Category: Petroleum - Page 5 - African News Today

FG Rejects Two Cargoes Of Adulterated Petrol Imported From Belgium

13Feb

By Chinedu IbeakanmaNo Comments

News, Nigeria, Petroleum

FG Rejects Two Cargoes Of Adulterated Petrol Imported From Belgium

Following the circulation of adulterated petrol in Nigeria, which damaged vehicle engines last week, the federal government has turned back two tankers carrying petrol loaded in Antwerp, Belgium, and destined for Lagos. This is coming as the Organisation of Petroleum Exporting Countries (OPEC) and its allies have continued to produce crude oil below their production targets, with the group’s output falling by a record 700,000 barrels per day (bpd) below its collective quotas in January. The off-specification fuel, it was learnt, was rejected amid the raging controversy over the bad fuel in circulation in the country, which led to the disruption of the country’s supply chain, resulting in long queues in filling stations across the country. The current problematic supply of...

Queues: FG Confirms Supply of Adulterated Fuel

9Feb

By Chinedu IbeakanmaNo Comments

News, Nigeria, Petroleum

Queues: FG Confirms Supply of Adulterated Fuel

The Federal Government through the Nigerian Midstream and Downstream Petroleum Regulatory Authority on Tuesday said adulterated petrol, fuel with methanol quantities above Nigeria’s specification, was discovered in the supply chain. In a statement, it said the supplier had been identified and appropriate sanction would apply. It also said oil marketers had been directed to ensure a sufficient supply of quality petrol in all outlets in the country. Queues had surfaced at filling stations in parts of the country on Monday stretching into Tuesday in what appeared as growing scarcity for Premium Motor Spirit, a commodity that has achieved an indispensable status in the Nigerian economy, no thanks to epileptic power supply, the rising cost of gas, and dependent by vehicle owne...

Abdulsalami, Workers Warn FG As NEC Decides Subsidy Removal June

21Jan

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Petroleum

Abdulsalami, Workers Warn FG As NEC Decides Subsidy Removal June

The National Economic Council has said it will take a decision on petroleum subsidy removal in June when the six-month period for subsidy payment in the 2022 budget elapses. NEC comprising Vice-President Yemi Osinbajo and state governors among others, stated this at its first meeting for the year at the Presidential Villa, Abuja, on Thursday. The council stated this as a former Head of State, General Abdulsalami Abubakar (retd.), and the Senior Staff Association of Nigeria Universities strongly warned the Federal Government against removing the subsidy, saying it would worsen poverty in the country. The warning came amid conflicting reports on whether the Federal Government would fully deregulate the downstream sector by removing fuel subsidy in February or not. Although the ...

Osinbajo-led Economic Council Recommends Fuel Increase To N302 Per Litre By February

19Jan

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Petroleum

Osinbajo-led Economic Council Recommends Fuel Increase To N302 Per Litre By February

The Nigerian government may increase the price of Premium Motor Spirit (PMS), otherwise known as petrol, to N302 per litre in February 2022 as part of the recommendations of the National Economic Council (NEC). This is part of the government’s plan to completely deregulate the PMS prices, eliminating monthly subsidy payments with provisions to ensure fair competition in the market, TheCable reports. The NEC is headed by Vice-President Yemi Osinbajo. Petrol price is currently between N162 and N165 per litre in Nigeria. The recommendations were suggested by the NEC ad-hoc committee interfacing with the Nigerian National Petroleum Corporation (NNPC) on the appropriate pricing of PMS in Nigeria. The Governor of Kaduna state and head of the committee, Nasir El-Rufai presented the repor...

Kukah: N5,000 Payment To Poor Nigerians, A Big Scam – Kukah

1Dec

By Chinedu IbeakanmaNo Comments

News, Nigeria, Petroleum

Kukah: N5,000 Payment To Poor Nigerians, A Big Scam – Kukah

Outspoken Catholic Bishop of Sokoto Diocese, Bishop Matthew Hassan Kukah, has picked holes in the planned payment of N5,000 to poor Nigerians. He described the move as a monumental scam meant to enrich a few. Bishop Kukah, who was a guest on a television program Monday, noted that the government does not have such money to pay millions of people monthly and was only playing to the gallery to curry favor going into the election year. See Also: Buhari Asks Nigerians To Join Anti-Graft War To Make Country Great “I can bet with you that the government cannot pay such amount monthly. “Where do we get such amount to pay millions of people monthly? Even if such an amount is available, the government will not pay. It is one of the usual promises. This is another ...

