The Federal Government has said it would further review its pricing template for petrol with the aim of removing several multi-layered charges and costs that affect the pump price of petrol at service stations across the country.
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The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has continued his drive to have International Oil Companies (IOCs) operating in Nigeria deepen their investments in the country with a visit to United States oil firm, ExxonMobil. The minister according to a statement from the ministry yesterday in Abuja, met with top executives of ExxonMobil at its headquarters in […]
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Experts fret over petroleum industry outlook To douse tension in the oil-rich Niger Delta, the Federal Government plans to award to indigenes of the region marginal fields’ oil blocks abandoned by the oil majors as being not commercially viable. The plan is in line with the government’s larger objective of reducing major incidents of restiveness to about 90 per cent […]
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The Petroleum Tanker Drivers, PTD, branch of the Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, yesterday, evening suspended their nationwide indefinite strike, following Federal Government’s approval of bridging cost allowance from N6.20 to N7.20. National Chairman of PTD, Mr. Salimon Oladiti, who confirmed the suspension of strike, after a meeting with representatives of the Federal Government at the […]
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Key stakeholders from the coastal Gbaramatu Kingdom, Delta State, where ex-militant leader, Government Ekpemupolo (aka Tompolo), hails from have met with the Federal Government officials to prepare the ground for participation in the new policy to introduce modular refineries in the Niger Delta. The team from Gbaramatu led by the former Chairman of the Delta State Oil Producing Areas Development […]
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The Federal Government is currently working towards making some illegal refiners in the Niger Delta and local communities in the region shareholders in the proposed modular refineries concept. This is one of the falls-out of the ongoing engagements in the region being spearheaded by Vice-President Yemi Osinbajo. A government official who spoke on the condition of anonymity disclosed this to […]
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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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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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The current spike in the exchange rate of the dollar to the naira may be taking its toll on the country’s foreign-exchange-dependent aviation sector as airline operators seek to increase their fares by 45 per cent. The dollar exchange rate, which currently stands at N350, according to the airline operators, has further pushed the cost of running the business beyond […]
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