Monday, December 23

Tag: Petroleum

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 ...
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PMB: Call Him Master Finisher By Femi Adesina
20Aug By Obiajulu Joel NwoluNo Comments
Agriculture, News, Nigeria, Power

PMB: Call Him Master Finisher By Femi Adesina

The country has been agog this week with fallout from the signing of the long-awaited Petroleum Industry Bill (PIB) into law. That legislation has now become Petroleum Industry Act (PIA). President Muhammadu Buhari has done what Napoleon couldn’t do. Again and again. The Bill had defied Olusegun Obasanjo who introduced it, got the better of Umaru Musa Yar’Adua (God rest his soul), worsted Goodluck Jonathan, but has finally been subdued by Buhari. The man has proven to be adept at concluding things that had long trounced and vanquished many leaders before him. The PIB overwhelmed the first to eighth National Assembly, which couldn’t pass it into law. But through synergy and cooperation between the Executive and the Ninth Assembly, Nigeria now has a law for her cash cow, the oil and ga...
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Petrol Should Cost More Than N280/litre, NNPC GMD, Kyari Says
30Jun By Obiajulu Joel NwoluNo Comments
Finance, News, Nigeria

Petrol Should Cost More Than N280/litre, NNPC GMD, Kyari Says

The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kyari, has advocated for an increase in the price of petrol to about N280/litre at which Automotive Gas Oil, widely known as diesel, is being sold. Kyari said that Nigeria remains the only country in the world where the price of diesel outweighs that of petrol. He stated this on Tuesday when he appeared on Channels Television. The NNPC GMD faulted the smuggling of petrol from the country as an impediment on the country’s oil sector but added that it would not prompt another closure of the borders. He disclosed that government had intensified efforts at curbing smuggling. The NNPC boss said although petrol evacuation by NNPC in Nigeria was currently about 60 million litres daily, the...
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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...
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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 ...
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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...
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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...
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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...
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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...
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