TheNewsGuru

Tag: Fuel

  • Just in: FG reduces petrol pump price to N121.50

    Just in: FG reduces petrol pump price to N121.50

    The Petroleum Products Pricing Regulatory Agency has announced a new pump price band of N121.50 from N123.50 per litre for Premium Motor Spirit, also known as petrol.

    The PPPRA, which is an agency of the Federal Government, disclosed this in a circular to fuel marketers dated May 31, 2020.

    The sharp drop in crude oil prices on the back of the spread of coronavirus saw the landing cost of petrol hitting a record low in March, wiping off subsidy on the product.

    The pump price of petrol, which is still being regulated by the Federal Government, was reduced to N125 per litre from N145 per litre on March 18, 2020, effective March 19.

  • Why we shunned FG order to reduce pump price from N125 to N123.50 – Fuelling station operators

    …say we must exhaust old products first

    …insist sales has been poor due to lockdown

    …as crude oil prices continue to summersault

    Fuelling station operators on Tuesday said they shunned Federal Government directive to reduce pump price of fuel from N125 to N123.50 per litre because their old stock has not been exhausted.

    Recall that the apex petroleum products regulatory body had announced a new price regime on April 1.

    The Petroleum Products Pricing Regulatory Agency (PPPRA) apparently sensing the effects of the lockdown announced further reduction of the pump price of Premium Motor Spirit (PMS) also known as petrol from N125 to N123.50k per litre.

    The agency made the announcement in a statement signed by its Executive Secretary, Abdulkadir Saidu, in Abuja.

    A survey conducted by TheNewsGuru.com, (TNG) in Abuja clearly indicates a clear disregard for the new price regime as the operators refused to adjust their meters.

    In a bid to get a clearer picture of the situation, TNG visited filling stations in Zuba, Jikoyi, One man village, Dede, Kubwa, Abuja Kaduna express road and Orozo axis in the Federal Capital Territory, FCT and the pump price remained N125per litre.

    In a chat with filling station fuel attendants, TNG discovered that the response was like a prepared script”we have not finished our old stock they all chorused.

    Asked whether they were not scared of Department of Petroleum Resources, DPR, officials, one of the attendants told TNG”for this lockdown make dem come now we de wait.

    “We go tell dem say na old products we get and how many people de buy fuel these days even people no de buy for Jerry cans again as NEPA don de try now.

    “We no de run shifts again because there’s no need oh as nobody kuku de come buy like before.

    The most revealing in this report is that NNPC Petroleum sales outlets failed to respect the FG directive as they also refused to adjust their meters.

    As at on Monday this week the price of crude oil in the international market has continued to tumble.

    This could further lead to reduction of pump price by May 1 but will the powerful filling station operators obey? This is a question for another day.

  • Border closure: Buhari orders arrest of security operatives over illegal release of 295 tankers of smuggled fuel

    Border closure: Buhari orders arrest of security operatives over illegal release of 295 tankers of smuggled fuel

    President Muhammadu Buhari has commissioned a security outfit to check illegal operations and activities of government officials and suspected smugglers at the country’s borders.

    The creation of the outfit, codenamed ‘Operation Swift Response’, followed discovery that some officials are neck deep in deals with smugglers to perpetrate illegalities.

    The President’s Special Adviser on Media and Publicity, Mr. Femi Adesina, said in a statement yesterday that the security committee has since seized different illegally moved goods at the borders.

    He said: “As part of the federal government’s effort to ensure food security and improve local production of goods at competitive prices, President Muhammadu Buhari commissioned ‘OPERATION SWIFT RESPONSE’ as a border drill exercise to checkmate the illegal activities of smugglers across our borders.

    “The border drill has been hugely successful and has led to the interception and seizure of large quantities of foods, materials, minerals and petroleum resources illegally trafficked across our borders. The president commends the security agencies for a job well done.

    “He, however, finds it disheartening to learn that 295 smuggled petroleum tankers were released without due authorisation on 17th December, 2019 by some security officials charged with the responsibility of protecting our borders.

