***Gencos seek govt intervention In three days, April 2 to April 4, gas shortage to thermal power plants stalled the generation of 10,362.5 megawatts of electricity. The generation companies explained that gas shortage greatly hindered the production of electricity in thermal power plants. Industry figures obtained by our correspondent in Abuja on Sunday showed that…
Some stakeholders in the petroleum sector on Tuesday said removing subsidy on fuel would benefit the nation’s economy in the long run. The stakeholders said in separate interviews in Lagos that the crash in the price of crude oil in the international market had provided the government the opportunity to stop subsidising the product. Mr…
SIFAX Group, a group of companies with investment in Maritime, Aviation, Oil & Gas, among other fields, has committed N130 million as support fund towards the fight against the COVID-19 pandemic. Mr Adekunle Oyinloye, Group Managing Director, SIFAX Group, disclosed this in a statement in Lagos on Tuesday. The statement was signed by Mr Muyiwa…
The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Elder Chinedu Okoronkwo has appealed to President Muhammadu Buhari to grant marketers the window to bank transaction for petroleum products operations. Okoronkwo said this became urgent and necessary as members complaints inability to access banks for cash lodgment received from sales at their…
As the House of Representatives considers passing a stimulus bill to ensure free electricity supply for two months, Nigerians have expressed feelings for the proposal. The Speaker of the House of Representatives Femi Gbajabiamila has said that the aim of the bill was to mitigate the effects of the COVID-19 pandemic on Nigerians and local…
“As of today, subsidy/under-recovery is zero. Going forward, there will be no resort to either subsidy or under-recovery of any nature. The NNPC will just be another player in the market space. But we will be there for the country to sustain security of supply, at the cost of the market” – Mele Kyari, GMD…
United Nations envoy, Ms Damilola Ogunbiyi, says efforts by the global community to contain the Coronavirus (COVID-19) pandemic are threatened by electricity supply challenges in developing countries. Ogunbiyi, who is the Special Representative of the UN Secretary-General for Sustainable Energy for All, gave the warning in an article published by Thompson Reuters Foundation News. The…
The Association of Distributors and Transporters of Petroleum Products (ADTOP) has commended the Federal Government for ensuring steady supply of Automotive Gas Oil (AGO) to members of the association to enhance its operations in the lockdown. The association said the Federal Government through the Nigerian National Petroleum Corporation (NNPC) and Pipeline and Product Marketing Company…
The Federal Government says it is meeting with relevant government agencies to support the activities of artisanal local refinery operators in the country. Sen. Ita Enang, the Senior Special Assistant to the President on Niger Delta Affairs, said this in a resolution passed after a meeting he had with the management of key line agencies…
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, says Nigeria would no longer pay subsidy on petrol with the ongoing global oil price decline. Kyari disclosed this in a statement signed by NNPC spokesman, Dr Kennie Obateru, in Abuja on Monday. The NNPC boss said this while he featured…