Fuel Subsidy
Deregulation: Petrol consumption drops by 92%
As premium motor spirit (PMS) or petrol prices rises, the demand from the product has taken a plunge. This is not unconnected with the removal of subsidy and the full deregulation of petrol, leaving it to the dictates of market forces. According to data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the […]
BREAKING: IMF Breaks Silence on Role in President Tinubu’s Subsidy Removal
The International Monetary Fund (IMF) has finally broken its silence on its alleged role in President Tinubu’s fuel subsidy removal in Nigeria. The clarification was made by Abebe Selassie, IMF’s African Region Director on the sidelines of the IMF and World Bank Annual Meetings in Washington DC, US. According to Abebe, the decision to remove […]
NMDPRA: Dangote Refinery Will Supply 25m Litres Of Petrol Daily In September
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says Dangote refinery will supply 25 million litres of fuel daily in September. This agency said this following the commencement of petrol production by Dangote refinery. It also finalized an agreement with the Nigerian National Petroleum Corporation Limited (NNPCL) to sell crude oil to Dangote refinery […]
NNPCL declares N3.3trn profit for 2023
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has declared N3.3 trillion profit for the 2023 financial year. Chief Financial Officer of NNPC Ltd., Alhaji Umar Ajiya, who addressed newsmen on Monday on the development, said that this was the highest profit declared by the company since its inception. Meanwhile, NNPC Ltd. has declared N2.101 […]
Tinubu approves payment of fuel subsidy – Report
President Bola Tinubu has approved the request of the Nigerian National Petroleum Company Limited (NNPCL) to use the 2023 dividends due to the federation to pay for petrol subsidy, according to TheCable. The president also approved the suspension of the payment of 2024 interim dividends to the federation in order to augment the oil firm’s […]
NNPC targets two million barrels oil production daily
The Nigerian National Petroleum Company Limited has announced its goal to increase crude oil production to two million barrels per day by the end of the year. The country’s daily production rose from 1.27 million barrels in June to 1.6 million in July, according to the Nigerian Upstream Petroleum Regulatory Commission. Speaking during a meeting […]
Petrol scarcity: Major oil marketers to lift 300m litres of PMS this week
The Major Energies Marketers Association of Nigeria (MEMAN) says its members have commenced loading over 300 million litres of premium motor spirit (PMS) this week amid scarcity. MEMAN disclosed this in a statement on Tuesday. “Our members in Apapa and other locations in Lagos are taking product from 8 vessels this week with over 300 […]
Tinubu’s Hasty Removal Of Fuel Subsidy Brought Hardship On Nigerians – Buhari’s Former Adviser, Itse Sagay
Prof Itse Sagay, who was former President Muhammadu Buhari’s appointee and served as the Chairman of the Presidential Advisory Committee Against Corruption (PACAC) from 2015 to 2023, has said the Bola Tinubu administration should have waited for the commencement of petrol production locally before removing the subsidy.Sagay noted that Tinubu should have waited for six […]