    “Sequel to this act, the National Security Adviser (NSA) was directed to set up a Board of Inquiry to investigate the crime, and it was recommended to the president that all officials (civilian or security operatives) found to have connived to undermine government’s efforts should be withdrawn from the border drill and severely sanctioned by their respective organisations.

    “The president has accepted the recommendations and directed the immediate withdrawal and replacement of all those found culpable. He has also directed that their respective organisations should mete out immediate appropriate disciplinary actions to them.”

  • Nigerians to pay new price for fuel as FG comes with new regime

    Nigerians to pay new price for fuel as FG comes with new regime

    The Minister of State for Petroleum Resources, Timipre Sylva, on Thursday said that the Federal Government was planning on making fuel available at N97 per litre, using the compressed natural gas (CNG) as an option to premium motor spirit (PMS).

    CNG is a fuel that can be used in place of gasoline, diesel fuel and liquefied petroleum gas (LPG). It is used in traditional gasoline/internal combustion engine automobiles or specifically manufactured vehicles.

    Fielding questions from reporters at his office in Abuja, the minister said the common man would not notice that subsidy on PMS has been removed when they have CNG as an option.

    He said, “If we are thinking of reducing pump price for fuel? I could easily say yes and I’m sure all of you wonder why I am saying that.

    “We are thinking of giving the masses an alternative. Today we are all hooked on PMS, what we want to do going forward is to see that we are able to move the masses to CNG gas.

    “CNG unit for unit costs less than even the subsidised PMS. Per litre the subsidised rate of PMS is N145/l. CNG will cost N95 to N97/l that is why I could say we want to reduce the cost of fuel, that way when we are given an alternative Nigerians will not notice when the subsidy on PMS is removed.”

    Sylva said he also expressed hoped that the Petroleum Industry Bill (PIB) will be passed by the National Assembly before May.

    “We are very ambitious about the PIB and we are hoping that it will pass before May this year which is the first anniversary of this administration and second tenure of this government.

    “We are counting on the excellent relationship between the executive and the legislature but I must say that it is a hope and that is why I am mobilising the support of all of you. We are also mobilising the support of the national assembly and everybody else in the industry.

    “Let us build a consensus around the PIB because the PIB has taken us back for too long, it has held us down for too long and we need to get it passed quickly. It is taking us a while to tidy up because we want to take every interest on board,” he stated.

  • Photos: Lagosians scooping fuel from a fallen tanker

    Some residents of Victoria Island, highbrow Lagos Friday morning trooped out with kegs to scoop diesel from a fallen 33,000 litre tanker along Ozumba Mbadiwe Avenue.

    The truck with registration number KRD280XN was said to have lost a tyre while in motion around 5am which caused a flip through the highway median.

    It was gathered that the two compartments of 11,000 litres each detached from the truck and fell on the ground spilling their contents.

    In no time, some residents and street urchins surrounded the tanker with jerrycans leaching on the liquid substance.

    But for the timely intervention of the police, who chased the young people away and seized some of the jerrycans, there would have been an explosion with devastating casualties on the busy expressway.

  • Stop panic buying of fuel, NUPENG urges Nigerians

    The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) on Saturday called on Nigerians to stop panic buying of petrol and diesel as there was enough of the products in circulation.

    Mr Tayo Aboyeji, the NUPENG South West Chairman, made the call in an interview with the News Agency of Nigeria (NAN) in Lagos.

    “Nigerians should stop spreading and listening to rumours of government removing fuel subsidy and increasing pump price of fuel.

    “We are not aware of such move, there is enough fuel in circulation and no increase have been made so far, ” Aboyeji said.

    The NUPENG boss cautioned Nigerians of the impeding dangers of storing and stock piling fuel at homes and shops, especially during this hot weather.

    “Careless storage of fuel can lead to fire disaster both in the house or in the car,” Aboyeji added.

    NAN reports that some few gas stations are not selling fuel while the few ones selling are witnessing long queue of vehicles and jerry cans in Lagos and other parts of the country.

    Despite the long queues, however, transport fares in most parts of Lagos state remain the same.

