Skip to main content

Featured post

Marketers Will Pay Naira for Dangote Fuel -IPMAN

Aliko Dangote Refined petroleum products from the $20bn Dangote Petroleum Refinery are to be sold in naira and not in the United States dollar as speculated in some quarters, oil marketers clarified on Monday. Dealers in the downstream oil sector also stated that the registration process for marketers at the refinery was still ongoing, as many operators had continued to register with the plant. It was further gathered that officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority were meeting with the management of the refinery to perfect the pricing template for products produced by the facility. On January 12, 2023, the Dangote Petroleum Refinery announced the commencement of production of Automotive Gas Oil, also known as diesel, and JetA1 or aviation fuel. The President, Dangote Group, Aliko Dangote, had in a statement issued by the firm, said, “We have started the production of diesel and aviation fuel, and the products will be in the market within this mon...
Post a Comment
Read more
Labels

NNPC: payment of oil subsidy gone forever




GROUP Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has said Nigeria would no longer pay subsidy on petrol with the ongoing global oil price decline.

Kyari made this known in a statement signed by NNPC spokesman, Dr Kennie Obateru, in Abuja on Monday. “There is no subsidy and it is zero forever, going forward there will be no resort to either subsidy or under recovery of any nature.

“NNPC will play in the marketplace, it will just be another marketer in the space. But we will be there for the country to sustain security of supply at market price,” Kyari said. He stated that NNPC is a transparent organisation, probably the only company in the world that publishes its monthly financial and operations reports.

He said the corporation was proud of the initiative, and assured Nigerians of NNPC’s commitment and observance of transparency and accountability in all its transactions. He said as at Sunday, Nigeria produced 2.3 million barrels of crude oil, including condensates.

He maintained that the plan was for the country to ramp up production to three million barrels daily in the nearest future.

Kyari said Nigeria was endowed with premium crude oil grades supplied to Europe, Asia and India. He added that not withstanding the COVID-19 pandemic which had affected demand and supply fundamentals, all Nigeria’s export terminals were still in operations.

He said: “The key issue in crude oil business is market fundamentals of demand/supply. I believe COVID-19 will subside and countries will come back to life.

“I don’t see oil price going below the 20 dollars we saw last week. I’m certain, all things being equal, oil price will bounce back.” The NNPC’s helmsman assured Nigerians of ample supply and distribution of petroleum products

Email Post
Labels:

Comments

Post a Comment