The storage arrangement otherwise known as thru put operated by the Nigerian Independent Petroleum Company (NIPCO) for the Nigeria National Petroleum Corporation (NNPC) has reached a record mark of 1.8 billion litres in the last nine years.
Africa’s richest man and owner of Dangote Group, Alhaji Aliko Dangote has said that ongoing $17 billion Gas pipeline, fertiliser, petrochemicals and refineries project at the Lekki Free Trade Zone (LFTZ), Lagos, would provide unhindered availability of petrol in the country. He pointed out the the Gas pipeline when completed would also generate power for the country.
Major oil marketers are considering investment in refineries, describing the recent hike in petrol price as the boldest attempt at the deregulation of the nation’s downstream sector.
The House of Representatives on Wednesday made a formal declaration of support for the decision of the Federal Government to remove the subsidy on Premium Motor Spirit, better known as petrol.
Iyobosa Uwugiaren, Damilola Oyedele, Chineme Okafor, Paul Obi in Abuja and Ejiofor Alike in Lagos with agency report
The House of Representatives on Monday urged the leadership of the Nigeria Labour Congress to suspend the union’s planned strike to protest the removal of subsidy on petrol by the Federal Government.
After months of speculation and lobbying, the federal government took a bold move to liberalise the petrol market by introducing a price band for the product with a price cap of N145/litre and a floor of N135/litre.
After the trillions of naira spent by successive administrations sustaining the corrupt and hugely inefficient fuel subsidy regime, wednesday the Muhammadu Buhari administration finally summoned up the courage to remove the subsidy on petrol, stating that it would now sell for not more than N145 a litre.
Ahead of the federal government’s announcement tomorrow on the removal of subsidy on petrol, Vice-President Yemi Osinbajo has said that the government will have to take tough decisions on the desirability of retaining fuel subsidies, adding that it had become necessary to remove them.
The Minister of State for Petroleum Resources and Group Managing Director, Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu, has announced that the Port Harcourt Refining Company and the Warri Refining and Petrochemical Company are now producing a combined volume of seven million litres of petrol daily.
The Chief Operating Officer, Downstream Division of the Nigerian National Corporation, Mr. Ikem Obih, has disclosed that the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has negotiated a workable solution to address the challenges of accessing foreign exchange for the importation of petrol by oil marketers.
Apparently miffed by the controversy generated by the declaration of the Minister of State for Petroleum, Dr. Ibe Kachikwu, that the current petrol shortages could last up to two months, the Nigerian National Petroleum Corporation (NNPC) has unveiled strategies to end the scarcity within the next few days.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has said that Nigeria will begin to export refined petrol and other petrochemical products within the next four years if plans to ramp up the country’s domestic refining capacity work out well.
The industrial action embarked upon on Tuesday by oil workers across the country due to the restructuring of the Nigerian National Petroleum Corporation has been suspended.
With long queues of vehicles at filling stations, Nigerians are again contending with the scarcity of Premium Motor Spirit (PMS), otherwise known as petrol.
