Petroleum | Page 8 of 9 | African News Today

NNPC Begged People to Buy Oil at $9 – Kyari

23Nov

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Petroleum

NNPC Begged People to Buy Oil at $9 – Kyari

Mallam Mele Kyari, Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, has said that the firm had to beg buyers in April to purchase the Nigerian crude oil at $9 per barrel. The collapse in demand coupled with the price war between Saudi Arabia and Russia plummeted the global oil benchmark, Brent cruse to as low as $15.98 per barrel in April, its least since 1999. Kyari in an interview with journalists in Abuja on Friday said, “We sold oil at $9 per barrel in April, and practically we begged people to come and take.” According to him, Nigeria reached a production level of 2.49 million per day in April, adding that the target of three million bpd was achievable. He stated that this year had been challenging for the industry and the world economy, adding...

Reps to Pass PIB in Six Months – Gbajabiamila

17Nov

By Chinedu IbeakanmaNo Comments

Africa, Nigeria, Petroleum

Reps to Pass PIB in Six Months – Gbajabiamila

The Speaker of the House of Representatives Rep. Femi Gbajabiamila on Tuesday said the House was determined to pass a Petroleum Industry Bill that will be acceptable to all Nigerians within the next six months. Speaking when he received a delegation of the Oil Producers Trade Section (OPTS) of the Lagos State Chamber of Commerce and Industry, Gbajabiamila said “there are two things that the House would want to do. First, the House is determined to pass the bill within the next six months, or probably less, because the clock has already started running from the time it was presented. “Two, the House is determined to pass a PIB that is satisfactory to all. I know it’s difficult to satisfy everybody, but we will try our best to satisfy everybody.” The Speaker said the House will carr...

AGAIN, NNPC Hikes Petrol Price, Marketers to Sell at N168-170/litre

13Nov

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Petroleum

AGAIN, NNPC Hikes Petrol Price, Marketers to Sell at N168-170/litre

The Petroleum Products Marketing Company (PPMC), has announced a rise in the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, to N155.17 per litre from N147.67 per litre. The PPMC which is a subsidiary of the Nigerian National Petroleum Corporation (NNPC), revealed this in an internal memo dated November 11, 2020. The memo signed by Tijani Ali said that the new ex-depot price would take effect from Friday (today), Punch reports. The ex-depot price is the price at which petrol is sold y the PPMC to marketers at the depots. According to the PPMC, the pump price of PMS is expected to increase to N161.36 per litre from N153.86 per litre. Reacting to the development, Mr Mike Osatuyi, National Operation Controller, Independent Petroleum Marketers Associatio...

Motorists Lament as Petrol Scarcity Rocks Abuja (Photos)

28Oct

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Petroleum, Photos

Motorists Lament as Petrol Scarcity Rocks Abuja (Photos)

There has been scarcity of Premium Motor Spirt (PMS) popularly known as petrol in the Federal Capital Territory (FCT), Abuja as long queues were seen at most filling stations in the city, African News Today reports. Motorists in FCT have had to spend several hours in the queue to buy petrol for their cars. The queues started on Tuesday, October 27 across the capital city and its environs. Our correspondent who visited filling stations experienced long queue in most of them while some were totally shutdown. Roadside sellers popularly known as black market sellers were seen by the roadside selling petrol at exorbitant prices while stranded motorists were forced to patronize them. A manager in one of the stations along the Kubwa expressway in an exclusive interview with African Ne...

BREAKING: Four Killed, Scores Injured as Gas Plant Explodes in Lagos

8Oct

By Obiajulu Joel NwoluNo Comments

Breaking News, Lagos News, News, Nigeria, Petroleum, Safety

BREAKING: Four Killed, Scores Injured as Gas Plant Explodes in Lagos

Lagos has witnessed fresh explosion as Best Roof Cooking Gas plant exploded on Thursday in the Baruwa community of the Alimosho Local Government Area of Lagos State. The explosion which happened around 5:45am on Thursday led to the death of four persons while scores were injured in the explosion which occurred around Unity Bus-Stop on Candos Road, Baruwa. A primary school and other valuable properties within the area were affected by the explosion, Punch reports. LASEMA Director-General, Dr Olufemi Oke-Osanyintolu while confirming the incident in a communique said, “On arrival at the scene of the incident, it was observed that there was a gas explosion at the aforementioned location. “Further investigation at the scene revealed that the gas station belonging to Best Roof Cookin...

