Petroleum

<strong>Increase VAT to 15%, Remove Fuel Subsidy, IMF Urges FG</strong>
News, Nigeria, Petroleum

Increase VAT to 15%, Remove Fuel Subsidy, IMF Urges FG

The International Monetary Fund, IMF, has advised the federal government to raise the Value Added Tax, VAT, from its present 7.5 percent to 15 percent. The organisation disclosed this in a statement issued at the end of its Article IV Staff mission held in Washington on Friday. It also suggested that Nigeria totally abolished fuel subsidies, which it argued favours mostly the rich at the detriment of the poor Nigerians and holistically tackle oil theft. Missions are usually held as part of regular consultations under Article IV of the IMF’s Articles Agreement, in the context of a request to use IMF resources (borrowed from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments, Vanguard reports. The IMF r...
<strong>Atiku Labels Petrol Subsidy A Scam, Promises Decisive Action  </strong>
Elections, News, Nigeria, Petroleum

Atiku Labels Petrol Subsidy A Scam, Promises Decisive Action  

The Presidential candidate of the Peoples Democratic Party, PDP, Atiku Abubakar, has promised to engage creditors to solicit cancellation or forgiveness to tackle Nigeria’s foreign debt profile. He stated this on Tuesday at the Lagos Business School 2022 alumni day, while outlining his plans for economic recovery if given the opportunity to govern the country. Abubakar labeled the controversial petrol subsidy as fraud and promised to scrap it once elected. The PDP presidential candidate listed some of the positive impacts of his party between 199 to 20007 to include debt cancellation, privatisation, banking reforms, and an effective working partnership with the private sector. He said, “I was the chairman for the removal of the fuel subsidy committee and I recall how we re...
Why It’s Impossible To Buy Fuel At N170/litre – NNPCL
News, Nigeria, Petroleum

Why It’s Impossible To Buy Fuel At N170/litre – NNPCL

Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Company, formerly Nigerian National Petroleum Corporation, has stated that it cannot retain a pump price of N170 per litre for Premium Motor Spirit, popularly known as petrol. Kyari disclosed this when he appeared at the Legislative Transparency and Accountability Summit organised by the House of Representatives Committee on Anti-Corruption in Abuja on Wednesday. He said, “It is not possible for you to buy fuel at N170 when your actual cost is thrice that value. “For instance, today, when PMS comes into this country, we transfer to marketers at N113 per litre for us to ensure N165 at the pump. “So, you must sell at N113 to them to be able to deliver at N165, that means whatever the cost, anything af...
Why Petrol Queues Have Returned – FG
News, Nigeria, Petroleum

Why Petrol Queues Have Returned – FG

The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, yesterday confirmed the existence of commercial stocks across the country, despite motorists queuing up for petrol in some cities. Farouk Ahmed, Chief Executive Officer, NMDPRA, while stating this, asked Nigerians to desist from panic-buying of petrol. Ahmed said he was optimistic that the queues being experienced would soon disappear as the marketers and NNPC have confirmed that there are adequate stocks to sustain the public. The NMDPRA boss said, “I spoke with the MOMAN’S Executive Secretary this morning and he told me they have sufficient stock. I have directed them to start evacuating the product immediately to filling stations. “NNPC has also confirmed sufficiency and they have commenced ev...
Five Barrels of Crude Oil Discharged into Rivers Environs, Shell Reveals
Environment, News, Nigeria, Petroleum

Five Barrels of Crude Oil Discharged into Rivers Environs, Shell Reveals

The Shell Petroleum Development Company of Nigeria (SPDC) Limited revealed that five barrels of crude oil were discharged into environments of the Bodo community in Gokana Local Government Area, Rivers State. The National Oil Spill Detection and Response Agency (NOSDRA) Rivers State Ministry of Environment, SPDC, and the host community signed a Joint Investigation (JIV) report that disclosed the development. See Also: Reactions as Asa performs “Fire on The Mountain” at The Unveiling of NNPC LTD According to the report, Shell’s Trans Niger Pipeline discharged residue containing 98% water and 2% crude amounting to five barrels as the Trans Niger Pipeline was flushed. A representative of SPDC, Micheal Adande said the spill's impact was minimal as the Trans Niger Pipeline has ...
Port Harcourt Refinery to Begin Production in 2023
Infrastructure, News, Nigeria, Petroleum

