Category: Petroleum - Page 4 - African News Today

TV, Radio Stations To Shut Down Over Skyrocketing Fuel Prices – BON

20Mar

By Chinedu IbeakanmaNo Comments

News, Nigeria, Petroleum, Press Statement

TV, Radio Stations To Shut Down Over Skyrocketing Fuel Prices – BON

The Broadcasting Organisation of Nigeria (BON), has warned that the lingering fuel scarcity in the country may force broadcast stations to shut down operations very soon. This warning comes as a result of the increase in costs of operation following the high cost of petrol and diesel. The body stated that the rising costs of fuel and diesel has created huge shortfall for most stations thereby causing staff salaries being delayed. It mentioned that the role of the broadcast stations as the most reliable source for information, entertainment and public enlightenment, is under serious threat due to the biting economic situation. Broadcast stations, through their programming, help to maintain stability, security and peace in the country, which makes it highly important to keep...

President Apologises to Nigerians over Power Outage, Fuel Scarcity

17Mar

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Petroleum, Power

President Apologises to Nigerians over Power Outage, Fuel Scarcity

President Muhammadu Buhari yesterday apologised to Nigerians over the prolonged fuel scarcity and frequent power outages being experienced across the country. Buhari said the shortage of petroleum products was something his government had successfully averted in its seven years in office. Minister of Power, Abubakar Aliyu, also yesterday, likened the worsening power situation across the country to a war situation. But Aliyu assured that the federal government was doing everything possible to resolve the situation However, the Nigerian Electricity Regulatory Commission (NERC) explained that the power situation was caused mainly by the activities of vandals on the country’s gas supply assets. Buhari, in a statement issued yesterday by his spokesman, Mallam Garba Shehu...

President Buhari Regrets Inconvenience Caused By Petrol, Electricity Shortages

17Mar

By Chinedu IbeakanmaNo Comments

News, Nigeria, Petroleum, Power, Press Statement

President Buhari Regrets Inconvenience Caused By Petrol, Electricity Shortages

President Muhammadu Buhari has expressed sincere regrets for the inconvenience caused to citizens of the country following a prolonged shortage of petroleum products, something that the administration has successfully averted in its seven years in office. President Muhammadu Buhari According to the President, “the administration knows the fuel shortage has placed a strain on Nigerian citizens and businesses, but relief is on the way. I especially apologize to all sections of society for this. “The government is working round the clock to attend to this issue. An action plan agreed upon earlier this month is being implemented to address the scarcity. Working together with the Major Oil Marketers Association of Nigeria (MOMAN) and the Independent Petroleum Marketers Assoc...

NNPC Fails To Account For 107 Million Barrels Of Crude, – Auditor General

16Mar

By Chinedu IbeakanmaNo Comments

News, Nigeria, Petroleum

NNPC Fails To Account For 107 Million Barrels Of Crude, – Auditor General

The Office of the Auditor-General for the Federation has said the defunct Nigerian National Petroleum Corporation, now Nigerian National Petroleum Company Limited, has failed to account for about 107,239,436 barrels of crude oil lifted for domestic consumption in 2019. The office made the allegation in its 2019 audit report presently being considered by the Committees on Public Accounts at the Senate and House of Representatives.According to the report, about 22,929.84 litres of Premium Motor Spirit, also known as petrol, valued at N7.06bn and pumped to the two depots (Ibadan-Ilorin and Aba-Enugu) between June and July 2019 were not received by the depots. These are part of the issues raised by the office in the six audit queries issued against the NNPC.The report noted discrepanci...

Subsidy: It’s Impossible For Nigeria To Consume Up To 70 Million Litres A Day – Saraki

14Mar

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Petroleum

Subsidy: It’s Impossible For Nigeria To Consume Up To 70 Million Litres A Day – Saraki

Former Senate President, Bukola Saraki has challenged the Federal Government’s plans to spend on Petrol subsidy based on 70 million litres a day consumption, stating that Nigeria’s fuel consumption cannot be more than 35 million litres a day, and hinted that Nigeria could be subsidizing fuel for neighboring West African states. The former Senate President disclosed this in an interview with Channels TV on Sunday evening. This comes as President Muhammadu Buhari transmitted the 2022 Appropriation Act (Amendment) bill to the National Assembly last month, where the FG earmarked the sum of N2.557 trillion for fuel subsidy following the suspension of the implementation of the policy by the federal government. He stated that he has seen the fuel queues situation in Nigeria and...

