Daily Archives: January 6, 2018

Nigeria loses N490billion to production shut-in

Nigeria may have lost about N490.11billion to various production shut-ins due to pipeline leaks and vandalism in the Niger Delta between September and October 2017. Regardless of the losses, the country earned in excess of $3.35billion (N1.206trillion) from oil and gas export from October 2016 to October 2017. Data showed that the country lost 681,000 […]

The Real Reasons for Fuel Scarcity in Nigeria – Kachikwu

Lack of sufficient reserve, low clearance speed of petrol at the ports, diversion of products are some of the reasons for the ongoing fuel crisis being experienced in the country, says Minister of State for Petroleum Resources, Ibe Kachikwu. Mr. Kachikwu said this while speaking before a meeting of the joint committee of the Senate […]

Nigeria: Petrol May Sell Above N175 As Kachikwu Backs Marketers

Abuja — The Minister of State for Petroleum, Ibe Kachikwu, said yesterday that the perennial petrol scarcity and price instability would only stop when the Federal Government removes the disparity between pump price and landing cost of the product. Making a presentation at a public hearing on the fuel crisis jointly organised by the Senate […]

Nigeria Loses N260b Through Exchange of Crude Oil With Petroleum Products

The Nigeria Extractive Industries Transparency Initiative (NEITI) 2015 Oil and Gas Industry Audit Report, showed that the country recorded a net loss of $723 million (N260 billion) from getting refined products through Offshore Processing Arrangement (OPA) in 2015. Besides, the agency said that sum of N317 billion which is the value of crude allocated for […]

Fuel scarcity: NNPC remains sole importer – Kachikwu

The meeting between the Minister of State, Petroleum Resources, Dr Ibe Kachikwu and oil marketers in Abuja yesterday on how to end the recurring fuel scarcity challenge ended with a firm resolution that the Nigerian National Petroleum Corporation (NNPC) remains the sole importer of petrol. Another major takeaway from the meeting was that the price […]

Fuel price: Oil marketers backpedal, begs FG for tax holidays

Oil marketers, Wednesday, jettisoned their clamour for an increase in the price of Premium Motor Spirit, also known as petrol, and instead appealed to the Federal Government to grant them tax holidays and other incentives that would help cut their costs and also ensure that they resume fuel importation. This was part of agreements reached […]

Petrol marketers insist they can’t sell petrol at N145/litre

Petrol marketers in the country have told the government for the umpteenth time that they can no longer sell petrol at N145 a litre. The marketers under the aegies of Depot and Petroleum Marketers Association of Nigeria (DAPMAN) made their decision known to the government at a meeting with top officials at the presidential villa […]

Presidency, Stakeholders Constitute C’ttee to Avert Future Fuel Crisis

For several hours on Tuesday, the Minister of State for Petroleum, Ibe Kachikwu, Chief of Staff to President Muhammadu Buhari, Abba Kyari, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, and oil marketers, met in the State House to brainstorm on the recent fuel crisis and proffer a lasting solution. The […]

Marketers to resume fuel importation soon

The Nigerian National Petroleum Corporation (NNPC)has advised fuel marketers to seize the opportunity of special window, provided by the Central Bank of Nigeria(CBN) to access  dollars for importation, its Head, Group Manager, Public Affairs, Ndu Ugbamadu, has said. He said marketers will resume importation soon, when they maximise the use of the window, by accessing  […]

After VP’s confirmation of 10 modular refineries, IPMAN urges FG to invest in more

The Independent Petroleum Marketers Association of Nigeria (IPMAN) yesterday, urged the Federal Government to invest more in modular refineries as a way to end fuel scarcity, Daily Trust reports. Alhaji Debo Ahmed, the Chairman, South-west zone of IPMAN, gave the advice in a recent interview in Lagos. Vice President Yemi Osinbajo only two days ago […]