Port Harcourt Refinery to Begin Production in 2023

The old Port Harcourt Refinery is about to be restored to refine 60,000 barrels per day (BPD), with which production will begin in the first quarter of 2023. Ahmed Dikko, The Managing Director of the Port Harcourt Refining Company Limited, announced the new development when the House of Representatives Ad-Hoc Committee visited the refinery to assess the 1.5 billion dollar rejuvenation project of the facility. See Also: Ex-Imo Governor, Ihedioha Asks Nigerian Government To Probe Over 100 Deaths At Illegal Refinery He mentioned that when the project is fully completed by the end of 2024, the refinery will have the capacity to refine 210,000 barrels per day, also noting that the project will be done based on the time stated and the budget approved. He also added that to stick...
Fuel Price Hike: Lagos, Abuja Residents Suffer as Price Increases
Africa, Cost of Living, Economy, Lagos News, Nigeria, Petroleum

Fuel Price Hike: Lagos, Abuja Residents Suffer as Price Increases

Nigerians are experiencing an unofficial fuel price hike as numerous filling stations have increased their pump prices from the regulated N165. The hike in price is confirmed to be rampant in the city of Abuja and Lagos. African News Today gathered information that certain petrol stations sell their product for N220 per litre. Even amongst the hike, some stations refused to sell leading to a scarcity of petrol in some areas. In Lagos, filling stations such as Ardova and MRS filling stations located along Lekki Expressway sold at the price of N180 and N200 per litre. see also: Fuel Subsidy Is A Scam – Peter Obi Rosebol filling station located at Ipaja metered their petrol at N180 per litre and N190 per litre was sold at Mao filling station situated at Kola. A motorist...
OPEC Secretary-General Muhammad Barkindo Just Confirmed Dead
Africa, Breaking News, News, Nigeria, Petroleum

OPEC Secretary-General Muhammad Barkindo Just Confirmed Dead

Organization of Petroleum Exporting Countries (OPEC) secretary-general, Muhammad Barkindo has reportedly been confirmed dead. Mele Kyari, the Group Managing Director(GMD) of the Nigerian National Petroleum Company ( NNPC) broke the news via his Twitter page on Wednesday morning. He confirmed that Muhammad Barkindo died on Tuesday at about 11 pm. see also: NNPC Fails To Account For 107 Million Barrels Of Crude, – Auditor General The Group Managing Director of NNPC tweeted “We lost our esteemed Dr. Muhammad Sanusi Barkindo. He died at about 11 pm yesterday, 5th July 2022". He also noted that the burial arrangements of the late 63-year-old would be disclosed soon. “Certainly a great loss to his immediate family, the NNPC, our country Nigeria, the OPEC, and the global en...
Ibom Air – 58 flights Cancelled as Airline Laments Over Fuel Hike
Aviation, Economy, Nigeria, Petroleum, Transportation

Ibom Air – 58 flights Cancelled as Airline Laments Over Fuel Hike

Ibom Air cancelled 58 scheduled flights over scarcity of aviation kerosene. The hike and scarcity of aviation kerosene, which is commonly known as jet A1 had resulted in 58 flights been canceled out of  over 1000 flights recorded as at the month of June 2022. The airport is currently managed and owned by the government of Akwa Ibom state. The airport  operates seven aircraft with 10 more said to be added by may 2023. See Also: JET-A1, Others May Push Flight Above N100,000 – Domestic Airlines But according to reliable sources, it has been said that out of the 7 acclaimed operational aircrafts only two are actually functional. According to the company’s records, only a total of 965 flights were successfully operated, with 199 flights delayed and 234 flights rescheduled due to o...
Imo To Conduct Mass Burial For Victims Of Illegal Refinery Explosion 
News, Nigeria, Petroleum

Imo To Conduct Mass Burial For Victims Of Illegal Refinery Explosion 

The Imo State Government will conduct a mass burial for the victims of the Friday night explosion at an illegal refinery located in a forest in Abaezi community in the Ohaji Egbema Local Government Area of the state. The Head of Operations of the National Emergency Management Agency in the state, Ifeanyi Nnaji, said that the mass burial would be carried out by the state ministries of Petroleum Resources and Environment. See Also: Two Nigerian Refineries Produce Zero Crude Despite ₦85.9 Billion Investment He said that the charred remains of the over 100 victims had been gathered and were awaiting a mass burial by the state government. According to the NEMA official, none of the victims had been recognised as they were burnt beyond recognition Nnaji said, “The state Minis...