stakeholders.”

The French government called Friday for a quick implementation of a post-Brexit accord on mutual access to fishing waters, after French fisherman blocked trucks trying to bring in catches from Britain overnight.

“We’re acting within the spirit of European solidarity and cooperation with the UK, but the urgency demands an acceleration of our collective efforts,” Europe Minister Clement Beaune and Maritime Minister Annick Girardin said in a statement.

More than a hundred fisherman launched the blockade late Thursday at Boulogne-sur-Mer, France’s busiest fishing hub, to protest a “sham” deal on access in place since Britain left the European Union on January 1.

Despite a provisional trade accord, they say UK authorities have granted licences to only 22 of the 120 French boats seeking permission to fish between six and 12 nautical miles from the British coast.

“A full granting of access licenses for British waters, and a quick resolution of crucial questions including the use of forward bases, must be resolved as soon as possible,” the French ministers said.

Along with access to UK waters, the accord calls for French boats to be able to unload their catches at British ports so they can then be brought quickly to France by truck.

The European Parliament is to vote Tuesday on ratifying the EU-UK trade and cooperation agreement (TCA) that defines post-Brexit relations with Britain.

“It’s not enough to have a nice letter — we need action,” said Olivier Lepretre, head of the regional fishing committee, in response to the French ministers’ statement.

“For now it’s impossible to unload fish at English ports,” he said, saying French boats are instead having to unload catches from British waters in Denmark.

British authorities contested the industry’s claims, saying 87 French boats had received licenses for fishing within six to 12 nautical miles from its coast.

– Concerns raised

“The UK maintains a consistent, evidence-based approach to licensing EU vessels using information supplied by the European Commission,” a spokesman for the Department for Environment, Food and Rural Affairs (Defra) said in a statement.

“We do not recognise the figures that have been shared by the French fishing industry and consider this reaction to be unjustified,” the spokesman added.

“Our concerns regarding the protest action have been raised directly with the French authorities.”

Lepretre acknowledged that “very, very few” drivers tried to get past the blockade, just outside a checkpoint where trucks arriving from Britain at nearby Dunkirk or Calais must now undergo hygiene checks.

Most had advance warning and chose to unload their fish deliveries elsewhere, while several British-flagged Dutch ships also avoided the Boulogne fish market and instead headed to Belgium.

The protest was to end Thursday morning with a sale of fish at cut-rate prices, also aimed at denouncing EU policies on quota allotments.

Bitcoin and other cryptocurrencies suffered hefty losses on Friday on concern that U.S. President Joe Biden’s plan to raise capital gains taxes will curb investment in digital assets.

The selloff came after reports that the Biden administration is planning a raft of proposed changes to the U.S. tax code, including a plan to nearly double taxes on capital gains to 39.6% for people earning more than $1 million. read more

Bitcoin, the biggest and most popular cryptocurrency , slumped 5% to $48,8867, falling below the $50,000 mark for the first time since early March, while smaller rivals Ether and XRP fell around 7%.

The tax plans jolted markets, prompting investors to book profits in stocks and other risk assets, which have rallied massively on hopes of a solid economic recovery. Levies on investment gains were reported to be in line for record increases.

Bitcoin headed South today after President Biden signalled that he wanted to raise capital gains tax in the US.

Bitcoin is on track for a 15% loss on the week, though it is still up 65% since the start of the year read more . Ether dropped more than 10% on the day to as low as $2,107, a day after climbing to a record $2,645.97.