KEROSENE FULLY DEREGULATED, SAYS PPPRA

The Petroleum Products Pricing Regulatory Agency on Thursday said that the kerosene market had been fully deregulated and that there was no plan to increase petrol price. Its reaction on kerosene was based on the recent astronomical hike in the price of the product and calls by consumers as well as operators for an intervention by the Federal Government.

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STOP FIXING FUEL PRICES, NNPC, OTHERS TELL FG

The fixing of petroleum products’ prices is denying the country investment in the downstream sector of the oil and gas industry and depriving Nigerians certain benefits from the country’s petroleum resources, industry stakeholders said on Thursday.

The Federal Government currently regulates the prices of Premium Motor Spirit, otherwise known as petrol, and kerosene, and subsidises their prices to enable Nigerians to get the products at the regulated prices.

 

Read more @ Punch Online

 

 

PH REFINERY TO RESUME PRODUCTION OF PETROL THIS WEEK

Hope for Nigeria’s less-dependent on imported petroleum products has been renewed as the Port Harcourt Refinery will this week resume full production of petrol, when Chrome Oil Services Limited would have completed the rehabilitation of Area 3, where petrol, Liquefied Petroleum Gas (LPG) and other lighter products are produced.

The 210,000 barrels per day capacity refinery had earlier started preliminary production with Unit 1 producing largely Dual Purpose Kerosene (DPK) and Automotive Gas (AGO), otherwise known as diesel.

 

Read more @ Thisdaylive

MORE PETROLEUM PRODUCTS’ VESSELS SAIL INTO NIGERIA WATERS

More vessels laden with several petroleum products are in Nigerian territorial waters heading to Nigerian ports. The 10 vessels arrived the nation’s seaports in Lagos and are awaiting berthing instructions from the management of the Nigerian Ports Authority (NPA).

Data on the movements of vessels in Nigeria (Shipping Position) collated by NPA indicated that five of the ships are laden with petrol, four others with kerosene and one with bulk gas.

Read more @ Thisday Live

EXPERTS FAULT $78 OIL BENCHMARK FOR 2015 BUDGET

Experts have described the 2015 budget benchmarks released last week through the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), as unrealistic because of the prevailing challenges in the international oil market. In the framework, government pegged the 2015 N4.817.76 trillion proposed budget on an oil benchmark of $78 per barrel. It also proposed to spend N1.22 trillion on fuel subsidy. The figure includes N971.4 billion as subsidy on petrol and N250 billion on kerosene. The oil benchmark for 2014 budget is $75.5 per barrel as against $ 77.5 per barrel earlier proposed by the executive to the National Assembly.

Read more @ New Telegraph