Deregulation

The House of Representatives has called on the Nigeria National Petroleum Corporation (NNPC) to review the status of each of the 38 modular refinery licences issued to indigenous firms, revoke and re-issue them to competent and reliable operators.

There are indications that the Federal Government through the Nigerian National Petroleum Corporation, NNPC would be under more pressure to fund Nigeria’s petrol under-recovery or subsidy as the price of Bonny Light rises to $65 per barrel in May 2021.

Timipre Sylva, minister of state for petroleum resources, says the federal government will soon halt the current subsidy regime for premium motor spirit (PMS), better known as petrol.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has listed at least 100 filling stations throughout the country that would be used in the federal government’s auto gas pilot scheme rollout.

The Nigerian Communications Commission (NCC) has been charged to enlighten state governments nationwide on the role of telecommunications as a catalyst for economic development.

The Nigerian Economic Summit Group, NESG has advised the federal government to retool its economic policy to overcome present economic challenges.

The Managing Director of Rain Oil Limited, Dr. Gabriel Ogbechie, has advocated the need for the Federal Government to fully deregulate the nation’s downstream sector of the petroleum industry.

Vice President Yemi Osinbajo, Friday emphasised the need for Nigeria to evolve a national development plan strong enough to absorb shocks and adapt to swiftly changing national and international conditions.

The Minister of State for Petroleum Resources, Timipre Sylva, says his ministry is expected to generate 600 million dollars from its new Marginal Fields.

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, yesterday made a case for a prompt conclusion of talks between the federal government and the organised labour to resolve the dispute over the appropriate pricing of petrol.

The federal government has once again stated that the petrol pump price remains N162 per litre, adding that it is having discussions with the Nigeria Labour Congress and other stakeholders regarding full deregulation.

The Petroleum Products Pricing Regulatory Agency, PPPRA, has declared that its publication of monthly template, does not amount to increasing the price of petroleum products, as such increase is supposed to be determined by market forces, under the current deregulation.

Akwa Ibom’s chapter of the Nigeria Labour Congress (NLC) has threatened to recall any National Assembly member from the state supporting the controversial new minimum wage bill.

The Nigerian National Petroleum Corporation (NNPC) and the Office of the Auditor-General for the Federation, on Tuesday, disagreed over non-remittance of N4.076trillion into the Federation Account.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has rejected the proposed scrapping of the Petroleum Equalisation Fund (PEF), asserting that it fosters national unity.

Indian farmers began gathering on Saturday to block a six-lane expressway outside New Delhi to mark the 100th day of protests against deregulation of agriculture markets, to add pressure on Prime Minister Narendra Modi’s government

Indian farmers who have been protesting for months against deregulation of produce markets plan to block a major expressway outside New Delhi on Saturday, the 100th day of their campaign, they said.

“The issue around the retail price has not been resolved at all. It seems the government has jettisoned deregulation. We are being forced to sell at a price that is not profitable. The ground is not level and we are told to sell at the same price with NNPC retail stations, that we shouldn’t increase the price. This is the cause of the scarcity,” the MOMAN official said.

Civil society groups on Saturday pushed for complete deregulation of the downstream sector of the petroleum industry that allows markets forces to determine the pump price of petrol and other petroleum products in the country.

Chief Timipre Sylva, Minister of State for Petroleum Resources, says the passage of the Petroleum Industry Bill (PIB) will unlock several midstream gas opportunities and enhance domestic gas utilisation.

Members of the Independent Petroleum Marketers Association of Nigeria, IPMAN, have advised Nigerians to expect a higher petrol pump price in the coming days, saying the price may rise to N195 per litre.

Former Vice President, Alhaji Atiku Abubakar has commended President Muhammadu Buhari’s willingness to privatize the nation’s existing refineries and other assets to revamp the country’s economy.