The Nigerian National Petroleum Corporation has stopped pumping Premium Motor Spirit (petrol) to its depots in a bid to avoid losses that arise from the incessant rupturing of pipelines that convey products to the various facilities. It was learnt that the corporation had also devised new means of selling the product, as it now preferred […]
Read More The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, Mr. Waziri Adio, said the Nigerian National Petroleum Corporation withheld $12.9bn revenue between 2005 and 2013. He added that the 2013 Oil and Gas Audit Report revealed that some government agencies like the NNPC and its subsidiaries also withheld $3.8bn and N358bn. Adio said the […]
Read More The Nigerian National Petroleum Corporation lost N19.43bn in the month of April, as the country’s crude oil production dropped from 59.27 million barrels recorded in February to 57.43 million barrels in March. In its latest financial and operations report released on Wednesday, the NNPC also revealed that over 1,500 megawatts of electricity were lost as […]
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Latest audit report by the Nigeria Extractive Industries and Transparency Initiative has accused the Nigerian National Petroleum Corporation of not remitting $3.8bn and N358.3bn to the Federation in 2013. According to Punchng, The Chairman of NEITI, Kayode Fayemi, disclosed this on Monday while presenting the 2013 audit reports of the agency in Abuja. Citing the […]
Read More Nigerian National Petroleum Corporation’s (NNPC’s ) debt overhang in cash calls to multinational and indigenous oil companies it operates Joint Venture (JV) project with, has reached about $7billion, The Nation report. Cash calls is the counterpart funding the NNPC pays yearly for the 60 per cent equity shareholding it owns in various oil and gas […]
Read More The Federal Government has said it will set a time frame for the privatisation of the Nigerian National Petroleum Corporation (NNPC) and the refineries before the end of this year. As part of the deregulation of the downstream oil and gas sector, the Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu, said […]
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Information Minister Lai Mohammed yesterday gave more insight into how fuel price was raised from N86.50 to N145 per litre. He said the President Muhammadu Buhari administration has not let down Nigerians with the new price, adding that it had no choice than to deregulate the petroleum sector. The facts, according to Mohammed, are that: [su_list […]
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Organised Labour, made up of the Nigeria Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC) and their civil society allies has given the Federal Government till 12 midnight of Tuesday, 17th May, to revert to the old pump price of petrol or face a nationwide shut down if the economy, The Nation […]
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Vice President Yemi Osinbajo yesterday alleged “many misconceptions” about the new petrol price of N145 per litre, stressing that the new regime has nothing to do with subsidy removal. The new price came into effect on Wednesday from the former N86.50, The Nation report. Osinbajo, is a statement titled ‘The Fuel Pricing Debate: Our Story’ and […]
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Minister of State for Petroleum Dr. Ibe Kachikwu, said yesterday that the Federal Government will build three refineries in Kaduna, Port Harcourt and Warri to end fuel crisis permanently. He said when completed as planned by 2018, Nigeria will, for the first time, start exporting refined petroleum products. He also unveiled the government’s plan to provide […]
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The Nigerian National Petroleum Corporation (NNPC) paid N69.544 billion into the Federation Account in March, according to the oil giant’s monthly financial report for March released at the weekend in Abuja. It added that the total amount paid into the Federation Account for domestic crude oil and gas and other receipts from April 2015 to […]
Read More [T]he Federal Government may soon effect an upward review in the pump prices of Premium Motor Spirit, popularly known as petrol, oil marketers have said, attributing this to the recent increase in the cost of crude oil at the international market, Punchng report. Crude oil price had fallen below $30 per barrel earlier this year, but […]
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