The Federal Government, yesterday, officially scrapped the Department of Petroleum Resources (DPR), Petroleum Products Pricing Regulatory Agency (PPPRA) and the Petroleum Equalisation Fund (PEF). Following the passage and implementation of the Petroleum Industry Act (PIA), the Upstream Regulatory Commission and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NPRA) are to[Read More…]
Tag: petroleum
PIB: The Political Journey of a Knotty Bill.
The Senate recently passed the Petroleum Industry Bill (PIB) and approved 3 per cent for the host communities. The upper chamber passed the Bill after the clause by clause consideration of the report of its joint committee on Petroleum (Upstream, Downstream and Gas) on PIB. Although the Senate approved three[Read More…]
Nigerians should be paying N256/litre for petrol: NNPC
Mele Kyari, the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), says Nigerians should be paying at least N256 per litre for petrol. Mr Kyari disclosed this at a stakeholders meeting organised by the NNPC to stop fuel smuggling. Commenting on the current PMS and subsidy payment, Mr Kyari[Read More…]
“We can’t continue subsidy’ — NNPC GMD says petrol may sell for N234 per litre
Mele Kyari, general managing director (GMD) of the Nigerian National Petroleum Corporation (NNPC), says the company cannot continue to bear the subsidy burden Petroleum Products Pricing Regulatory Agency (PPPRA) had released a template increasing petrol price to N212 per litre — but the template was later deleted. Speaking during a[Read More…]
Mixed Blessing of Rising Crude Oil Prices in Global market
It was reported in the news recently that, the international oil benchmark, Brent crude, rose further up to $67 per barrel, what strong likelihood of a further increase. For Nigeria, which relies on crude oil for about 50 per cent of government revenues and over 90 per cent of export[Read More…]
Petrol price hits N212.61 per litre – PPPRA
Price of Premium Motor Spirit (PMS) otherwise called petrol has soared to N212.6 per litre, Petroleum Products Pricing Regulatory Agency (PPPRA) said in a new monthly template. The template published Thursday night shows that the retail price of petrol would sell between market band of N209.61 and N212.61. Marketers usually[Read More…]
New Petrol Price Imminent as Landing Cost Hits N180 Per Litre
THERE were indications, Monday, that stakeholders would soon emerge with a new price of petrol as the landing cost of the product rose from N151 to N180 per litre, due mainly to rising price of crude oil in the international market. The rise of crude oil price from $58 to[Read More…]
NNPC, IDSL Chart Path to Achieving $10 Production Cost by 2021
The Nigerian National Petroleum Corporation (NNPC) and its subsidiary, the Integrated Data Services Limited (IDSL) said they are continuing the search towards attaining a $10 per barrel production cost with the deployment of several cost-cutting measures. The Chief Operating Officer, Upstream, NNPC, Mr Adokiye Tombomieye and the Managing Director of[Read More…]
Consumers Paid N76.5bn Extra for Petrol After Deregulation – Report
After the Federal Government deregulated the downstream sector of the oil industry on March 19, consumers of Premium Motor Spirit, popularly called petrol, have paid an additional sum of over N76.5bn for the purchase of the commodity. In March when the Petroleum Products Pricing Regulatory Agency announced the commencement of[Read More…]
Shelve Plans Of $1.5bn World Bank Loan, DPR Warn FG
The Department of Petroleum Resources (DPR) says it has advised the federal government to consider withdrawing a $1.5 billion loan request sent to the World Bank. In a statement on Friday, the agency said it has remitted $1.03 billion to the federal government with an additional $600m underway from oil[Read More…]
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FG Revenue Rises 76% to N12.5tn, Fueled by Tax and Oil Gains — Budget Office
The Federal Government’s earnings have increased by 76 percent, rising from N7.1 trillion in 2022 to N12.5 trillion in 2023, due to higher taxes and oil revenues. This information was revealed in the recently released 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper from the Ministry of Budget and[Read More…]