NNPC MAY ADJUST PETROL PUMP PRICE ON FALLING CARGO RATES

The Nigerian National Petroleum Corporation (NNPC) may undertake a downward review of the pump price of petrol in its retail outlets across the country. It was gathered yesterday that this was possible from a reported consistent drop in the historical price of petroleum cargoes from about $600 per metric tonne to an average of $440 per metric tonne. NNPC had recently adjusted the pump price of petrol at its outlets, thus raising fears of a possible hike. The development also followed claims in August by its former Group Managing Directors that the government’s pricing modulation framework was not economical for the downstream petroleum business.

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MARKETERS BLAME SUPPLY SHORTAGE FOR NON-COMPLIANCE WITH NEW PETROL PRICE

Three days after the Federal Government’s new pump price regime took effect, many petroleum marketers are yet to comply with the N86.50k benchmark due to shortage of petrol in the distribution chain.

The Guardian yesterday observed that the long queues at filling stations have eased off, but many of the retailers still sell above pump price.

Read more @ Guardian Online

FILLING STATIONS REJECT N87 PRICE, CLOSE STATIONS

Petrol station owners in Umuahia, the Abia State capital, on Thursday, closed shops in protest against government’s insistence that they should dispense the premium motor spirit at the official pump price of N87 per litre.

 

The Department of Petroleum Resources had three weeks ago sealed off over 11 filling stations in Umuahia for selling petrol above the official pump price.

 

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PETROVIETNAM, EXXONMOBIL EXPECT FIRST GAS FROM CA VOI XANH FIELD IN 2021

State-owned PetroVietnam and US' ExxonMobil expect to produce first gas from the Ca Voi Xanh gas field off central Vietnam by 2021, PetroVietnam said in a statement on Thursday.

"Under the most favorable conditions, the project can pump first gas by about 2021," PetroVietnam said. PetroVietnam Chairman Nguyen Xuan Son discussed the project with ExxonMobil Vice President Raymond E Jones in Washington on Wednesday.
Read more @ Platts Online

SCARCITY: FUEL SELLS AT N250 PER LITRE IN OYOTHE ALBINO CHILD

Fuel scarcity being experienced in some parts of the country had resulted in a sharp increase in pump price of the product in Iseyin Council Area of Oyo, from the official price of N87 per liter, to N250.

A survey by the News Agency of Nigeria (NAN) on Saturday indicated that while most of the filling stations in the town were closed due to non-availability of the product, few that had it sell from N240 to N250 per litre.

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NIGERIA'S OIL PRODUCTION FALLS MOST AMONG OPEC MEMBERS

Still smarting from the plunge in revenue, Nigeria saw the highest drop in crude oil production in March among its peers in the Organisation of Petroleum Exporting Countries, the latest monthly report from the 12-member oil cartel has shown.

 

The report, which was released on Thursday, put oil output from Nigeria at 1.67 million barrels per day in March, down from 1.80 million bpd in February, based on direct communication. The country pumped 1.96 million bpd in January.

 

Read more @ Punch Online

 

PETROL PRICE REDUCTION TOO SMALL –NLC

The leadership of the Nigeria Labour Congress and the Trade Union Congress on Monday called on the Federal Government to come out with a more realistic template for determining the right cost of a litre of petrol in the country.

Although the groups welcomed the reduction of the pump price from N97 to N87 per litre, they argued that it was far from what the cost of the product should be.

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PETROL NOW N87 PER LITRE – FG

The Federal Government on Sunday announced a reduction in the pump price of petrol by N10 from N97 to N87 per litre.

The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, announced the reduction while briefing State House correspondents at the Presidential Villa, Abuja.
 
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OIL WORKERS BEGIN NATIONWIDE WARNING STRIKE

Workers in the nation’s oil and gas industry have concluded plans to commence a nationwide warning strike this Monday to protest against the federal government’s failure to carry out turnaround maintenance on the refineries and reduce the pump prices of petroleum products in line with the slump in global oil price.

The strike by the oil workers under the umbrella of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) is also in protest against delay in the passage of the Petroleum Industry Bill (PIB).

Read more @ Thisday Live