Petroleum, oil producers want FG to pay $1.3bn debt owed to gas producers

November 21, 2023 Blessing Anaro 0

Both the Independent Petroleum Producers Group (IPPG) and the Oil Producers Trade Section (OPTS) have urged the federal government to pay the $1.3 billion owed to gas producers to encourage investment and industrial growth. Petroleum producers urged the federal government to settle the $1.3 billion debt owed to gas producers, emphasizing that this payment would stimulate industry growth, create new Read More

Tinubu moves Niger Delta ministry to SGF, becomes petroleum minister

After weeks of speculations on who gets what, President Bola Ahmed Tinubu, Wednesday, announced portfolios for the newly appointed ministers after successful screening and confirmation by the Senate. The list was released to State House correspondents by the presidential spokesman, Ajuri Ngelale, following a directive by the president to that effect. Top on the list is Publisher Blueprint Newspapers Mohammed Read More

Loopholes in deregulation of downstream costs FG $15bn in subsidies

February 28, 2023 Blessing Anaro 0

Nigeria may have spent well about $15.19 billion (N7 trillion) as a result of flawed downstream deregulation policy as well as the challenges posed by the ongoing Russia, Ukraine conflict. The International Energy Agency, IEA, in a recent report on “Fossil Fuels Consumption Subsidies 2022,” disclosed governments in both developed and developing countries responded to the global energy crisis with Read More

Kyari’s reform signature at NNPC

February 23, 2023 Salisu Na'inna Dambatta 0

As the Nigerian National Petroleum Company Limited (NNPCL) becomes a totally commercial outfit, the Organisation for the Oil Exporting Countries (OPEC) has acknowledged that Nigeria’s petroleum production was the most improved among members of the energy grouping that upped their production in January 2023. OPEC said in its February 2023 Monthly Oil Market Report (MOMR) that Nigeria’s oil production has Read More

Crude oil production to climb 1.8m barrels per day — Kyari

February 22, 2023 Benjamin Umuteme 0

The Nigeria National Petroleum Company Limited (NNPCL) has said that Nigeria’s crude oil production output will climb to 1.8 million barrels per day, in line with OPEC production quota. The Group Chief Executive Officer of NNPC Ltd, Malam Mele Kyari, who said this Tuesday in Abuja, pointed out that the rectangular approach comprising NNPC & partners, regulators, government security operators Read More

Sylva aide apologises over media publication error

February 22, 2023 Benjamin Umuteme 0

Media aide to Minister of State Petroleum Resources, Horatius Egua, has apologised to Nigerians and industry operators on a media publication error. Egua had Monday February 20, 2023 released a statement on theft, pipeline vandalism responsible for volumes of crude losses that was credited to the minister, Timipre Sylva, to the media for publication. He noted that the statement was Read More

Revert to official pump price, Ortom tells petroleum marketers

February 16, 2023 John Shiaondo 0

The Benue state government Thursday issued a warning against Petroleum marketers selling fuel above pump price. The state government also resolved that within one week, the Task Force on Petroleum Monitoring will come into effect and any filling station selling above the approved pump price, will have their product confiscated, and distributed to the public. Briefing newsmen after the state Read More

We have petrol in stock to last for 30 days – NNPC Ltd

February 16, 2023 Benjamin Samson 0

The Nigerian National Petroleum Corporation Limited (NNPCL) says it has Premium Motor Spirit (PMS) in stock that is sufficient to serve Nigerians for more than 30 days. Executive Vice President Business Services Inuwa Danladi, stated this Tuesday during a sensitization worship organized by Tedran Consulting for Civil Society Organisations (CSOs) on the current status of the NNPC Ltd. He attributed Read More

Accept payment through PoS or face sanctions, NMDPRA tells retail outlets

February 10, 2023 Benjamin Umuteme 0

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has directed retail outlets to accept the use of Point of Sale (PoS) machines for payment by customers. The regulator warned that it would sanction retail outlets found not complying with the directive. It has come to the attention of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) that some Read More

