Buhari stressed that his government was working relentlessly to make transparency the watchword in all oil and gas transactions. Declaring open the maiden edition of the Nigeria International Petroleum Summit, NIPS, Buhari told local and foreign oil industry stakeholders in Abuja that his administration will not stop the fight until a new image is created for the sector. “Corruption in this industry must not be allowed in any form. On our part we will not stop the fight until a new image is created where transparency will be the watchword in all our transaction,” he said. The president, who was represented by the Secretary to the Government of the Federation, Boss Mustapha, said that effort in stakeholder engagement and stabilising the Niger Delta will continue to receive
Committee Chairman, Senator Kabir Marafa stated this while addressing executives of agencies of government who were being questioned over their roles in petroleum subsidy from 2006 till date. Marafa said, the claims by the Nigeria National Petroleum Corporation (NNPC) that 70 million litres of PMS were being consumed daily by Nigerians might not be true; hence, the move to investigate activities of the sector. “Distinguished colleagues, heads of agencies, this investigation would touch all agencies of government who are involved in petroleum downstream.” “NNPC has said that Nigerians consumes 70 million litres of fuel per day, and the issue is, why are we still experiencing fuel scarcity?” He believed that government was paying for subsidy that did not exist, adding tha
The Senate gave the order on Thursday following a presentation by the NNPC Group Managing Director, Dr Maikanti Baru, before the Joint National Assembly Committee on Petroleum Downstream in Abuja (on Wednesday). Mr Baru informed the lawmakers that if the activities of the fuel truck diverters and smugglers were left unchecked, it would be absolutely difficult to guarantee round-the-clock availability of petrol throughout the country. He added that the sudden and unnatural shock in fuel consumption to record levels has over-stretched the Direct-Sale-Direct-Supply (DSDP) crude for product supply arrangement which was originally based on 35 million per day petrol consumption pattern. Furthermore, he suggested that with the current unprecedented average daily fuel evacuation of 55...
Oil prices rallied to three-year high, boosted by a record 10th straight weekly decline in U.S. crude inventories. International benchmark Brent futures were nudging 71 dollars per barrel, both crude benchmarks are up by almost 60 per cent since the middle of last year. U.S. West Texas Intermediate (WTI) crude futures climbed to 66.22 dollars per barrel in early trading, also the highest level since early December 2014. Price support has also been coming from supply restrictions led by a group of producers around the Organisation of the Petroleum Exporting Countries (OPEC) and Russia, which started last year and are set to last throughout 2018. “The Saudi’s and Russians continue to work together to talk the oil market higher and last night, the countries’ two oil minist
Senate decision follows a Point of Order by Senator Dino Melaye (Kogi West) asking it to confirm the veracity of the alleged 'monumental corruption' in NNPC. Brass LNG is registered as a Joint Venture (JV) with NNPC with a controlling share of 49℅. Under the Nigerian law, accounts of (JVs) like Brass LNG are required to be domiciled with the Central Bank of Nigeria (CBN). Melaye wants Senate to investigate how the account of Brass LNG worth $141 million is not kept with the CBN but is rather lodged in a private account with Keystone Bank. "Mr. President it is a known fact that when you have a Joint Venture (JV), the account of such JV will be domicile with the CBN, but in this case that was not what happened", Melaye said. Melaye disclosed further that the private accou
The federal government has announced that the Petroleum Products Pricing Regulatory Agency, PPPRA is reviewing the pump price of petrol in the country following the recent scarcity. Minister of state for petroleum resources, Ibe Kachikwu, said FG won't allow an increase from the current N141 per litre despite the landing cost of the product having risen to N171 per litre. "There are two lines as regards this template; there is the actual cost of landing the product, on the template, and there are other ancillary charges that deal with logistics, profit margins for the operators and all of that. "As part of this committee's work, we are also reviewing that template to see whether there are things we need to do to help us ensure that we can accommodate sales at the N145/litre wi...
The Federal Government, on Thursday, said the current fuel scarcity may persist till June, 2019, when government and private refineries will fully come on stream. It hinted that until then, it will manage the current crisis. According to the Minister of State for Petroleum Resources, Ibe Kachikwu, the fuel scarcity will be managed until the ongoing repairs and construction of refineries are completed. He spoke when he appeared before the Senate committee on Petroleum Downstream, investigating the current fuel scarcity. The Minister, who was accompanied by the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mr. Maikanti Baru and other officials of his Ministry, also revealed that the increase of crude oil in the international market usually affe...
Dr. Maikanti Baru, Group Managing Director of the Nigerian National Petroleum Corporation, has declared that the Federal Government has successfully tamed “the monster” of fuel scarcity that marred Christmas holidays across the country. The NNPC boss said this while addressing State House correspondents after joining fellow Muslims for Jumat service in a mosque at the Presidential Villa, Abuja. Baru said information available to him showed that normalcy had returned to Abuja, Lagos and many other parts of the country. The NNPC boss said, “I’m happy to report that we have tamed the monster that reared its head as a result of the rumoured price increase about three weeks ago. “Unfortunately, that rumour instigated a lot of marketers to be very greedy and they decided that their fello
PDP National Publicity Secretary, Kola Ologbondiyan, in a statement on Wednesday said Nigerians deserve to know the true circumstance that led to the situation and who is responsible for the payment of fuel subsidy. “This APC Government is not only grossly incompetent and corrupt but also a champion in the use of lies and manipulations against innocent and unsuspecting citizens,” he alleged. “Is it not ridiculous for the Federal Government, in its bid to cover for its ineptitude and oil subsidy corruption, to announce that it is the NNPC and not Nigeria that is paying for the so-called fuel subsidy?” Ologbondiyan further said: “The question is; who owns the NNPC? Is it not Nigeria? Can NNPC spend a kobo without the authorisation of the Presidency? Has President Muhammadu Buh
Group Managing Director of the Corporation, Dr Maikanti Baru, gave the assurance on Wednesday while addressing reporters in Abuja. According to him, NNPC is winning the war and putting in place adequate measures to ensure the product is easily accessible to the people in all parts of the country. “I promise by weekend, most of the abrasions we’ve been noticing will disappear. You could see that we are winning the war,” Baru said. “The (fuel) queues have significantly subsided in Abuja; In Lagos, they’ve almost become none existent and, of course, we are pushing it to the other cities as well as to the hinterlands.” The NNPC boss addressed in the outskirts of Abuja, where he had gone to shut down another illegal petrol station. He also accused some petroleum marketers of dive