Browsing: Oil

Nigeria’s recurring fuel scarcity – an energy sector in crisis

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“All studies conducted on the Nigeria petroleum sector since 1999 are settled on the issue that the role of Government in the oil and gas sector needs to be better clarified whilst the policy, regulatory and commercial institutions need to be given a refocused mandate to ensure better sector governance, transparency of regulations and operations, accountability of the institutions, and removal of opaqueness around the industry,” he said.

ANALYSIS: Fuel price increase and a nation in denial

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Across the globe, many countries are responding to the increase in the price of crude. Only last week, Saudi Arabia, the world’s largest producer and exporter of crude, announced plans to raise petrol and jet fuel prices in January in an effort to reduce energy subsidies and bolster state finances.

NNPC losses N85.5bn selling petrol at N145 per litre – Kachikwu

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The minister disclosed further that as a result of the N26 difference per litre between the current landing cost of the product (N171) and pump price of N145, NNPC which had been singularly importing the product at the volume of 25 million litres per day since October last year, has been incurring a daily loss of about N800-N900 million, cumulatively reaching N85.5billion today, in just three months.

Its shameful Nigeria cannot refine own petrol – Kachikwu

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He said, “I have said that selling crude is a fairly wrong model which is akin to selling our agricultural products in the wrong way and nobody does that anywhere in the world anymore. Unless we have operational refineries, there will be no permanent solution to the fuel crisis in the country.”