Petrol retail price soared in May – NBS

June 18, 2022 NAN 0

The National Bureau of Statistics (NBS) says the average retail price paid by consumers for Premium Motor Spirit (Petrol) increased to N173.08 in May. This is according to the NBS Premium Motor Spirit (Petrol) Price Watch for May, 2022 released in Abuja on Saturday. The report said the increase indicates a 2.99 per cent increase when compared to the value Read More

Reps’ fresh inquest into state of Nigeria’s petroleum refineries

May 2, 2022 Admin III 0

In the wake of yet, another controversy surrounding the payment of subsidy on Premium Motor Spirit (PMS) popularly known as petrol, the House of Representatives embarked on a mission to determine the current state of the federal government’s-owned refineries. JOSHUA EGBODO examines the issues involved. How it started Like the usual pattern it normally takes, the rumour mill churned out Read More

Petrol subsidy: Has market forces taken over?

April 2, 2022 Benjamin Umuteme, Abuja 0

When the federal government reversed itself on the planned subsidy removal, Nigerians rejoiced that they won’t have to pass more through  more hardship. But the reality on ground is that there is unofficial deregulation going on across the length and breathe of Nigeria; BENJAMIN UMUTEME writes. When in January this year the federal government announced it would be stopping the Read More

Petrol subsidy scam, evils of fiscal unitarism

February 21, 2022 Jerry Uwah 0

The rulers of Nigeria have a rather strange way of operating seemingly incompatible fiscal and political systems that make them look like the cruel tyrants running China with the rule of the thumb. Politically, China is known as Stalin’s last stand as it defiantly sticks to the brutal one-party communist old guard dictatorship. China’s communist dictatorship is strangely combined with Read More

FG sensitises Bauchi stakeholders on liquefied petroleum gas plan

January 18, 2022 Admin III 0

The federal government on Tuesday sensitised critical stakeholders in Bauchi state on the National Liquefied Petroleum Gas (LPG) expansion plan to seek for their support towards ensuring sustainable socio-economic growth through LPG adoption and expansion. At the opening ceremony of a 2-day sensitisation and awareness campaign on the plan, the Senior Special Assistant to the President on LPG, Dr Dayo Read More

Nigeria can’t afford N3 trillion annual petroleum subsidy – Finance Minister

November 24, 2021 Admin III 0

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said Wednesday that the federal government cannot sustain the current N250 billion monthly petroleum subsidy. Briefing State House correspondents at the end of the weekly Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari, the minister said the costly monthly subsidy is making the Nigerian National Petroleum Read More

Full blown fuel scarcity looms as NUPENG threatens strike

November 17, 2021 Admin III 0

The Nigerian Union of Petroleum and Natural Gas (NUPENG) has issued a two-week strike notice to the federal government, raising the possibility of fuel scarcity across the country in the coming weeks. This was contained in a statement jointly signed by NUPENG President, Williams Akhoreha, and General Secretary, Olawale Afolabi, Monday. The union said the notice of strike was one Read More

Breaking: Few hours to Anambra election, IGP pulls out DIG Egbunike as head of security team

November 5, 2021 Admin III 0

Barely 24 hours to the Saturday Anambra State governorship election, the Inspector General of Police has removed the Deputy Inspector General, DIG Joseph Egbunike, as the head of security team for the Anambra governorship election slated for Saturday November 6, 2021.  His removal was announced by the Police Public Relations Officer DSP Nkeiruka Nwude with few hours to the election.  He been Read More

Rumoured fuel scarcity: NNPC cautions against panic buying despite private depot owners’ price hike

November 3, 2021 Segun Odunewu 0

Nigerians face another possibility of fuel scarcity as Independent Petroleum Marketers Association of Nigeria (IPMAN) are reluctant to lift or buy fuel from private depot owners who have increased pump price of fuel from N148/litre to N157/litre. IPMAN’s National Vice President, Alhaji Abubakar Maigandi said the N9/litre difference, which is about 6.08 per cent increase, has culminated in the gradual Read More