The Nigerian National Petroleum Corporation (NNPC) and the Independent Petroleum Marketers Association of Nigeria (IPMAN) are heading for a collision over the introduction of Bulk Purchase Agreement (BPA) fee by the corporation. The marketers alleged that NNPC introduced BPA fee of N125,000.00 yearly for bulk buyers of petrol and also directed that each marketer should make five years upfront payment, […]
Continue reading »The Nigerian National Petroleum Corporation, NNPC, yesterday, denied any plan to further hike the price of Premium Motor Spirit, PMS, also known as petrol, stating that current realities on ground didn’t support any increase. Addressing newsmen in Abuja, Group General Manager, Group Public Affairs Division of the NNPC, Mr. Muhammad Garba-Deen, said there was absolutely no plan by the Federal […]
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European oil companies, especially Swiss commodity traders, are exploiting weak African fuel standards by selling toxic diesel and gasoline across the continent, a campaign group said Thursday. A three-year investigation published by Switzerland-based environmental and economic group Public Eye did not accuse oil companies of breaking any laws. But it charged several firms with using an “illegitimate strategy” to boost […]
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A civil rights organisation, Africa Network for Environment and Economic Justice, has raised the alarm that two companies based in Switzerland, Vitol and Trafigura, are allegedly engaged in the importation of dirty fuel to Nigeria. The ANEEJ advised the government to “work closely with the National Assembly and help to activate all environmental laws that will check the illegitimate business […]
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The organised labour has threatened to call out its members for a strike should the federal government go ahead to increase pump prices of petroleum products. According to the NLC President, Ayuba Wabba, such action will worsen the suffering workers are experiencing from the negative impact of a similar upward review of petroleum products prices carried out last year. He […]
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Former and present Group Managing Directors of the Nigerian National Petroleum Corporation have expressed fears that the current pump price of N145 per litre is no longer feasible. They said the amount does not correspond with the price-determining components of the commodity and the fluctuations of the foreign exchange rate. They stated this after a one-day meeting they held with […]
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NNPC Group Managing Director, Maikanti Baru has ruled out the possibility of any increment in petrol pump price. Baru said this today to state house correspondents while reacting to media reports that oil marketers may soon increase pump price of petrol due to the scarcity of dollar and high exchange rates. According to Baru, he has not gotten any presidential […]
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Nigerians should prepare for another increase in the pump prices of petrol, due to the continued scarcity of foreign exchange to finance the importation of the product, oil marketers have said. According to them, the United States dollar hit an all-time high last week, as it exchanged for N400 at the parallel market. Worried by the development, the marketers say […]
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Uncertainty is dogging in the supply of petroleum products for local consumption as some banks overseas have suspended short and medium-term credit lines to their Nigerian counterparts due to the inability of marketers to pay matured foreign currency obligations of over $950 million. The Guardian learnt at the weekend that unless the Federal Government intervened in the payment of the […]
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A total of 63 trucks loaded with fuel meant for Kano, Bauchi and Yobe states, but diverted have been intercepted by the Department of Petroleum Resources (DPR) in Kano and sold at government approved price. In a briefing, the Operations Controller supervising Kano and Jigawa, Isah Tafida, told the media men that his department has intensified effort in making the […]
Continue reading »The country’s long running intermittent fuel scarcities are artificial, and the handiwork of unscrupulous oil marketers and depot owners. This statement was made by the Department of Petroleum Resources (DPR).
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