Index to Nigerian Newspapers

NNPC Limited has raised pump prices by about 11% to N950 per litre following disagreements between the company and Dangote Refinery over the price of the product. The base cost of petrol from the refinery is N898 per litre, with additional costs such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority charge and the Midstream and Gas Infrastructure Fund charge. The effective pump price in Lagos area is now N950.22 per litre. NNPC insists that it loaded the product at N898 per litre from Dangote and challenges anyone with contrary figures to make it public.

Nigeria's petroleum industry regulators and operators have formally effected a subsidy withdrawal, causing retail prices to increase by about 170 per cent to N500 per litre. The new price template took effect after a deadlock in Abuja. Borno and Yobe states have the highest petrol prices, while Lagos has the least. Depots sell the product at N470 per litre, with about N300 per litre going to stakeholders in the value chain. NNPC Limited has adjusted pump prices at its retail stations to N537 per litre, reflecting market dynamics. The company is committed to ensuring a ceaseless supply of products and apologizes for any inconvenience caused. Independent marketers and major marketers dispensed at N540 per litre. IPMAN Public Relations Officer Chinedu Ukadike said the group is ready for deregulation and is ready for competition.

Nigeria's Petroleum Industry Act (PIA) has faced administrative challenges, inadequate funding, infrastructure, and limited collaboration among stakeholders. The legislation aims to increase restructuring, investments, improved operations, and transparency in the oil and gas industry. However, the implementation of the Environmental Remediation Fund and Environmental Management Plan is still pending stakeholders' alignment. The Nigerian Upstream Decommissioning and Abandonment Regulations 2023 are also undergoing gazetting stage, while the administration of economic interest securities is awaiting stakeholders' alignment. The delay in implementing the legislation has hindered the full delivery of expected benefits to Nigeria's oil and gas industry and economy. The rig count in Nigeria remains stagnant compared to other African nations, such as Algeria and Libya.

Barely a month after deregulation, It also showed that the six companies, including Eterna, A visit to many private depots in Apapa, We have not started importing fuel — oil marketers The national president, could not be reached for comments, who noted said the oil marketers have not yet commenced the importation, “The cost of importing petrol has tripled because of subsidy withdrawal. “This means that a lot of funds are needed than before. Ranging from N510- depending on location, who pleaded anonymity, “We have applied for license to import. We are waiting on the regulator. Adequate caution is required from everyone, including the banks that will provide the funds, Farouk Ahmed, including Uber, a distance that used to be below N1000. A distant that used to be less than N1000..

By Udeme Akpan, A meeting between government officials and labour leaders last Wednesday, ended in a deadlock, ahead of the planned nationwide indefinite strike from Wednesday, be informed that the nationwide action will commence on Wednesday, “considered the huge suffering pervading the nation, about $ 6 billion was used for Turn Around Maintenance, beginning from Wednesday, starting 00.00 hours on Wednesday, “The Congress decided that if by Wednesday, The action has commenced immediately. The NLC confirmed that it has mobilised 48 affiliate unions, acting general secretary, meeting held on June 2 2023 at the Labour house Abuja, TUC meeting inconclusive, adding that while representatives of government would take theirs to the government, when this thing is removed, on the purchasing power because the price of fuel has gone up. Meeting on Saturday, members unanimously adopted the position of NLC on the issue. And called on the government to address the high cost of funds, stressing that it affects the total cost of operations in the sector. We are settling down and will consider importation later. ” We are studying the market — MOMAN Similarly, While acknowledging that the subsidy removal has resulted in higher pump prices, he strongly believed that in the long run, who expressed disappointment with selective execution by the government, I cannot celebrate this approach to removing subsidy. It is as inefficient as a price ceiling or price floor. The volume of PMS consumed albeit debatable, there is a need to have a close look at this scheme. The current structure will need to be reviewed and creatively restructured. ” The report called for increased refining, Palliatives The report recommended the following palliatives:.

The meeting between government officials and labour leaders last Wednesday ended in a deadlock, leading to the planned nationwide indefinite strike from Wednesday. The NLC mobilised 48 affiliate unions, and the TUC met inconclusive. On Saturday, members unanimously adopted the NLC's position and called on the government to address the high cost of funds. The report called for increased refining and palliatives, and recommended the following palliatives.