Oil marketers have countered the position of the Federal Government, as they insisted that the current pump price of Premium Motor Spirit, (Petrol) should not be less than N800/litre if the product was not subsidized. The marketers made this claim on Tuesday. The Federal Government had through its Nigerian National Petroleum Company Limited denied reintroducing
Read moreOil & Gas
Steer clear of Badagry waterways, Navy warns Petrol smugglers
Nigerian Navy on Saturday, warned petroleum dealers in the town over smuggling of Premium Motor Spirit (PMS), known as petrol, to neighbouring countries. Capt. Adams Aliu, the Commanding Officer, Forward Operating Base (FOB) Badagry, gave the warning at a stakeholders’ meeting with the Petroleum Dealers Association, Badagry Chapter, at the Base office. “If the Federal
Read moreFuel Subsidy: FG allegedly paid N169.4bn in August, may pay N1.68trn in September
The Federal Government(FG) may spend about N1.68tn as subsidy on Premium Motor Spirit, popularly called petrol, from September to December this year, an analysis of data provided by oil marketers and the sector has shown. PMS dealers stated that the pump price of petrol should be between N890 to N900/litre based on the fall of
Read moreDangote Petroleum Refinery importing crude, Group ED reveals
The Dangote Petroleum Refinery is currently importing crude oil and expects its first crude cargo in two weeks’ time, the Executive Director, Dangote Group, Devakumar Edwin, has revealed. Although the Nigerian National Petroleum Company Limited(NNPCL) trades crude oil on behalf of Nigeria, Edwin in an interview said the NNPCL had committed its crude to other entities.
Read moreLPG Import From Russia Widely Welcomed
PESHAWAR: After arriving the first cape of Lequified Petrolium Gas via Torkham border, customs authorities on Wednesday said that as per the agreement Russia and central Asian republics have to export 0.2 million metric tons of Lequified Petroleum Gas(LPG) to Pakistan every month. Collector Custom Appraisement Torkham Muhammad Ashfaq told media that first cape of
Read moreAnambra govt allays fears over petrol scarcity as IPMAN shuts petrol stations
Anambra State government has assured residents of the state of adequate supply of petroleum products, saying oil marketers and dealers in the state were not on strike. Commissioner for Petroleum and Mineral Resources, Anthony Ifeanya gave the assurance on Wednesday following closure of petrol stations in the state by the Independent Petroleum Association of Nigeria
Read moreDemolition: Tension as IPMAN shuts petrol stations in Anambra
There was tension Wednesday in major towns in Anambra State following closure of petrol stations in the state by the Independent Petroleum Association of Nigeria (IPMAN). The development led to sharp increase in transport fare by motorists as most residents resorted to trekking long distances to their destinations. Reacting, Chairman of IPMAN, Enugu depot covering
Read moreIPMAN Blames Hike In Pump Price In Southeast On Scarcity
…increase, a result of scarcity due to failure of the NNPC to sell product to IPMAN members The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said the prevailing unofficial increase in the price of Premium Motor Spirit (PMS) known as petrol in the country was due to their inability to source products at Nigerian
Read moreNUPENG threatens shutdown in Lagos over harassment
…says youths intimidating and extorting money from petroleum truck drivers, who are NUPENG/PTD members plying the road The Nigeria Union of Petroleum and Natural Gas, NUPENG, workers in Lagos State have written to the state governor, Mr Babajide Sanwo-Olu, to check the activities of persons it described as unscrupulous elements harassing its members. The letter,
Read moreNNPC is a money pit, not a cash cow, former CBN Gov declares
‘NNPC should be unbundled and disbanded’ Former Governor of the Central Bank of Nigeria(CBN) and deposed Emir of Kano, Lamido Sanusi has called for the unbundling of the Nigerian National Petroleum Company Limited (NNPCL) declaring the national oil company as a money pit and not a “cash cow”. Sanusi, who spoke at the 7th edition
Read moreGas: More trouble for Nigerians over imminent hike in price
‘Gas consumers stood the risk of further price hike as long as dollar continued to strengthen’ Nigerians may face more trouble as there are strong indications that gas prices will further rise as marketers have hinted that the high exchange rate of dollar to naira is having a negative impact on importation. National Operations Controller,
Read moreOil Theft: PENGASSAN indicts military
The Petroleum and Natural Gas Senior Staff Association of Nigeria says the military should be held responsible for the high rate of crude oil theft in the country. This was made known at the Senate’s investigation into oil lifting and theft on Wednesday, which was chaired by Senator Akpan Bassey. The National President of PENGASSAN,
Read moreIPMAN protests illegal levies in Portharcourt
Members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) on Saturday took to the streets over what they called illegal collection of levies by the Petroleum Tanker Drivers (PTD) of the National Union of Petroleum and Natural Gas Workers (NUPENG). IPMAN members during the protest on Saturday in Portharcourt, Rivers State capital, moved to
Read moreGroup urges FG to grant oil pipeline protection contracts to Southeast youths
A pressure group, Movement for Just Utilization of Resources in the South East (M-JURSE), has urged the Federal Government to grant oil pipeline protection contracts to youths of host communities. National Coordinator, Mr Stanley Okafor in a statement, said the move would stem the tide of vandalization and oil theft in the region. He said
Read moreImportation of Petrol will end by 2023, says NNPC boss
The Nigerian National Petroleum Company Limited has said that the country would stop importing petroleum products by 2023. The Group Chief Executive Officer of the NNPC, Mele Kyari disclosed this during a press briefing at the state house in Abuja, on Tuesday. Speaking during the weekly Ministerial Briefing, hosted by the Presidential Communication Team at
Read more