Major oil marketers in Nigeria have said that their inability to access foreign exchange for importation in recent works is the reason the expected reduction in diesel and kerosene prices have not materialized.
The Group Managing Director, Nigerian National Petroleum Corporation, NNPC, has said that despite the fall in oil prices in the international market, Nigeria’s crude oil has not been returned or rejected.
Nigeria’s five million tons Liquefied Petroleum Gas (LPG) 2023 consumption target will require at least $6 billion to build the needed infrastructure for it to be achieved, Dayo Adeshina, Programme Manager, National Liquefied Petroleum Gas Expansion Plan has said.
Finally, the era of subsidy on petrol in Nigeria has gone forever, says Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC).
Despite the deregulation of petroleum products, the pump prices of diesel and kerosene in Nigeria have yet to reflect the collapse of global crude oil prices, Punch has reported.
The Transmission Company of Nigeria, TCN, has collaborated with the Nigerian National Petroleum Corporation, NNPC, to increase the availability of gas needed to ramp up electricity supply in the country.
The enforcement of sales and distribution of petroleum products at filling stations by the Department of Petroleum Resources, DPR, especially in states currently in the two-week lockdown, has begun.
The price of petrol has further been reduced to ₦123.5/litre from ₦125/litre. The Federal Government made this reduction on Tuesday night.
In spite of the coronavirus pandemic, Nigeria has adequate stock of Premium Motor Spirit (PMS) popularly known as petrol that would last for two months.
In a recent interview with Bloomberg, Nigeria’s Minister of State for Petroleum, Timipre Sylva said that the country will be selling its crude at a discounted price and also increase its oil production to deal with the impact of the ongoing price war.