Buhari Justifies Increase in Petrol Price, Says It Makes No Sense for Oil to be Cheaper in Nigeria than Saudi Arabia

1Oct

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Petroleum

Buhari Justifies Increase in Petrol Price, Says It Makes No Sense for Oil to be Cheaper in Nigeria than Saudi Arabia

President Muhammadu Buhari has said it makes no sense for Nigeria to sell petroleum products at cheaper prices than its neighbouring countries. He disclosed this on Thursday while presenting a speech to mark the occasion of Nigeria’s 60th Independence Anniversary at the Presidential Villa, Abuja. He said, “We have suffered a significant drop in our foreign exchange earnings and internal revenues due to 40 per cent drop in oil prices and steep drop in economic activities, leading to a 60 per cent drop in government revenue. “Our government is grappling with the dual challenge of saving lives and livelihoods in face of drastically reduced resources. “In this regard, sustaining the level of petroleum prices is no longer possible. The government, since coming into office has recogn...

We will Implement Agreement Diligently – NNPC Assures Labour After Strike Suspension

28Sep

By Obiajulu Joel NwoluNo Comments

Cost of Living, Economy, Labour, News, Nigeria, Petroleum

We will Implement Agreement Diligently – NNPC Assures Labour After Strike Suspension

Mele Kyari, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), has pledged commitment to implement agreements reached with organised labour which led to the suspension of planned strike and protest over the increase of electricity tariff and petrol pump price. Kyari said NNPC would diligently implement the agreement reached on Sunday between labour leaders and Federal Government. Recall that the Nigeria Labour Congress (NLC) and the Trade Union Government (TUC) had planned to commence strike action today over the Federal Government’s refusal to reverse the hike in electricity and fuel pump price. Government had removed subsidy of electricity and petrol leading to an increase in electricity tariff from about N30.23 to about N62.33 per kwh, while the pric...

We Will Enforce the Law, Police Sounds warning to NCL, TUC Ahead of Protest

27Sep

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Petroleum

We Will Enforce the Law, Police Sounds warning to NCL, TUC Ahead of Protest

The Nigerian Police Force has issued warning to the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) ahead of their strike action and protest slated for Monday to protest the spike in electricity tariff and petrol price. The labour unions have vowed to proceed with the strike and protest despite two court injunctions retraining the unions from embarking on the strike. The unions said they are yet to be served the court orders, adding that the strike can only be averted by reversal of the hikes. Reacting to the development, the police said they would be guided by the position of the law on the case. “What does the law say in this circumstance? We would enforce the law. That is the only thing I can say,” said force spokesperson, DCP Frank Mba. The meeting between ...

Subsidy not Sustainable with 60% Revenue Reduction, says Osinbajo

27Sep

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria, Petroleum

Subsidy not Sustainable with 60% Revenue Reduction, says Osinbajo

Vice President Yemi Osinbajo has said federal government can no longer afford to sustain fuel subsidy with 60 percent reduction in revenue generation. Osinbajo made the remark at a virtual interactive forum in Abuja. According to a statement by the Vice President’s Media aide, Laolu Akande, Osinbajo said the federal government would focus on developing Compressed Natural Gas, popularly known as auto gas, which costs cheaper as an alternative to petrol. Responding to a question on the removal of petrol subsidy, Osinbajo said, “We have experienced a severe downturn in our finances over the years, so at 60 per cent less revenue, we are in a position where sustaining fuel subsidies is practically impossible simply, because we do not have the resources.” The Vice President while spe...

Kogi Govt Mourns Victims of Tanker Explosion

24Sep

By Chinedu IbeakanmaNo Comments

News, Nigeria, Petroleum, Safety, Transportation

Kogi Govt Mourns Victims of Tanker Explosion

Kogi state government has declared a two-day mourning period in commemoration of those who died in the tanker explosion in Felele, along the Lokoja-Abuja highway on Wednesday killing over 25 persons. The victims which included three nursery school pupils, five students of the state-owned polytechnic, and passersby were burnt beyond recognition in the explosion. The explosion was said to have been caused by a head on collision between a fuel-laden tanker and another vehicle. The crash which was caused by a brake failure in the tanker involved five cars, three tricycles and two motorcycles all of which went into flames instantly. Kogi government in a statement by the Commissioner for Information and Communications, Kingsley Fanwo, said full investigations will be carried o...