30-09-2020

AGO PORT HARCOURT DEPOTDEPOT PRICELIQUID BULK₦ 167.0SHORELINKSTOCKGAPNIPCO₦ 167.0SAHARA/BULK STRATEGIC₦ 167.0SIGMUND₦ 167.0AVIDOR₦ 167.0EVA₦ 167.0 CALABAR DEPOTDEPOT PRICENORTHWESTAMMASCOMAINLANDSAMON PETFYNEFIELDALKANESYSG (YOUNG SHALL GROW)₦ 167.0BLOKKS FRADOHYDEAZMAN/NIPCO₦ 167.0UGO HANNAH WARRI DEPOTDEPOT PRICERAINOIL OGHARA₦ 162.0NEPAL OIL₦ 162.0PRUDENT OGHARA₦ 162.0MATRIX₦ 160.0CYBERNETICSTAURUS₦ 162.0OTHNIEL BROOKS₦ 162.0OPTIMA₦ 162.0PINNACLEFRADROAYM SHAFA LAGOS DEPOTDEPOT PRICEAFRICA TERMINALS₦ 160.0IBACHEM₦ 154.5IBETO₦ 154.5INT. OIL & GAS₦ 154.5BEST₦ 155.0ETERNA₦ 155.0FOLAWIYO₦ 155.0OBAT₦ 154.0INDEX₦ 154.0RAHAMANIYYA₦...

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29-09-2020

  AGO PORT HARCOURT DEPOTDEPOT PRICELIQUID BULK₦ 167.0SHORELINKSTOCKGAPNIPCO₦ 167.0SAHARA/BULK STRATEGIC₦ 168.0SIGMUND₦ 167.0AVIDOR₦ 167.0EVA₦ 167.0 CALABAR DEPOTDEPOT PRICENORTHWESTAMMASCOMAINLANDSAMON PETFYNEFIELDALKANESYSG (YOUNG SHALL GROW)₦ 167.0BLOKKS FRADOHYDEAZMAN/NIPCO₦ 167.0UGO HANNAH WARRI DEPOTDEPOT PRICERAINOIL OGHARA₦ 162.0NEPAL OIL₦ 162.5PRUDENT OGHARA₦ 162.0MATRIX₦ 160.0CYBERNETICSTAURUS₦ 162.5OTHNIEL BROOKS₦ 166.0OPTIMA₦ 164.0PINNACLEFRADROAYM SHAFA LAGOS DEPOTDEPOT PRICEAFRICA TERMINALS₦ 160.0IBACHEM₦ 156.0IBETO₦ 156.0MRS₦ 160.0LEIGHTEN PETINDEX₦ 155.0ETERNA₦ 155.0FOLAWIYO₦ 160.0OBAT₦ 162.0CHIPET₦ 156.0RAHAMANIYYA₦ 154.0A...

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28-09-2020

  AGO PORT HARCOURT DEPOTDEPOT PRICELIQUID BULK₦ 167.0SHORELINKSTOCKGAPNIPCO₦ 167.0SAHARA/BULK STRATEGIC₦ 168.0SIGMUND₦ 167.0AVIDOR₦ 167.0EVA₦ 167.0 CALABAR DEPOTDEPOT PRICENORTHWESTAMMASCOMAINLANDSAMON PETFYNEFIELDALKANESYSG (YOUNG SHALL GROW)₦ 167.0BLOKKS FRADOHYDEAZMAN/NIPCO₦ 167.0UGO HANNAH WARRI DEPOTDEPOT PRICERAINOIL OGHARA₦ 162.0NEPAL OIL₦ 162.5PRUDENT OGHARA₦ 162.0MATRIX₦ 160.0CYBERNETICSTAURUS₦ 162.5OTHNIEL BROOKS₦ 166.0OPTIMA₦ 164.0PINNACLEFRADROAYM SHAFA LAGOS DEPOTDEPOT PRICEAFRICA TERMINALS₦ 160.0IBACHEM₦ 156.0IBETO₦ 156.0MRS₦ 160.0LEIGHTEN PETINDEX₦ 155.0ETERNA₦ 155.0FOLAWIYO₦ 160.0OBAT₦ 162.0CHIPET₦ 156.0RAHAMANIYYA₦ 154.0A...