FG Has No Control Over The Price Of Cooking Gas – Timipre Sylva

24Nov

By Chinedu IbeakanmaNo Comments

News, Nigeria, Petroleum

FG Has No Control Over The Price Of Cooking Gas – Timipre Sylva

The Federal Government, yesterday, declared it has no control over rising prices of cooking gas in the country. This came as President Muhammadu Buhari expressed concern over sundry developments, especially as the global market determines gas prices. Buhari has also directed Minister of State for Petroleum Resources, Timipre Sylva, to proceed to Nembe, Bayelsa State, to investigate the level of damage from the recent oil spill in the area. Sylva made the disclosure while fielding questions from newsmen at the Presidential Villa, Abuja. The Minister said he was at the State House to introduce to the President the CEO, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Faruk Ahmed, and the CEO, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga...

Petrol Subsidy Rises To N905.27bn, Oil Increases to $79.71

28Sep

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Petroleum

Petrol Subsidy Rises To N905.27bn, Oil Increases to $79.71

The Nigerian National Petroleum Corporation spent a total of N905.27bn on petrol subsidy in eight months amid rising global oil prices, the latest data obtained from the corporation show. With the international oil benchmark, Brent crude, nearing $80 per barrel on Monday (up 2.07 per cent at $79.71 per barrel as of 7:00pm Nigerian time), the landing cost of imported petrol and subsidy are expected to increase. The subsidy, which the NNPC prefers to call ‘value shortfall’ or ‘under-recovery’, resurfaced in January this year as the government left the pump price of petrol unchanged at N162-N165 per litre despite the increase in global oil prices. The Federal Government had in March 2020 removed petrol subsidy after reducing the pump price of the product to N125 per litre from N145 f...

Buhari: Saudi Arabia Cuts Oil Production To Help Nigeria

8Sep

By Chinedu IbeakanmaNo Comments

News, Nigeria, Petroleum

Buhari: Saudi Arabia Cuts Oil Production To Help Nigeria

President Muhammadu Buhari yesterday played host to the Saudi Arabian minister of Foreign Affairs at State House, Abuja, declaring that the oil rich kingdom had been quite kind to Nigeria. Receiving HRH Prince Faisal Bin Farhan Al-Saud, the President in a statement by presidential spokesman, Femi Adesina, said with Nigeria’s large population and infrastructural deficit, the country needed all the revenue she could get from oil, a mainstay of the economy, “and Saudi Arabia has been very kind to us, making sacrifice by reducing production to accommodate us a number of times.” See Also: FG To Borrow $3 Billion Via Eurobonds In October President Buhari noted that the relationship between the two countries is very strong, “and dates back in time, both at the personal and nati...

FG Implements Cooking Gas Imports Tax, Price Jumps By 100%

30Aug

By Chinedu IbeakanmaNo Comments

Interview, News, Nigeria, Petroleum

FG Implements Cooking Gas Imports Tax, Price Jumps By 100%

The Federal Government has implemented a 7.5 per cent tax on imported Liquefied Petroleum Gas, popularly called cooking gas, as the cost of the commodity leap by over 100 per cent within a period of eight months. It was gathered on Sunday that the government implemented the VAT on LPG imports about three weeks ago and some dealers were also mandated to pay the tax for commodities imported several months ago. Operators told our correspondent that Nigeria imports about 70 per cent of the commodity, while the rest was mainly supplied by the Nigeria Liquefied Natural Gas company. It was also gathered that the cost of a 12.5kg of cooking gas that sold for about N3,500 in December 2020 had jumped to as high as N6,800 in parts of Abuja. A resident along the Lagos-Ibadan road said she ...

No Petrol Price Hike Until FG, Labour Conclude Negotiation – PPPRA

23Aug

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Petroleum

No Petrol Price Hike Until FG, Labour Conclude Negotiation – PPPRA

The Petroleum Products Pricing Regulatory Agency, PPPRA, has restated that the Petroleum Industry Act had marked the full deregulation of the downstream oil sector. It added that the negotiations between the Federal Government and labour would cushion the effect of subsidy removal upon full deregulation of the sector. The Executive Secretary, PPPRA, Abdulkadir Saidu, who said this in a statement issued in Abuja, stated that the petrol price would be adjusted in a way that it would not cause hardship on consumers. He said, “There is no gainsaying that the PIA signals the implementation of full deregulation of the downstream sector. “However, it remains worthy of note that the PIA does not automatically translate to any immediate increase in the price of PMS. Read Also: Naira ...