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The Looming Fuel Price Increase

Business/Energy
Recently, Nigerians, who were already agonising in the atmosphere of unabating insecurity, were greeted with yet another bad news; an imminent fuel price increase. What is more disturbing is the call for them to bear the pains of the increase, as if they ever had any respite from all the years of persistent price rise in petroleum products. Fortunately, towards the end of last week, the Nigerian National Petroleum Corporation (NNPC), through its spokesperson, Kennie Obateru, said there would be no fuel price increase. As good as the news may be, it tells about some lack of coordination between the NNPC and the Ministry; and an embarrassing lack of communication between the GMD and the Minister. Chris Paul reports ....

Saudi Arabia , Abuja Federal Capital Territory , Chris Paul , Timipre Sylva , Chinedu Ukadike , Kennie Obateru , Tam David West , Mele Kyari , Nigerian National Petroleum Corporation , Petroleum Products Pricing Regulatory Agency , Nigerian Upstream Cost Optimisation Programme , Petroleum Resources , Petroleum Marketers , Business Energy , Public Relations Manager , Independent Petroleum Marketers , Group Managing Director , Open Market Price , Production Sharing Contracts , Petroleum Minister , Direct Sale Purchase , சவுதி அரேபியா , கூட்டாட்சியின் மூலதனம் பிரதேசம் , கிறிஸ் பால் , டாம் டேவிட் மேற்கு , மேலே கியாரி ,

As Ghost of Fuel Subsidy Removal Lurks Around

The benefits of the fuel subsidy removal far outweighs the pains associated with the expected rise in petrol pump price due to the upswing in crude oil price, writes Obinna Chima
The rising cost of Brent crude oil and its attendant implication on petrol price in the country appears to have resuscitated the age-long debate over fuel subsidy removal in Nigeria.
Once more, there has been divergent views about this policy which until it was phased out last year, was a thorn in the flesh of successive governments in the country.
For instance, the federal government had disclosed that the nation spent N10. 413 trillion on fuel subsidy between 2006 and 2019, even as the country consistently grappled with low revenue generation over same period. ....

Adetunji Oyebanji , Mustapha Chike , Timipre Sylva , Aggrey Koleijo , John Agidigan , Zainab Ahmed , Obinna Chima , Mele Kyari , International Monetary Fund , Petroleum Products Pricing Regulatory Agency , Financial Derivatives Company , National Planning , Fidelity Bank Plc , Petroleum Products Marketing Company , Asset Management Corporation Of Nigeria , Nigerian National Petroleum Corporation , Sovereign Wealth Fund , Organisation Of Petroleum Exporting Countries , Petroleum Product Pricing Regulatory Authority , Major Oil Marketers Association Of Nigeria , Petroleum Exporting Countries , Premium Motor Spirit , Fuel Subsidy , Chief Executive Officer , Financial Derivatives Company Limited , Bismarck Rewane ,

Unending increase in petrol price

Unending increase in petrol price
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Port Harcourt , Abuja Federal Capital Territory , Timipre Sylva , Muhammadu Buhari , Nigerian National Petroleum Corporation , Petroleum Products Pricing Regulatory Agency , Nigerian Upstream Cost Optimisation Programme , Petroleum Resources , Organisation Of The Petroleum Exporting Countries , Open Market Price , President Muhammadu Buhari , Petroleum Exporting Countries , போர்த் ஹர்கார்ட் , கூட்டாட்சியின் மூலதனம் பிரதேசம் , நைஜீரியன் தேசிய பெட்ரோலியம் நிறுவனம் , நைஜீரியன் அப்ஸ்ட்ரீம் செலவு தேர்வுமுறை ப்ரோக்ராம் , பெட்ரோலியம் வளங்கள் , ஆர்கநைஸேஶந் ஆஃப் தி பெட்ரோலியம் ஏற்றுமதி நாடுகள் , திறந்த சந்தை ப்ரைஸ் , பெட்ரோலியம் ஏற்றுமதி நாடுகள் ,

Minister: Why another hike in price of petrol is inevitable

The Minister of State for Petroleum Resources, Mr. Timipre Sylva, has asked Nigerians to ready to endure the pain of another hike in the price of premium motor spirit, popularly called petrol, even as the country is also set to benefit from the rise in price of crude oil in the international market. ....

Timipre Sylva , Quadri Olaleye , Mele Kyari , Nigerian National Petroleum Corporation , Petroleum Products Pricing Regulatory Agency , Ministry Of Petroleum , Nigerian Upstream Cost Optimisation Programme , Petroleum Resources , Union Congress , Trade Union Congress , Open Market Price , Group Managing Director , Comrade Quadri Olaleye , Niger Republic , மேலே கியாரி , நைஜீரியன் தேசிய பெட்ரோலியம் நிறுவனம் , அமைச்சகம் ஆஃப் பெட்ரோலியம் , நைஜீரியன் அப்ஸ்ட்ரீம் செலவு தேர்வுமுறை ப்ரோக்ராம் , பெட்ரோலியம் வளங்கள் , தொழிற்சங்கம் காங்கிரஸ் , வர்த்தகம் தொழிற்சங்கம் காங்கிரஸ் , திறந்த சந்தை ப்ரைஸ் , குழு நிர்வகித்தல் இயக்குனர் , நைஜர் குடியரசு ,

Sylva: With Rising Oil Price, High Petrol Cost Inevitable

By Emmanuel Addeh
The Minister of State for Petroleum Resources, Mr. Timipre Sylva, yesterday prepared the minds of Nigerians for a higher regime of the pump price of petrol, given the new fortune of crude oil in the international market.
With the price of Brent crude oil still hovering around $60 per barrel yesterday, Sylva said a high cost of petrol will be inevitable and urged Nigerians to be ready to bear the pains of the impending new price regime.
Besides, the federal government yesterday ramped up its plan to achieve the $10 per barrel crude oil production target with the official inauguration of the Nigerian Upstream Cost Optimisation Programme (NUCOP). ....

Saudi Arabia , Abuja Federal Capital Territory , Festus Usifo , Timipre Sylva , Emmanuel Addeh , Simbi Wabote , Mele Kyari , Nigerian National Petroleum Corporation , Nigerian Content Development , Petroleum Products Pricing Regulatory Agency , Nigerian Upstream Cost Optimisation Programme , Petroleum Resources , Petroleum Industry Bill , Open Market Price , Production Sharing Contracts , Managing Director , Mallam Mele Kyari , Monitoring Board , Natural Gas Workers Senior Staff Association , சவுதி அரேபியா , கூட்டாட்சியின் மூலதனம் பிரதேசம் , மேலே கியாரி , நைஜீரியன் தேசிய பெட்ரோலியம் நிறுவனம் , நைஜீரியன் உள்ளடக்கம் வளர்ச்சி , நைஜீரியன் அப்ஸ்ட்ரீம் செலவு தேர்வுமுறை ப்ரோக்ராம் , பெட்ரோலியம் வளங்கள் ,