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25-09-2020

  AGO PORT HARCOURT DEPOTDEPOT PRICELIQUID BULK₦ 167.0SHORELINKSTOCKGAPNIPCO₦ 167.0SAHARA/BULK STRATEGIC₦ 168.0SIGMUND₦ 167.0AVIDOR₦ 167.0EVA₦ 167.0 CALABAR DEPOTDEPOT PRICENORTHWESTAMMASCOMAINLANDSAMON PETFYNEFIELDALKANESYSG (YOUNG SHALL GROW)₦ 167.0BLOKKS FRADOHYDEAZMAN/NIPCO₦ 167.0UGO HANNAH WARRI DEPOTDEPOT PRICERAINOIL OGHARA₦ 162.0NEPAL OIL₦ 162.5PRUDENT OGHARA₦ 163.0MATRIX₦ 162.0CYBERNETICSTAURUS₦ 162.5OTHNIEL BROOKS₦ 166.0OPTIMA₦ 164.0PINNACLEFRADROAYM SHAFA LAGOS DEPOTDEPOT PRICEAFRICA TERMINALS₦ 155.0IBACHEM₦ 156.0IBETO₦ 156.0MRS₦ 160.0LEIGHTEN PETINDEX₦ 155.0ETERNA₦ 155.0FOLAWIYO₦ 160.0OBAT₦ 162.0CHIPET₦ 156.0RAHAMANIYYA₦ 154.0A...

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24-09-2020

  AGO PORT HARCOURT DEPOTDEPOT PRICELIQUID BULK₦ 167.0SHORELINKSTOCKGAPNIPCO₦ 167.0SAHARA/BULK STRATEGIC₦ 168.0SIGMUND₦ 167.0AVIDOR₦ 167.0EVA₦ 167.0 CALABAR DEPOTDEPOT PRICENORTHWESTAMMASCOMAINLANDSAMON PETFYNEFIELDALKANESYSG (YOUNG SHALL GROW)₦ 167.0BLOKKS FRADOHYDEAZMAN/NIPCO₦ 167.0UGO HANNAH WARRI DEPOTDEPOT PRICERAINOIL OGHARA₦ 162.0NEPAL OIL₦ 162.5PRUDENT OGHARA₦ 163.0MATRIX₦ 162.0CYBERNETICSTAURUS₦ 162.5OTHNIEL BROOKS₦ 166.0OPTIMA₦ 164.0PINNACLEFRADROAYM SHAFA LAGOS DEPOTDEPOT PRICEAFRICA TERMINALS₦ 155.0IBACHEM₦ 156.0IBETO₦ 156.0MRS₦ 160.0LEIGHTEN PETINDEX₦ 155.0ETERNA₦ 155.0FOLAWIYO₦ 160.0OBAT₦ 162.0CHIPET₦ 156.0RAHAMANIYYA₦ 154.0A...

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23-09-2020

  AGO PORT HARCOURT DEPOTDEPOT PRICELIQUID BULK₦ 167.0SHORELINKSTOCKGAPNIPCO₦ 167.0SAHARA/BULK STRATEGIC₦ 168.0SIGMUND₦ 167.0AVIDOR₦ 167.0EVA₦ 167.0 CALABAR DEPOTDEPOT PRICENORTHWESTAMMASCOMAINLANDSAMON PETFYNEFIELDALKANESYSG (YOUNG SHALL GROW)₦ 167.0BLOKKS FRADOHYDEAZMAN/NIPCO₦ 167.0UGO HANNAH WARRI DEPOTDEPOT PRICERAINOIL OGHARA₦ 162.0NEPAL OIL₦ 162.5PRUDENT OGHARA₦ 163.0MATRIX₦ 162.0CYBERNETICSTAURUS₦ 162.5OTHNIEL BROOKS₦ 166.0OPTIMA₦ 164.0PINNACLEFRADROAYM SHAFA LAGOS DEPOTDEPOT PRICEAFRICA TERMINALS₦ 155.0IBACHEM₦ 156.0IBETO₦ 156.0MRS₦ 160.0LEIGHTEN PETINDEX₦ 155.0ETERNA₦ 155.0FOLAWIYO₦ 160.0OBAT₦ 162.0CHIPET₦ 156.0RAHAMANIYYA₦ 154.0A...

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BREAKING: NLC Vows To Shutdown Nigeria From Next Monday, Protest Fuel, Electricity Price Hike

The Nigeria Labour Congress has vowed to proceed with its planned strike and protest with effect from September 28 following the failure of the Federal Government to reverse the hike in electricity tariff and fuel price.

Rising from its National Executive Council meeting in Abuja a few minutes ago, the NLC President, Ayuba Wabba, said the proposed action by the organised labour would proceed from next week.

He stated that the decision was unanimously taken by the chairmen of the 36 states and FCT chapters of the NLC.

Since the hike in petrol price, the federal government has tried to justified the increment, insisting the price remains one of the cheapest in Africa.

Lai Mohammed, the Minister of Information and Culture, joined at a briefing by the Minister of Power, Sale Mamman; and the Minister of State for Petroleum Resources, Timipre Sylva said, “In spite of the recent increase in the price of fuel to N162 per litre, petrol prices in Nigeria remain the lowest in the West/Central African sub-regions.