  • Atiku will crash fuel price in Nigeria – PDP

    Atiku will crash fuel price in Nigeria – PDP

    The Peoples Democratic Party, on Thursday, revealed that its presidential candidate, Alhaji Atiku Abubakar, has a pricing template that will crash the pump price of fuel in the country, if elected Nigeria’s president.

    PDP made this known in a statement, signed Kola Ologbodiyan, its National Publicity Secretary and shared on its verified Twitter handle, @OfficialPDPNig.

    In the statement, President Muhammadu Buhari was accused of being insensitive to the plights of the masses, by increasing the prices of diesel and kerosene.

    Meanwhile, the Nigeria National Petroleum Corporation on Wednesday dispelled the rumour of an impending review of the pump prices of petroleum products, especially Premium Motor Spirit, popularly called petrol.

    Part of the PDP statement read, “Our Presidential candidate, Atiku, has worked out a pricing template that will immediately crash the pump price of fuel in the country, since the @MBuhari-led @OfficialAPCNg administration, in its insensitivity, has failed to do the needful in the last three years.

    “We completely reject the @MBuhari-led FG’s increase of the official prices of diesel and kerosene. Such increment will bring more economic pressure on the already impoverished nation, as most businesses and homes across the country heavily rely on these products for sustenance.”

    PDP said, it has found out that given the current subsidy arrangement, the pump price of fuel should be between, N87 and N99.

    “Our party is talking with top international players in the oil and gas industry, and these engagements have shown that the appropriate pump price of fuel in the Nigerian market, under the current subsidy regimes of the Buhari Presidency, should be within the borders of N87 to N90.

    “With the current price template of crude oil in the international market, the @MBuhari administration has no justification to keep the pump price of fuel at N145 per liter and watch Nigerians groan under the weight of high prices.”

    The party went on to reassure Nigerians that its presidential candidate was working on a blueprint that will “end sleazes, ensure appropriate pricing template and free resources to guarantee the availability of product on a national pricing regime.”

  • Fuel scarcity: NNPC assures hitch-free festive season

    The Nigerian National Petroleum Corporation (NNPC) has assured of a hitch-free festive season as the country nears a period where demand for petroleum products hit roof top.
    TheNewsGuru (TNG) reports NNPC Group Managing Director, Dr. Maikanti Baru, gave the assurance on Wednesday.
    According to the NNPC GMD in a statement signed by NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, motorists and other consumers of petroleum products across the country have nothing to worry about during the festive season.
    Baru in the statement explained that the NNPC has 37 days fuel sufficiency, stressing that strategies had been put in place to ensure that Nigerians experience a hitch-free festive period.
    Meanwhile, the Corporation cautioned against unnecessarily stockpiling, and mishandling of petroleum products, especially as the dry season draws near in the country.
    According to the NNPC boss, experience had shown that commuters stock petroleum products at home or move about with them in their vehicle boot at this period of the year, exposing themselves and others to serious danger.
    Ughamadu, in the statement, said the incident involving a car laden with fuel which burst into flames while in motion last week at Umuode community, Osisioma Ngwa Local Government Area of Abia State, exemplified the danger of transporting inflammable petroleum products in vehicle not made for that purpose.
    The Corporation’s spokesman admonished communities hosting NNPC facilities to refrain from taping products from NNPC pipelines or engaging in activities that my lead to spill of petroleum products, saying individuals involved in such an act may suffer untold casualties.
    He encouraged communities in NNPC’s areas of operations to report suspicious movements around the corporation’s facilities to the law enforcement agencies, adding that observing basic safety rule of keeping away from areas where inflammable petroleum products spills had occurred could save lives and properties.
     

