Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » NNPC to stop imports of PMS by 2019

    NNPC to stop imports of PMS by 2019

    September 5, 2017
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Petrol nozzle

    *Boost Nigeria’s foreign reserves

    OpeOluwani Akintayo

    05 September 2017, Sweetcrude, Lagos — The Nigerian National Petroleum Corporation, NNPC, expects to stop its importation of Premium Motor Spirit, PMS by 2019 and invariably increase the country’s reserves.

    This is contained in the Corporation’s latest financial report for June 2017.

    The country’s Petroleum minister, Ibe Kachikwu had earlier promised to end the importation of PMS by 2019.

    In August, Nigeria’s foreign exchange reserves rose to $31.22 billion, according to data from the Central Bank of Nigeria, CBN.

    The increase represents the first in about 2 years.

    Nigeria’s reserves have been affected by the economic challenges being faced by the country, including low oil prices, crumbling value of the Naira and high foreign exchange demands.

    The last time the reserves rose to such level was in July 2015, shortly after President Muhammadu Buhari took office, according to Reuters reports.

    The CBN data indicates an appreciation in the reserves in the midst of forex intervention put in place for the various exchange markets by the CBN.

    The CBN is believed to have injected a cumulative sum of $3.61 billion between February and April 2017.

    The funds injected into the foreign exchange market is aimed at checking speculators from preying on the Naira.

    Since the injection of the funds, the Naira has remained relatively stable, hovering at about N363 to U.S Dollar.

    In 2010, the then governor of CBN, Mallam Lamido Sanusi, blamed the NNPC for the fast decline in the nation’s foreign reserves.

    According to him, the JVCs were having a negative effect on the economy, noting, “It is a big problem for us. The reason for the depletion of our foreign reserves is that the revenues that come in are increasingly being diminished by the Joint Venture Cash Calls.

    “The very high Joint Venture Cash Calls was robbing the government of monies that would have gone into other uses including developing the necessary infrastructure and improving the economy,” he said.

    Related News

    Lokpobiri rallies African unity for energy investment at OTC

    Spain’s grid denies dependence on solar power to blame for blackout

    Falling Oil prices poised for biggest monthly decline since 2021

    E-book
    Resilience Exhibition

    Latest News

    OPEC April oil output edges lower despite plans for hike, survey finds

    May 12, 2025

    NPA refutes multi-billion Naira fraud allegations

    May 12, 2025

    NIMASA embraces tech to strengthen maritime regulation denies conversion plan

    May 12, 2025

    Edun urges strategic use of N23trn pension assets to drive economic growth

    May 12, 2025

    NCDMB, FUTO commit to local material substitution in oil & gas sector

    May 12, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.