Category: Oil & Gas
Oil theft affecting govt finances, naira stability —Mike Obadan
The Central Bank of Nigeria disclosed this in a report by a member of the Monetary Policy Committee, Prof. Mike Obadan, who dealt with the topic ‘Is derugulation the solution to the forex / exchange rate problem?’
We don’t know exact daily petrol consumption —FG
As a country, we still cannot tell the exact volume of Premium Motor Spirit, popularly called petrol, which we consume on a daily basis, the Federal Government has said.
FG advocates for a multi-track energy transition programme
Sylva said Nigeria will remain at the vanguard of the crusade for a multifaceted energy transition timetable that will attract more investments for Africa while taking cognisance of the current global energy transition in the direction of renewable energy.
High price of diesel
Today, it is dispensed at about N720-N730 per litre. This is a dilemma for Nigerian manufacturers who had hitherto been operating under a most inclement business climate. Indeed, this is the essence of the manufacturers’ plea to government for help.
Subsidy deduction: Allocation Committee meets today as NNPC action threaten states’ allocations
The planned deduction of N242.53bn fuel subsidy from the Federation Account this month by the Nigerian National Petroleum Company Limited is raising uncertainty among states as the Federation Accounts Allocation Committee is scheduled to meet on Tuesday (today).
Subsidy may increase by 100% as FG’s benchmark oil price doubles
The projected oil price of the Federal Government of $62/barrel as contained in the 2022 Appropriation Bill has almost doubled going by the current global oil prices, which have been on the increase since the invasion of Ukraine by Russia on February 24, 2022.
Nigerians to spend N6.7tn on petrol in 2022, NLC, Senate fault N5,000 palliative
Nigerians will spend about N6.732tn on the purchase of Premium Motor Spirit, popularly called petrol, within a period of 12 months once the Federal Government stops subsidising the commodity from February next year, investigations have revealed.
OPEC revises 2021 global oil demand to 5.7 mb/d
”Revisions were mainly to account for slower than anticipated demand from China and India in Third Quarter 2021.
Nigeria lost N898.93bn to pipeline vandalism, theft in nine months
Between January and September 2021, Nigeria lost N898.93bn to crude oil losses and repairs of vandalised pipelines, among others, documents obtained from the Nigerian National Petroleum Company Limited showed.
NNPC refineries generate zero revenue, pay workers N69bn
Workers at the government-owned refineries were paid a total of N69.07bn last year, even as the plants generated zero revenue as they did not process a single barrel of crude oil.