Wednesday, December 25

Petroleum

Diesel Price Increases to N290 Per Litre
10Jul By Obiajulu Joel NwoluNo Comments
Finance, News, Nigeria, Petroleum

Diesel Price Increases to N290 Per Litre

The price of automotive gas oil, popularly known as diesel, has increased to N290 per lire. The spike comes on the heels of the rise in the price of crude oil which sold at $75.55 per barrel at the international market at 11:11 PM (GMT) on Friday. The price of crude oil has been on the rise as major economies reopen economic activities. But the prolonged appreciation in crude prices will ultimately feed into a climb in fuel landing cost for users in Nigeria — meaning an increase in the price of diesel which is not subsided like petrol. The development has prompted the Organised Private Sector (OPS) to alarm that the new diesel price may trigger an increase in prices of goods and services. Most businesses in Nigeria rely on diesel-powered generators as an alternative to the unre...
Read More
Dielsel Price Rises to N280, LCCI Predicts Inflation Will Rise
29Jun By Obiajulu Joel NwoluNo Comments
Finance, News, Nigeria, Petroleum

Dielsel Price Rises to N280, LCCI Predicts Inflation Will Rise

The price per litre of Automotive Gas Oil, popularly known as diesel, has jumped to N280, occasioned by the recent hike in global oil prices and naira devaluation. The price of diesel on Monday ranged from N270 to N280 per litre in several filling stations in Lagos. Reports say the price of the product which is not under government regulation was sold for N280, N279.9 and N275 per litre at Mobil, Capital Oil and Gas as well as Oando filling stations, all along the Lagos-Ibadan Expressway. Diesel often readily serve businesses to power their generators amid a lack of reliable power supply from the national grid. “The high diesel cost is taking a huge toll on operating and production costs across sectors. It is a case of multiple jeopardy for businesses,” the Director-General, Lagos Cham...
Read More
Return of Fuel Subsidies Disturbing, IMF Tells FG
18Jun By Chinedu IbeakanmaNo Comments
Economy, News, Nigeria, Petroleum

Return of Fuel Subsidies Disturbing, IMF Tells FG

In a virtual meeting with the representatives of the Federal Government, the mission of the International Monetary Fund stated that the resurfacing of fuel subsidies was concerning. The IMF mission led by Jesmin Rahman, according to a press release, expressed its concerns about rising fuel subsidies to the Nigerian authorities during a virtual meeting. The Fund also stressed the importance of introducing market-based fuel pricing mechanisms and the need to deploy well targeted social support to cushion any impact on the poor. The mission commended the Central Bank of Nigeria for merging taking the official exchange rate to the NAFEX window. However, they recommended the unification of all exchange rate windows and establishing a market-clearing exchange rate. On monetary pol...
Read More
NLC Set to Meet Today Over Govs’ N380/Litre Petrol Proposal
21May By Obiajulu Joel NwoluNo Comments
Labour, News, Nigeria, Petroleum

NLC Set to Meet Today Over Govs’ N380/Litre Petrol Proposal

The leadership of the Nigeria Labour Congress is set to meet today (Friday) to deliberate and reach a stance on the proposal by governors for the price of petrol to be hiked from N162/litre to N408.5/litre. On Wednesday, a committee working on the mandate of the Nigeria Governor’s Forum advocated for the full removal of petrol subsidy. It sought for the price of petrol to be fixed between N380/litre and N408.5/litre. In its reaction on Thursday, the Abuja Chamber of Commerce and Industry and the Lagos Chamber of Commerce and Industry urged the Federal Government to remove petrol subsidy gradually, considering its effect on the masses. Meanwhile, the officials of the Nigerian National Petroleum Corporation told Punch that the oil firm was awaiting the Federal Government’s position ...
Read More
Prepare for Fuel Subsidy Removal, FG Tells Nigerians
1May By Obiajulu Joel NwoluNo Comments
News, Nigeria, Petroleum

