In its latest monthly financial and operations report for March 2020, the Nigerian National Petroleum Corporation posted total revenue of N192.4bn from the sale of petrol, kerosene, and diesel in the month of March.
Last week, the Nigeria Labour Congress took a swipe at the recent hike in petrol pump price, demanding an immediate reversal. As if that’s not enough, the Independent Petroleum Marketers Association of Nigeria (IPMAN), South-West, has also threatened to stop lifting of petroleum products following the hike in the petrol pump price.
The Federal Government (FG) has raised the pump price band of petrol to between N140.80 and N143.80 for the month of July. However, stakeholders are seeking total deregulation in the determination of the petrol price.
Despite opposition by oil marketers, the Petroleum Products Pricing Regulatory Agency (PPPRA) has said it would continue to fix price bands for petrol.
Oil workers in Nigeria have threatened to withdraw their services nationwide should the Federal Government insist on registering employees in the oil sector on the Integrated Payroll and Personnel Information System.
Mele Kyari, the Group Managing Director of the NNPC, has said that fuel consumption and smuggling stands at 54 million litres of petrol per day.
Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), has rolled out the Lagos Zone (South West) operations. The roll-out, which marked the commencement of its South West operations, took place at Sagamu Industrial Area Unit in Ogun State, on June 12, and was led by Philips Yemi Fatuyi, the Lagos Zonal chairman, NOGASA.
The Nigerian National Petroleum Corporation has said that the country’s refineries recorded total revenue of N3.45bn in 2018 was but their salary expenses and other expenses gulped N160.13bn,
The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mele Kyari has said that it will end discounts on crude sales by 30th June or the latest in July.
After much investigations into the rate of retailer's compliance with the new fuel selling price of N121.5 to N123.5/litre, the Department of Petroleum Resources, DPR, has begun inspecting filling stations in the country and has shut down those found selling above the stipulated price range.