NIGERIA WOULD STILL NEED 20MIL LITRES PER DAY DESPITE DANGOTE REFINERY IN 2020- NNPC

Despite the current 445,000 barrels per day (bpd) capacity of the country’s refineries and Dangote’s 650,000 bpd refinery expected by 2020, Nigeria will still have a shortfall of 427,000 bpd, equivalent of 20 million litres of Premium Motor Spirit (PMS), per day. Dr. Maikanti Baru, Group Managing Director of Nigeria National Petroleum Corporation (NNPC), who disclosed this yesterday in Abuja, said the country would need a refining capacity of 1.52 million bpd in order to meet its PMS requirement by 2025. Delivering a state of the industry address at this…

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PETROL LANDING COSTS NOW 180 NAIRA PER LITRE- KACHIKWU

‘Attempt to remove subsidy must be well-managed’ ’Femi Asu The landing cost of Premium Motor Spirit, also known as petrol, is N35 higher than the pump price of N145 per litre, the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said on TuesdaY Kachikwu said the rise in global crude oil prices after the 2016 hike in petrol price brought back subsidy. Recalling the experience of 2016, when the government increased petrol price from N86.5 to N145 after months of severe scarcity, he described fuel subsidy as an emotive…

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WE MAY START SELLING FUEL ABOVE 145NAIRA – IPMAN

Femi Makinde The Independent Petroleum Marketers Association of Nigeria has urged the Federal Government and the Nigerian National Petroleum Corporation to ensure that private depot owners maintain the official ex-depot price of Premium Motor Spirit (petrol) at N133.28 per litre. The Chairman, IPMAN, Ore Depot, Mr Shina Amoo, who said this in an interview with our correspondent in Lagos on Monday, stated that independent marketers might soon start selling beyond N145 per litre if depot owners continued to sell between N136.50 and N137 per litre. Amoo urged the NNPC to…

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DROP PETROLEUM MINISTER PORTFOLIO, PENGASSAN TELLS BUHARI

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has urged President Muhammadu Buhari to appoint a substantive minister for the petroleum sector in his second term. Mr. Francis Johnson, PENGASSAN President made the appeal while fielding questions from journalists on Friday in Lagos on the association’s National Executive Council (NEC) held on Thursday. According to Johnson, separating both offices will allow for a more efficient and effective management of the oil and gas sector. It will be recall that in the last four years, President Buhari had…

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NAVY UNCOVERS LAGOS HOTELS WHERE PETROL IS SIPHONED INTO TANKERS BY PIPELINE VANDALS

Operatives of the Nigerian Navy (NN) attached to the Operation Awatseyesterday busted a Lagos hotel where Premium Motor Spirit (PMS) is siphoned from the pipeline of Nigerian National Petroleum Corporation (NNPC). The operatives also arrested eight suspects including a Police Inspector at the premises of Glonik Hotel at 31, Social Club Road, Abule Egba. Those arrested were Inspector Lukeman Rabiu of the Lagos Police Command X-Squad Unit, receptionist Gladys Daniel, waitress Rachael Oludara, housekeeper, Adegoke Adetunji, tanker driver, Waliu Teller, Oluwaseun Oguntoyin, Victor Vincent, 19 and Bobola Kuti, 28. Inspector Rabiu…

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FG MEETS NUPENG TODAY AS FUEL DEPOTS REMAIN SHUT OVER STRIK

Everest Amaefule, ’Femi Asu, Ozioma Ubabukoh and Olaleye Aluko The nationwide strike called by the United Labour Congress of Nigeria commenced on Monday and led to the shutdown of fuel depots in Apapa, Lagos and other parts of the country, threatening the supply of petroleum products to filling stations. One of our correspondents gathered that oil workers under the aegis of the Nigeria Union of Petroleum and Natural Gas Workers were partaking in the strike. The Executive Secretary, Depot and Petroleum Products Marketers Association, Mr. Olufemi Adewole, said, “We got…

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NNPC STOCKPILES PETROL TO FORCE PRICE CRASH

NNPC Tower 1.6 bn litres in stock, additional 1.1 bn litres expected in 25 days Nigeria’s crude blends maintain healthy price grades, sell at average of $52/b Chineme Okafor in Abuja A daily record of operations of the Nigerian National Petroleum Corporation (NNPC) has disclosed the corporation’s plans to sustain the petrol pump price crash it started last week with a healthy build-up of stocks. Obtained by THISDAY saturday, the records from both the Petroleum Products Pricing Regulatory Agency (PPPRA) and NNPC’s Crude Oil Marketing Department (COMD), indicated that, currently,…

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PETROL PRICE TO FALL SAYS KACHIKWU

Cheap petrol is coming, Minister of State for Petroleum Resources Dr. Ibe Kachikwu predicted yesterday. His forecast is based on what he described as the competition inherent in the Premium Motor Spirit (PMS) price modulation. He said the price of diesel, which is now 40 per cent down amid surplus supply, was enough evidence that petrol prices will also crash. Petrol is N145 per litre. Presenting his scorecard on his two years in office in a podcast released to reporters in Abuja, Kachikwu said that “once Nigerians throw their trading…

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