Prepare for Fuel Subsidy Removal, FG Tells Nigerians

The Federal Government of Nigeria has asked citizens to prepare for the imminent increment in the pump price of petrol, given the current economic realities in the country. This was disclosed by the Minister of State for Petroleum Resources, Chief Timipre Sylva, while addressing journalists at a graduation and awards ceremony hosted by the Offshore Technology Institute, University of Port Harcourt, Rivers State. According to Sylvia, the Federal Government would soon scrap the current subsidy regime for Premium Motor Spirit, which he described as, benefiting certain businessmen in the country. He said, “It is very unfortunate that if (there is) an increment in fuel pump price, (it) would have an impact on the marketplace and we are not happy about that. The President especially doe...
Read More
No increase in Petrol Ex-depot Price in May – NNPC
20Apr By Chinedu IbeakanmaNo Comments
News, Nigeria, Petroleum

No increase in Petrol Ex-depot Price in May – NNPC

The Nigerian National Petroleum corporation (NNPC) says it will not increase the ex-depot price of Premium Motor spirit also known as petrol next month. The Group Managing Director, Malam Mele Kyari, made this known at the end of a closed door meeting with Petroleum Transport Drivers (PTD), National Association of Road Transporters Owners (NARTO) and oil marketers in Abuja yesterday. Ex-depot price is the price marketers buy products from depot owners; it determines the pump price at filling stations. Meanwhile, the News Agency of Nigeria (NAN) reports that queues resurfaced in most filling stations around the Federal Capital Territory (FCT) with visibility of black marketers along the major highways. “We want to inform oil marketing companies that NNPC will not increase the pu...
Read More
BUA, 27 Others Issued Active Refinery Licences – DPR
14Apr By Obiajulu Joel NwoluNo Comments
News, Nigeria, Petroleum

BUA, 27 Others Issued Active Refinery Licences – DPR

The Department of Petroleum Resources, DPR, has said that it has granted refining licences to 28 investors, including BUA Refinery and Petrochemicals Limited. The clarification was issued following a report by Punch on Tuesday that 32 refinery project licences given to private investors in the country had become invalid within the last three years. The investors were missing in the updated list of licences as of March 2021 as obtained from DPR. In a new list as of April 2021 published on the DPR website on Tuesday, the agency said 28 licences were active while 29 were inactive. Among the refineries with active Licence to Establish are BUA Refinery & Petrochemicals, Ogini Refinery Limited, Excel Exploration & Production, Lowrie Refinery Limited, NPDC/ND WESTERN OML 34 JV, O...
Read More
Femi Adesina: Flying on Wings of Gas
2Apr By Obiajulu Joel NwoluNo Comments
Economy, Finance, Infrastructure, News, Nigeria, Petroleum

Femi Adesina: Flying on Wings of Gas

By the time we remove hatred, malice, indecent politics, and all the ills that plague our country and its leaderships across different governments, President Muhammadu Buhari would go down in history as the one that pioneered different kinds of revolution in our national life: agriculture, infrastructure (roads, rail, bridges, airports etc.), and the latest; gas. In fact, Nigeria is set to fly on the wings of gas, courtesy of President Buhari. But let me give due credit for the headline of this piece, which is the brainchild of Mr Tony Attah, Managing Director of Nigeria Liquefied Natural Gas (NLNG). At the conference on the Decade of Gas, flagged off by the President on Monday, Attah declared: “Gas is now everything for Nigeria. We must use what we have to get what we want. Saudi Ar...
Read More
No Petrol Price Hike until after Labour Deliberation – NNPC
27Mar By Chinedu IbeakanmaNo Comments
News, Nigeria, Petroleum

No Petrol Price Hike until after Labour Deliberation – NNPC

The Nigerian National Petroleum Corporation (NNPC) has announced that there will be no hike in the current ex-depot price of Premium Motor Spirit (petrol) until the conclusion of ongoing engagement with organised labour and other stakeholders. The Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, told reporters in Abuja on Friday that the corporation was, for now, bearing the burden of importing refined petroleum products as the supplier of last resort to guarantee energy security for the nation. Shedding more light on the recent interview by the Group Managing Director, Mallam Mele Kyari, at the State House, Dr. Obateru stated that the NNPC has no intention to preempt ongoing engagement with labour by unilaterally increasing the ex-depot price of petrol, even...
Read More