FG Increases The Freight Rate For Petroleum Products By 25%

14Mar

By Chinedu IbeakanmaNo Comments

News, Nigeria, Petroleum

FG Increases The Freight Rate For Petroleum Products By 25%

The Federal Government has enacted a 25% increase in the freight rate for petroleum products, raising it from N9.5 per litre to N11.87/litre, according to Alhaji Yusuf Othman, National President of the Nigerian Association of Road Transport Owners (NARTO). Alhaji Othman, who revealed this at NARTO’s 22nd Annual General Meeting in Abuja yesterday, lamented that the benefit of the increase had been wiped out by the increase in diesel prices to N635 per litre. He stated that because of the rise in diesel prices caused by Russia’s invasion of Ukraine, the group may have to go back to the Federal Government for another review. He stated that “the price of diesel is having an impact on our business, not only on us, but on all activities in Nigeria.” This is because, as of today, fu...

Subsidy May Jump By 100% As FG’s Benchmark Oil Price Doubles

6Mar

By Obiajulu Joel NwoluNo Comments

Finance, News, Petroleum, Uncategorized

Subsidy May Jump By 100% As FG’s Benchmark Oil Price Doubles

The projected oil price of the Federal Government of $62/barrel as contained in the 2022 Appropriation Bill has almost doubled going by the current global oil prices, which have been on the increase since the invasion of Ukraine by Russia on February 24, 2022. Industry figures showed that Brent, the crude against which Nigeria’s oil is priced, leapt to a high of $118.11/barrel at 3pm on Saturday, moving up by $7.65 or 6.23 per cent when compared to its value the previous day. Oil sector operators stated that the rise in crude prices might raise the amount currently spent on petrol subsidy by the Federal Government by about 100 per cent when benchmarked against the projected price in the budget. In December 2021, the House of Representatives passed the 2022 budget of N17.126tn...

NNPC To Nigerians: Avoid Panic Buying, We Have 1.7bn Litres Of Petrol In Stock

5Mar

By Chinedu IbeakanmaNo Comments

Interview, News, Nigeria, Petroleum

NNPC To Nigerians: Avoid Panic Buying, We Have 1.7bn Litres Of Petrol In Stock

The Nigerian National Petroleum Company (NNPC) Limited has urged Nigerians to avoid panic buying, adding that it has enough petrol in stock. Mele Kyari, group managing director, NNPC, said this while briefing journalists in Abuja on Wednesday, shortly after a meeting with the National Union of Petroleum and Natural Gas Workers (NUPENG) and Petrol Tanker Drivers (PTD). Others present at the meeting were the Depot and Petroleum Marketers Association of Nigeria (DAPMAN) and Major Oil Marketers Association of Nigeria (MOMAN). Last month, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had confirmed that methanol above national specification was imported into the county. Amid efforts to recall the off-spec petrol from circulation, the supply ch...

Fuel Crisis: Nigerians Faced Similar Scenario Before Buhari – Femi Adesina

4Mar

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Petroleum

Fuel Crisis: Nigerians Faced Similar Scenario Before Buhari – Femi Adesina

Femi Adesina, the Special Adviser to President Muhammadu Buhari, has said that the challenges being faced by Nigerians on Premium Motor Spirit, popularly called petrol, was not new in the country. Nigerians have been having a hard time buying the commodity after contaminated petrol was imported into the country by the Nigerian National Petroleum Company Limited in February. Earlier, it was reported that oil marketers estimated that about 100 million litres of contaminated petrol were imported into Nigeria and had been recalled by the Pipelines Product Marketing Company, a subsidiary of the NNPC. Read Also: Osinbajo-led Economic Council Recommends Fuel Increase To N302 Per Litre By February The recall caused severe queues in Abuja, Lagos, Niger, Nasarawa and many other states, ...

Nigeria Loses As Russia-Ukraine War Escalates Global Oil Prices

28Feb

By Chinedu IbeakanmaNo Comments

News, Nigeria, Petroleum

Nigeria Loses As Russia-Ukraine War Escalates Global Oil Prices

The escalating war between Russia and Ukraine has sent oil prices to new highs, with the Bonny Light breaking the $100 per barrel resistance level on February 24 for the first time since 2014. As the United States and European allies of Ukraine threaten to tighten sanctions on Russia, oil traders are concerned about the prospect of supply in a market where demand is rising rapidly, as factories and broader economies open up to recover from the doldrums of COVID-19 restrictions. Like a tale of two halves, oil importers such as South Africa and Kenya are groaning as rising crude oil price sends the price of petrol, and by extension, other consumer good prices higher, escalating the current inflationary pressures in those countries. However, members of the Organisation for P...