  • NNPC declares N18bn Trading Surplus in May, supplies 1.2b litres of fuel

    A trading surplus of N18.12 billion was achieved for the month of May 2018 by the Nigerian National Petroleum Corporation (NNPC), a statement from the agency disclosed on Monday.
    This was relatively higher than the trading surplus of N17.16 billion recorded in the preceding month, with the additional monthly trading surplus of N960 million mainly due to increased performance of some of the corporation’s subsidiaries like the Nigerian Petroleum Development Company (NPDC), Petroleum Products Marketing Company (PPMC), Nigerian Pipelines and Storage Company (NPSC) and Marine Logistics.
    Details of the transactions contained in the recently released May 2018 edition of the Monthly NNPC Financial and Operations Reports also indicated that within the period, the NNPC Group performance was mainly impacted by NPDC’s performance which recorded a favourable variance of N18.22 billion due to increase in revenue with parallel decrease in expenses, resulting in N20.93 billion net increase in the upstream gas and power surplus.
    Overall, the report indicated that the increase in performance was bolstered by the relatively high production volumes of 1.97 million barrels per day in April 2018 which was sold in May 2018 thereby reducing cost per unit.
    Under the national crude oil and natural gas production, lifting and utilization segment, the report noted that 58.96 million barrels of crude oil and condensate were produced in the month of April 2018 representing an average daily production of 1.97 million barrels. This represents 1.02 per cent increase compared to the preceding month.
    A breakdown of the production figure indicated that Joint Ventures (JV) and Production Sharing Contracts (PSC) contributed about 32.82 percent and 41.77 percent respectively, while Alternative Financing (AF), NPDC and Independents accounted for 14.68 percent, 7.65 percent and 3.08 percent respectively.
    It was also indicated that the NPDC’s cumulative production from all fields within the period amounted to 47,759,229 barrels of crude oil which translated to an average daily production of 120, 909 barrels per day.
    In terms of national gas production, the 34th NNPC Financial and Operations Report highlighted that 231.59 Billion Cubic feet (BCF) of natural gas was produced in the months of May, 2018, translating to an average daily production of 7,785.01 Million Standard Cubic Feet per day (MMSCF/D).
    In the downstream sub-sector, NNPC continued to ensure increased petrol supply and effective distribution across the country.
    In May 2018, 1.19 billion litres of petrol were supplied by NNPC, translating to 40.59mn Liters/day to sustain seamless distribution of petroleum products which resulted to zero fuel queue across the nation.
    In the month under review, the corporation continued to monitor petrol evacuation figures from depots across the nation, and engaged, where necessary, the Nigerian Customs Service (NCS) and other stakeholders through existing Joint Monitoring Team.

  • Scarcity: Marketers have no reason to sell PMS above N145 per litre – Baru

    The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru says there is no reason for any marketer to sell Premium Motor Spirit (PMS) above the approved price of N145 per litre.

    Baru made this known at NNPC Day at the ongoing 29th Enugu International Trade Fair on Thursday.

    He said that the corporation was under direct instruction from President Muhammadu Buhari to sell the products to marketers at N133.38k.

    “The issue of profiteering on sale of petroleum products has been the problem. Every petroleum supplied in this country at the moment is from the NNPC.

    “We are under direct instruction from the president that we must not sell above N145 per litre and that is what we have been doing.

    “So, there is no reason why any marketer should sell above N145 per litre,” he said.

    Baru said that the recent petroleum crisis was worst in the South-East, and appealed to marketers to reciprocate the goodwill of the Federal Government by ensuring that the masses did not suffer.

    “Appeal to your members to extend this goodwill to the people by selling within N145 per litre.

    “If they complain that it is because of transportation, I have reports that marketers in Maiduguri are selling at N141 per litre and they are lifting either from Calabar or Port Harcourt. So, somebody here cannot complain,” he said.

    He called on Nigerians to report any infringement on the sales of the product to the Department of Petroleum Resources (DPR) nearest to them.

    Baru said that the corporation was glad to be part of the fair after long years of its absence.

    Earlier, the President of Enugu Chamber of Commerce, Industries, Mines and Agriculture (ECCIMA), Mr Emeka Udeze, said they were glad to have the NNPC chief executive attend the event.

    Udeze said that appropriate steps needed to be taken to remove all bottlenecks in the petroleum supply chain and ensure the availability of the products.

    He said that the last crisis in the sector, which lasted for long, though abated, till date had continued to leave telling effects on Nigerians.

    “We do hope that the lessons learnt from this crisis will provide the needed buffer to stabilise the supply chain in the industry and reduce the level of volatility in the economy,” Udeze said.