“Below is a comparative analysis of petrol prices in the sub-regions (naira equivalent per litre): Nigeria -N162 per litre; Ghana -N332 per litre; Benin -N359 per litre; Togo – N300 per litre; Niger – N346 per litre; Chad -N366 per litre; Cameroon -N449 per litre; Burkina Faso -N433 per litre; Mali -N476 per litre; Liberia – N257 per litre; Sierra Leone -N281 per litre; Guinea -N363 per litre; and Senegal – N549 per litre.

“Outside the sub-region, petrol sells for N211 per litre in Egypt and N168 per litre in Saudi Arabia.

“You can now see that even with the removal of subsidy, fuel price in Nigeria remains among the cheapest in Africa.”

President Buhari also justified the increase as he hinged it on the effects of the COVID-19 pandemic.

He said, “The COVID-19 pandemic has led to a severe downturn in the funds available to finance our budget and has severely hampered our capacity.

“One of the steps we took at the beginning of the crisis in March when oil prices collapsed at the height of the global lockdown was the deregulation of the price of Premium Motor Spirit such that the benefit of lower prices at that time was passed to consumers.

“This was welcome by all and sundry. The effect of deregulation though is that PMS prices will change with changes in global oil prices.

“This means quite regrettably that as oil prices recover we would see some increases in PMS prices. This is what has happened now. When global prices rose, it meant that the price of petrol locally will also go up.

“There are several negative consequences if government should even attempt to go back to the   business of fixing or subsidising PMS prices.

“First of all, it would mean a return to the costly subsidy regime. Today we have 60 per cent less revenues, we just cannot afford the cost.

“The second danger is the potential return of fuel queues – which has, thankfully, become a thing of the past under this administration.

“We do not have the resources at this point to continue in this way and it will be grossly irresponsible to borrrow to subsidise a generation and distribution which are both privatised.

“But we also have a duty to ensure that the large majority of those who cannot afford to pay cost reflective tariffs are protected from increases.

“NERC, the industry regulator, therefore approved that tariff adjustments had to be made but only on the basis of guaranteed improvement in service.”

Foreign investors losing confidence in Nigeria’s oil industry —Kyari

The Group Managing Director of the Nigerian National Petroleum Corporation, Mallam Mele Kyari, has said there is a need for Nigeria to act fast and address the loss of foreign investors’ confidence in the country’s oil and gas industry.

Kyari said the absence of a stable fiscal environment was inhibiting the growth of the industry, especially the upstream sector.

He spoke while playing host to members of the House of Representatives Committee on Petroleum Resources (Upstream), who were on an oversight visit to the corporation recently, according to a statement on Tuesday.

He said “international investors were losing confidence in the nation’s oil and gas industry” and urged the lawmakers to act fast and arrest the situation.

“We need to act quickly to move from this unstable situation to a very stable one and the only way is for us to get the Petroleum Industry Bill to work so that countries and investors can work with us,” the NNPC boss said.

According to him, foreign capital is needed in the upstream sector and the only way to attract it is to have stable laws and a friendly business environment that can guarantee cost recovery and a decent return on investment for investors.

Kyari noted that the uncertainty in the sector created by the long delay in the passage of the PIB had led to a number of divestments from the country in the recent past.

He said the drive by the management of the NNPC to entrench the culture of transparency in the corporation had improved its business fortunes and creditworthiness “as lenders are now willing to grant credit to it.”

source: Punch

Govt has no business running refineries, says Osinbajo

The Vice President, Prof. Yemi Osinbajo, has said the problems associated with Nigeria’s refineries will persist if the Federal Government continues to own and run them.

Osinbajo said this at a virtual meeting organised for the All Progressives Congress social media bloggers and influencers at the APC National Secretariat, in Abuja, Monday.

He said “If the refinery is left in the hands of the government, it will continue to experience the same problem it is experiencing now. I do not think that it is the business of the government to run the refinery. It should be the business of the private sector, which is why we are trying to focus on assisting the private sector to develop modular refineries.

 “There is a 100,000-barrel capacity refinery about to come on stream and we hope it will by the next year. It is completely private and closely located near the Port Harcourt refinery so that it can share the facilities of the Port Harcourt refinery. We are hopeful it will come on stream in the first quarter of next year.

“There are also six modular refineries that are almost ready. There is Niger Delta Petroleum refinery in Delta state, there is another one in Imo, there is also another modular refinery in Edo State.

 “The whole idea is to support as many private refineries as possible. We are also waiting for the Dangote Refinery with 250,000 barrels capacity which is bigger than all of the government refineries put together.”

Copyright PUNCH.

Fuel hike: No going back on strike, protest – NLC

The Nigeria Labour Congress has vowed to proceed with its planned strike and protest with effect from September 28 following the failure of the Federal Government to reverse the hike in electricity tariff and fuel price.

Rising from its National Executive Council meeting in Abuja a few minutes ago, the NLC President, Ayuba Wabba, said the proposed action by the organised labour would proceed from next week.

He stated that the decision was unanimously taken by the chairmen of the 36 states and FCT chapters of the NLC.

source: Punch ng