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Nigeria s fuel subsidy hangover bodes ill for state finances

Nigeria s fuel subsidy hangover bodes ill for state finances Reuters 2/18/2021 Oil marketers say petrol cost govt 30 naira/litre in Feb NNPC s Kyari says full price float could hurt consumers Pump prices have risen, citizens struggling to afford fuel By Libby George LAGOS, Feb 18 (Reuters) - Dauda Adekanbi drives one of the hundreds of yellow minibuses that weave through Lagos, Nigeria s thrumming commercial capital. Customers line up despite the coronavirus pandemic. But he has a different problem: rising petrol prices. Fuel is the only thing the government keep increasing, the 50-year-old told Reuters on a busy Friday afternoon. While Adekanbi is feeling the pinch, observers say government coffers are at risk, too.

DPR Leverages Technology to Upgrade Downstream Operations

By Peter Uzoho The Department of Petroleum Resources (DPR) said it is upgrading the Nigerian oil and gas downstream operations to global standards with improved technology in its ongoing automation process. The Director of DPR, Mr. Sarki Auwalu, stated this at a virtual meeting with the members of the Major Oil Marketers Association of Nigeria (MOMAN) on Tuesday. In a statement signed by the agency’s Head of Public Affairs, Mr. Paul Osu, the director said the department was deploying appropriate technology to enhance value for operators and investors alike in the downstream sector. Auwalu said the DPR has concluded plans to launch the the Downstream Remote Monitoring Systems (DRMS), an inventory and regulatory tool designed to track product levels across retail outlets and depots using the short code- 7117#.

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