Nigerians’ fear comes true as petrol price hits N212 per litre

petrol price hits N212 per litre

Nigerians’ fear comes true as petrol hits N212 per litre   Barely two weeks after the Nigerian National Petroleum Corporation (NNPC) promised there would be no price hike for Premium Motor Spirit (PMS) popularly known as petrol in March, the price has hit N212 litre. On February 28, NNPC spokesman, Kennie Obateru, gave the assurance in a statement, in reaction to the long queues in some states perceived by many as prelude to a looming price hike. “Contrary to speculations of an imminent increase in the price of PMS in the country,…

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National Assembly shifts PIB deliberations to 2021 –National FG

NASS, 2021 Budget

Deliberations on the Petroleum Industry Bill (PIB) by the National Assembly has been shifted to the first quarter of next year, the Minister of State for Petroleum Resources, Timipre Sylva, has said. At the sidelines of the Joint Executive-Legislature Leadership Retreat at the Presidential Villa Banquet Hall in Abuja, Sylva told journalists that the National Assembly said they need to work on the 2021 Appropriation Bill. This, according to him, was one reason why deliberations on the PIB had to be shifted, adding that the lawmakers explained that the 2021…

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NNPC lost N5.3bn as under-recovery in June

NNPC spends N966bn on pipeline repairs

Latest figures from the Nigerian National Petroleum Corporation (NNPC) have shown that the government-owned oil firm made an under-recovery of N5.348 billion in June this year. Under-recovery is the losses incurred by the oil firm due to the difference between the subsidised price at which the corporation sells petrol and the price which it should have received to meet its production cost. The Federal Government through the Petroleum Products Pricing Regulatory Agency (PPPRA) officially commenced a petrol pricing regime on March 19, 2020 that saw to the halt in petrol…

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