Worried by the abandonment of Bodo-Bonny Road which links the Nigeria Liquefied Natural Gas, NLNG in Bonny, Rivers State, in the last 15 years, the Senate, yesterday, mandated its Committee on Works to summon the Minister of Power, Works and Housing, Mr Babatunde Fashola, to explain the rationale behind the non- completion of the road.
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In the last one year, the country has spent about N4.74tn on the importation of petroleum products, an amount that is made up of N3.4tn for the actual products and N1.34tn on logistics.
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—- NIMASA never prosecuted infractions The Executive Secretary, Nigerian Extractive Industry Transparency Initiative (NEITI), Mr. Waziri Adio, Wednesday disclosed that a whopping $15.9 billion in crude oil was either lost or not accounted for between 2011 and 2014.
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Members of staff of Capital Oil and Gas Industries Ltd have cried out to the Federal Government to ensure the release of their Chairman, Mr. Ifeanyi Ubah.
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The capacity of the Major Oil Marketers Association of Nigeria (MOMAN) and the Depot and Petroleum Products Marketers Association (DAPPMA) to import petroleum products has continued to weaken as unpaid subsidy claims and matured Letters of Credit (LCs) arising from the old subsidy regime hit $2 billion.
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The Minister of State for Petroleum Resources, Ibe Kachikwu has revealed that there will not be an open bidding for refineries’ repair.
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The Senate on Thursday passed the Petroleum Industry Governance Bill, which seeks to unbundle the Nigerian National Petroleum Corporation and merged its subsidiaries into a single entity.
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— Takes over imports — Oil Corporation explains position — Independent marketers abandon 198 depots, tank farms
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The move by the Federal Government to withdraw the refinery licences that have remained unutilised in the hands of some private investors is a step in the right direction.
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A coalition of youths in Ekiti has threatened mass action against petroleum marketers in the state for cutting off the fuel supply to residents.
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The House of Representatives Ad-hoc Committee on Review of Pump Price of Petrol has urged the Port-Harcourt Refining Company (PHRC) to improve on 3.523 million litres of petrol (Premium Motor Spirit) produced per day.
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—– NNPC now sole importer as oil price rallies The Minister of State for Petroleum, Dr. Ibe Kachikwu has stated that the federal government would re-visit the pricing modulation model introduced in 2016 and remove the multi-layer charges on importation of petroleum products to maintain the pump price of petrol at the current N145 per litre.
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