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Farooq

Posts Tagged "fuel subsidy"

HomePosts Tagged "fuel subsidy"

Femi Asu The Federal Government has resorted to subsidy regime following an increase in the landing cost of Premium Motor Spirit, also known as petrol. This is coming about eight months after the Muhammadu Buhari-led regime stopped the fuel subsidy, which was costing the government millions of naira being paid monthly to oil marketers importing […]

The landing price of fuel has hit an all-time high of N210 per litre, forcing the Petroleum Products Pricing Regulatory Agency (PPPRA) to consider reviewing the current fuel-pricing template, say sources in the oil and gas industry. The governing board of the PPPRA is meeting today and sources say big on the agenda, would be […]

The retail price for petrol may rise by at least 13.7 percent to N165 per litre by January 2017 from the current price of N145, industry experts say. This is because the current petrol price template is predicated on an exchange rate of N285/$ and crude oil price of $45 per barrel, and these have […]

  • Kachikwu

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has said the federal government has so far saved up to $15.4 billion from its withdrawal of subsidy on petrol. A statement from the ministry’s Director of Press, Idang Alibi, in Abuja quoted Kachikwu as also saying that his various trips to China and India […]

Fuel subsidy is effectively back on the books of the Nigerian National Petroleum Corporation (NNPC) following the sharp rise in crude oil prices after the Organisation of Petroleum Exporting Countries (OPEC) agreed to cut production by 1.2 million barrels per day, on November 30. This effectively means that Nigeria’s current N145 per litre retail price […]

  • Kachikwu

By Okechukwu Nnodim, Abuja Nigeria has saved $15.4bn as a result of the elimination of subsidy on petroleum products since May this year, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said.  Kachikwu disclosed this while hosting members of the House of Representatives Committee on Petroleum (Downstream) at the ministry’s headquarters in […]

  • Kachikwu

Ibe Kachikwu, minister of state for petroleum resources, says the federal government will review its current pricing template before it can implement any increase in fuel price. The minister explained that some of the elements of the pricing template still lies within the government’s control, and can be amended to keep retail prices within its […]

The Nigerian National Petroleum Corporation (NNPC) says the country is back to the subsidy regime, as major importers have refused import fuel despite the availability of foreign exchange.  Speaking in Lagos on Monday evening, Mele Kyari, NNPC general manager for Crude Oil Marketing Division (COMD), said the problem was no longer that of foreign exchange. “We have […]