The founder/Chief Executive Officer (CEO), Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, has said since one of the major drivers of inflation is high energy costs, the government should as a matter of urgency suspend all forms of taxes and levies on the importation of petroleum products to give a respite on the spiking energy cost. Read More
Minister of State for Petroleum Resources Timipre Sylva has said that despite the high cost of diesel and aviation fuel, it would be difficult for the government to intervene as the products are deregulated. Sylva said this on the sidelines of the Trans-Saharan Gas Pipeline (TSGP) while fielding questions from journalists Tuesday in Abuja. The price of diesel per litre Read More
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
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
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
Moments after Lagos state government sealed a party venue where petrol kegs were shared as souvenirs, Commissioner of Polic, CP Abiodun Alabi, has ordered the arrest of the host of the event. The party took place in the Oniru area of the state. A statement by the police spokesman in the state, Adekunle Ajisebutu, on Saturday partly reads, “It’s regrettable Read More
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
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
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
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
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
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
Regrettably, naira depreciation does not hold any assurance of better things economically for Nigerians. There is obviously misguided and unrealistic call that the naira be devalued in expectation that matching “official rates with parallel market exchange rates will attract foreign investors or ensure competitiveness of the Nigerian economy”. Conversely, foreign investors are ‘smart guys’ investing chiefly in economically and minimally Read More
The Nigerian Guild of Editors (NGE) Thursday called on the federal government to adopt necessary measures in tackling the insecurity bedevilling the country. The editors bared their minds at a two-day conference in Abuja, with the theme “Media in Times of Crises: Resolving Conflict, Achieving Consensus.” And at the event, Group Managing Director Nigeria National Petroleum Company (NNPC) Mele Kyari announced that Read More
Some unions in Nigeria’s oil and gas sector have alleged that Nigerians are being targeted for retrenchment in the ongoing organisational restructuring carried out by TotalEnergies Marketing Nigeria Plc, formerly known as ‘Total Nigeria Plc’. In what seems to be a preparation for a showdown, the employee unions continue to exert pressure on Total Nigeria’s management on the organisational restructuring, Read More
The Witness, a credible Nigerian newspaper in digital and print formats, is set to launch a non-governmental organization, ‘The Witness Newspaper Foundation’, in commemoration of its fourth year anniversary. The event is billed to hold on Sunday, October 24th, 2021, at the prestigious Lagos Continental Hotel (formerly Intercontinental Hotel), Victoria Island, Lagos. A statement on Monday by the managing director of the newspaper, Read More
Proedge Limited, Abuja-based corporate communication company in collaboration with the Federal Road Safety Commission (FRSC), Wednesday, organised a sensitisation programme for truck and tanker drivers on safe monitoring, aimed at minimising carnage on highways. The event which was held at the NNPC depot Suleja, Niger state, brought together critical stakeholders, including officials of the FRSC, petroleum tanker drivers, major oil Read More
Nigeria’s Foreign Reserves get another boost days after the Eurobond funds hits the treasury, with additional 155,000 barrels of crude oil added to the nation’s daily production in September, report by the Organisation of Petroleum Exporting Countries (OPEC) said. With this addition, average daily production for the mont rose to 1.451 million barrel per day (mbpd). It stood at 1.296mbpd Read More
In the face of declining demand for crude oil globally, the Organisation of Petroleum Exporting Countries (OPEC) is taking solace in the fact that soaring gas prices could mitigate impact of global demand for oil products as end users switch. Further more the Organization has trimmed down its world oil demand growth forecast for 2021 while maintaining its 2022 view, Read More
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) on Sunday evening has called off its proposed strike. NUPENG’s President, Comrade William Akporeha, and the General Secretary, ComradeAfolabi Olawale revealed this in a press statement. Part of the statement reads: “The leadership of the Nigeria Union of Petroleum and Natural Gas Workers hereby announced the suspension of the intended Read More
Stakeholders in the energy sector have deliberated on successful energy transition in Nigeria and Africa, in order to curb the over reliance on oil and to turn attention to renewal energy, which they said will in turn improve the livelihoods of Nigerians, especially through zero fossils and net zero fossils. They made their positions known during the 2021 Seplat Energy Read More
Again, there are calls for a total diversification of the country’s economy from oil to non-oil sectors. This is even as stakeholders applaud the initiatives of NIHOTOUR towards tourism as a veritable tool for revenue drive for the country. ELEOJO IDACHABA writes. In view of uncertainties about the prices of petroleum products in the international markets which inadvertently affect the Read More
For the first time in three years, oil prices jumped to above $80 on Monday as the Organisation of Petroleum Exporting Countries (OPEC) and its allies announced that it would maintain its steady output increase by 400,000 barrels per day in November. Data from Bloomberg shows, that the price of the Brent rose by 2.5 percent or $2.00 to sell Read More
The Petroleum Products Pricing Regulatory Agency (PPPRA) report on Petroleum Products Supply in the showed that about 1,735,624,740 litres of Premium Motor Spirit (PMS) was distributed nationwide in August. This brings the average daily supply of PMS in the month under review to about 55.99 million litres. According to a statement signed by the General Manager, Corporate Services, Kimchi Apollo, Read More
The amount of money spent on the importation of petroleum products into Nigeria in 2020 is $43.46 billion higher than the revenue which the country earned from the export of petroleum products in the same year. In its 2021 report on the latest values of petroleum exports and imports of member nations of the Organisation of Petroleum Exporting Countries (OPEC) Read More
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