PPPRA

The Federal Government on Monday said that there are no plans to Scrap the Nigerian National Petroleum Corporation, NNPC in the Petroelum Industry Bill 2020 that has been transmitted to the National Assembly by President Muhammadu Buhari.

The Petroleum Products Pricing Regulatory Agency, PPPRA, yesterday, disclosed that N8.9 trillion was spent on fuel subsidy by the Federal Government, mainly by previous administrations, between 2006 and 2015.

Nigeria Liquefied Petroleum Gas Association, NLPGA, has kicked against moves by the Petroleum Products Pricing Regulatory Agency, PPPRA, to impose administrative levy, despite the deregulation of the LPG sector.

The Petroleum Products Pricing Regulatory Agency, PPPRA, blamed foreign exchange challenges and prevailing uncertainty for the inability of oil marketers to resume fuel import.

President Muhammadu Buhari has warned that it would be economically dangerous for Nigeria to go back to the era of fuel subsidy, citing grave financial cost and a return to the era of long fuel queues as certain results.

Petrol stations across the country, yesterday, adjusted their pumps to reflect the hike in the ex-depot price of the Premium Motor Spirit, PMS, by the Petroleum Products Marketing Company, PPMC, with some of the stations raising the price to as high as N161 per litre.

Minister of State for Petroleum Resources, Chief Timipre Sylva, Thursday, disclosed that the Federal Government was not currently capable, financially, to pay the subsidy.

Oil marketers have denied receiving petrol subsidy payments in June 2020 as disclosed by the Nigerian National Petroleum Corporation (NNPC) in its latest operations report.

Nigeria’s state oil company recorded a 5.34 billion naira ($14 million) cost for fuel in June, months after it changed its pricing method in an effort to eliminate subsidies.

The South West chapter of Independent Petroleum Marketers Association of Nigeria has directed all its members in the zone to henceforth, increase the pump price of Premium Motor Spirit, otherwise known as petroleum to N150 per litre.

The Major Oil Marketers Association of Nigeria (MOMAN) says Nigeria is gradually heading towards full deregulation of the Premium Motor Spirit (PMS) which will enable pump price to be determined by market forces.

The Petroleum Products Pricing Regulatory Agency (PPPRA) kept the petrol dealers guessing on Tuesday when it approved an ex-depot price of N138.62 per litre for the Premium Motor Spirit (PMS) petrol and kept the pump price to its chest.

The Petroleum Products Pricing Regulatory Agency (PPPRA) says full deregulation of the downstream oil and gas sector will help force down price of Premium Motor Spirit (PMS) also known as petrol.

Oil marketers, under the aegis of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), yesterday, kicked against attempts by some labour groups and trade associations to stage a protest march in opposition to the recent hike in the price of Premium Motor Spirit, also known as petrol.

The Women in Energy Network (WIEN) has accused the Petroleum Products Pricing Regulatory Agency (PPPRA) of secrecy in the computation of the indices guiding pump prices of petroleum products.

The Independent Petroleum Marketers Association of Nigeria in South West on Wednesday announced the suspension of its planned strike.

The Independent Petroleum Marketers Association of Nigeria, South West, has threatened to stop loading petroleum products in all depots in the region in protest against the recent increase in the price of petrol.

The independent oil marketers operating under the aegis of the Private Depot of Oil and Gas Marketers Association of Nigeria (PDOGMAN) has impressed on the federal government the need to embark on full deregulation of the downstream sector of the nation’s oil and gas industry, saying this would benefit the economy on the long run.