Tag: Petroleum - Page 4 - African News Today

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...

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...

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...

Subsidy: FG May Deduct N2.4tn Palliative From Federation Account, Plans Talks

26Nov

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Subsidy: FG May Deduct N2.4tn Palliative From Federation Account, Plans Talks

The Federal Government may deduct at least N2.4tn from the Federation Account to fund the N5, 000 cash palliative that will be handed over to 40 million poor Nigerians after the fuel subsidy has been removed next year. Reports on Thursday suggest that the list of poor Nigerians on the Federal Government’s National Social Register had surpassed 42 million and may hit 43 million by December, Punch reports. This implies that the figure to be spent on the subsidy palliative may hit N2.58tn in one year. When contacted on the telephone on Thursday on how funds for the N5,000 palliative would be sourced, Yunusa Abdullahi, the Media Adviser to the Minister of Finance, Budget and National Planning, Zainab Ahmed, referred The PUNCH to a statement by his principal after the Federal Executive Co...

Fuel Marketers Predict N170/Litre, Claim Supply Drop, NNPC Disagrees

19Nov

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Fuel Marketers Predict N170/Litre, Claim Supply Drop, NNPC Disagrees

The pump price of Premium Motor Spirit, popularly called petrol, may rise from the current N162-N165/litre to N170/litre, while its depot price is projected to increase from N159/litre to N165/litre, oil marketers said on Thursday. Dealers under the aegis of the Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association of Nigeria warned that the rising cost of petrol at depots would definitely warrant commensurate increase in pump price if not checked. They also complained of PMS supply problems, stressing that many tank farms or depots had no petrol, which was why the few ones that had the commodity had to increase its price from the approved N148/litre price to N159/litre. But the Nigerian National Petroleum Company Limit...

FG Scraps DPR, PPPRA, PEF, Sacks CEOs, Inaugurates New Agencies

19Oct

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Power

FG Scraps DPR, PPPRA, PEF, Sacks CEOs, Inaugurates New Agencies

The Department of Petroleum Resources, the Petroleum Products Pricing Regulatory Agency and the Petroleum Equalisation Fund are all officially scrapped and do not exist anymore, the Federal Government said on Monday. It also said while workers of the three agencies would be protected, their chief executives had been relieved of their various appointments. The Minister of State for Petroleum Resources, Chief Timipre Sylva, stated this while speaking on the side-lines of the inauguration of the boards of the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Upstream Regulatory Commission in Abuja. He explained that with the passage of the Petroleum Industry Act, the NPRA and NURC had taken over the functions of the DPR, PPPRA and PEF. Responding to...

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 ...