FULL DOWNSTREAM DEREGULATION NECESSARY TO ATTRACT INVESTMENT

Deregulation will herald free market regime, where the forces of demand and supply will dictate price, and free government’s interference and price fixing. The stakeholders, which included the Minister of State for Petroleum Resources, Ibe Kachikwu; Chairman, Integrated Oil and Gas Limitd, Emmanuel Iheanacho; and former Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Reginald Stanley, at different fora in Lagos emphised the need for quick deregulation of the subsector.

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NIGERIA TO END IMPORTATION OF PETROLEUM PRODUCTS BY 2018 – MINISTER

Minister of Science and Technology, Dr. Ogbonnaya Onu, has said the Federal Government will ban the importation of refined petroleum products by 2018. A statement, made available to our correspondent in Abuja, disclosed that Onu said this in his country home Uburu, Ohaozara Local Government Area of Ebonyi State while addressing a meeting of stakeholders of the ruling All Progressive Congress (APC).

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OIL HITS 18-MONTH HIGH AT $58PB AS OUTPUT CUT BEGINS

Crude oil price rose to an 18-month high of $58.37 on the first day of trading in 2017, yesterday. This followed anticipations anchored on a possible deal between members of the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members, which could lead to cut in production.

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FG BEGINS N5,000 PAYMENT TO ONE MILLION POOR NIGERIANS

The Federal Government plans to spend N915m on counterpart funding for the procurement of contraceptive commodities this year. The budget for the national distribution of the commodities is also included in the allocation. The sum is part of the total sum of N31.bn allocated to the Federal Ministry of Health in the 2017 Appropriation Bill currently before the National Assembly.

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OIL PRODUCING SAUDI ARABIA AND MEXICO PLAN FUEL PRICE HIKES AS NIGERIA DIGS IN

Saudi Arabia and Mexico will ditch artificially low petrol costs this year, as the increase in international oil prices combine with strained public finances to make it too expensive to maintain artificially low prices. This is in contrast to Nigeria, which has since resisted calls to review an eight-month old petrol price template.

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NIGERIA’S OIL OUTPUT TOPS FOREIGN INVESTORS’ CONCERN

Foreign investors planning to invest in Nigeria and other global markets this year are taking a keen look at the nation’s oil output among other factors. According to a Financial Times’ report, oil supply from the world’s biggest producers will be in focus from the first trading day of January as market participants assess the extent to which countries such as Saudi Arabia and Russia reduce production following a global deal to cut supplies for the first time since the global financial crisis.

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NEITI CONDEMNS N1.1 TRILLION TAX WAIVERS TO OIL FIRMS

By granting Pioneer Status, the Federal Government has waived $2.1 billion (N1.1 trillion) to 22 oil companies through tax holiday as at 2014. These companies are operators in the marginal field segment of the Nigerian oil and gas industry, according to the latest report from the Nigerian Extractive Industries Transparency Initiative (NEITI).
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