Nigeria may experience petrol scarcity across the country as the Nigerian Association of Road Transport Owners on Monday ordered tanker drivers nationwide to halt operations beginning from Tuesday (today).
Vice President, Prof. Yemi Osinbajo, says the problems associated with Nigeria’s refineries will persist if the Federal Government continues to own and run them, saying that the Federal Government has no business running oil refineries in Nigeria.
The Nigerian National Petroleum Corporation, NNPC, says it made a trading surplus of N20.36 billion in July 2020, rising by 860 per cent from a surplus of N2.12 billion recorded in June.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has advised the Federal Government to completely deregulate the downstream oil sector.
The Federal Government has been given a seven-day ultimatum by the Trade Union Congress of Nigeria to reverse the recent increase in electricity tariff and petrol price.
The Federal government says Dangote refinery which will begin operations next year will not have a high effect on fuel price because it will be selling at the international price.
Total Nigeria Plc aimed to achieve N75. 67bn revenue for the fourth quarter of 2020. The Punch reports that the oil firm in its Q4 earnings forecast obtained from the Nigerian Stock Exchange also projected N 66. 24bn as the cost of sales for the period.
The Nigerian National Petroleum Corporation (NNPC) has said Nigeria is holding talks to hand over the majority stakes in Nigeria’s all four refineries, which are all in dire need of an upgrade.
A total of N 41. 98 billion was spent on pipeline repairs and management cost in the first half of this year, the Nigerian National Petroleum Corporation disclosed in its latest monthly oil report.
The Federal Government is no more going to be releasing guiding price bands for the sale of Premium Motor Spirit, popularly called petrol at filling stations; hence, oil marketers are now free to fix prices.