Tag: Petroleum - Page 2 - African News Today

<strong>FG Orders NNPC To Reduce Petrol Pump Price</strong>

10Jan

By Mary UgwuanyiNo Comments

News, Nigeria, Petroleum

FG Orders NNPC To Reduce Petrol Pump Price

Timipre Sylva, the Minister of State for Petroleum Resources, on Monday said the Nigerian National Petroleum Company Limited, NNPC, is selling petrol at a loss due to its mandate from the Federal Government as regards petrol subsidy. The minister’s remarks came on the heels of oil marketers' claim that the supply hitches currently being experienced in the petroleum sector that has resulted in fuel scarcity could linger till June, based on the government’s plan to end petrol subsidy in that month. Sylva stated this in Abuja at the resumption of the scorecard series (2015-2023) of the President Muhammadu Buhari administration. Recall that Zainab Ahmed, the Minister of Finance, Budget and National Planning had last week stated the Federal Government had budgeted about N3.6tn f...

<strong>Why Buhari Didn’t Remove Petrol Subsidy – Femi Adesina</strong>

5Jan

By Mary UgwuanyiNo Comments

News, Nigeria, Petroleum

Why Buhari Didn’t Remove Petrol Subsidy – Femi Adesina

Femi Adesina, media aide to President Muhammadu Buhari has explained why the president failed to remove petrol subsidy. Adesina during an interview with Channels Television on Wednesday said the government needs to carefully consider its options before arriving at a decision. Recall that former President Goodluck Jonathan had in January 2012 faced stiff opposition when he attempted to remove subsidy on petrol. Consequently, he reversed the decision. However, Buhari had in 2015 stated that there was no justifiable reason to end the fuel subsidy regime. He said that its removal would compound the economic woes of the people. See Also: Full Text Of President Buhari’s New Year Message To Nigerians But the federal government recently disclosed that it will cease the payment ...

<strong>Customs Seize 2,375 Litres Of Petrol, Generate Over N127m In Sokoto</strong>

9Dec

By Mary UgwuanyiNo Comments

Crime, News, Nigeria, Petroleum

Customs Seize 2,375 Litres Of Petrol, Generate Over N127m In Sokoto

The Nigerian Customs Service, NCS, Kebbi State Command, has seized not less than 2,375 litres of Petroleum Motor Spirit popularly known as petrol loaded in jerricans. The command in its November review stated that smuggled 303 bales and 94 sacks of second-hand clothing, and 58 bags of foreign parboiled rice of 50kg each; among other items with a duty paid value of 46,706,795,00 were intercepted by its operatives. Comptroller Joseph Attah, the Customs Area Controller stated this on Thursday while displaying the seized items by the Command in the month of November. He said that the command made more than N127 million in revenue during the period of review. Giving further details, Attah said that the command generated N127,839,390.75 as revenue from mostly import of goods into t...

<strong>Atiku Labels Petrol Subsidy A Scam, Promises Decisive Action </strong>

15Nov

By Mary UgwuanyiNo Comments

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

10Nov

By Mary UgwuanyiNo Comments

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...

26Oct

By Mary UgwuanyiNo Comments

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...

Port Harcourt Refinery to Begin Production in 2023

24Jul

By Osaretin BalogbanNo Comments

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

12Jul

By Osaretin BalogbanNo Comments

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...

Imo To Conduct Mass Burial For Victims Of Illegal Refinery Explosion

26Apr

By Chinedu IbeakanmaNo Comments

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...

A’Ibom Govt Sues ExxonMobil Over Attempt To Sell Assets Without Consent

28Mar

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Petroleum

A’Ibom Govt Sues ExxonMobil Over Attempt To Sell Assets Without Consent

ExxonMobil Akwa Ibom State government has dragged ExxonMobil to court over an attempt to sell off some of its assets without informing it as a critical partner about the intention to carry out such a major activity. ExxonMobil had recently informed the general public that it had reached an agreement to sell its equity interest in Mobil Producing Nigeria Unlimited to Seplat Energy, through its wholly-owned subsidiary, Seplat Energy Offshore Limited. However, Akwa Ibom State Attorney-General and Commissioner for Justice, Mr. Essien Udom, SAN, said, weekend, that the state government had filed a suit in court to prevent Mobil from proceeding with the sales of the assets. Udom said: “Mobil has not formerly informed the state government that they are selling off and leaving. Ever...