Category: Energy

PIB: Senate President pushes for reduced cost of crude oil production

Emporium Reporters

President of Senate, Ahmad Lawan has pushed for a cost reduction in the production of crude oil by International Oil Companies operating in Nigeria. According to Lawan, the new Petroleum Industry Bill presently before the National Assembly would accommodate provisions to ensure same when the bill is eventually considered and passed by the end of the first quarter this year. The Senate President made this known when a delegation of Oil Producers Trade Section (OPTS) paid a visit to his office at the National Assembly on Thursday. “The cost of…

PIB ‘ll strengthen Transparency In Nigeria’s Oil Sectors By Abdullahi Mahmud Gaya

Emporium Reporters

Before PIB was tabled before the National Assembly in 2007, Nigeria does not have a comprehensive law for the administration of the sector but has about 16 Petroleum Acts many of which overlapped in functions and responsibilities. Even though a splinter Bill named the Petroleum Industry Governance Bill (PIGB), which was passed in 2018 by the 8th National Assembly, failed to receive the prerequisite Assent of the President of Nigeria and thus could not become law. Contrary to all Nigerians expectations, the Bill in its wholesale form, has survived three…

Gov AbdulRazaq congratulates Alapansapa on appointment as NEMSA’s Chairman

Emporium Reporters

Kwara State Governor AbdulRahman AbdulRazaq has congratulated the Danmadami Ilori Engr. Suleiman Yahaya (Alapansapa) on his well-earned appointment as the new Chairman of the Nigerian Electricity Management Services Agency (NEMSA). “The appointment of the Danmadami Ilori as the new chairman of NEMSA is well-deserved for an accomplished engineer, a patriot, and a great advocate of community development,” the Governor said in a statement on Wednesday. “The appointment of the Danmadami Ilori could not have come at a better time when Mr. President is working assiduously to deliver an efficient and…

Labour, govt agree on three months subsidy on electricity tariff for consumers

Emporium Reporters

The federal government and labour unions have agreed to use proceeds from Value Added Tax (VAT) to temporarily subsidise electricity tariff for consumers for the next three months. The resolution was arrived at on Monday in Abuja at the end of a meeting of the ad-hoc technical committee on electricity tariff with the federal government and representatives of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC). The meeting, which began on Sunday, was presided by the Minister of State for Labour and Employment, Festus Keyamo. Key resolutions…

Petrol price may drop this month – Marketers

Emporium Reporters

The pump price of petrol may reduce marginally this month, going by the fall in global crude oil prices, oil marketers said on Sunday. According to them, since the cost of petrol has been largely determined by the price of crude oil, the recent marginal plunge in crude oil cost could lead to a drop in petrol price in Nigeria. Findings by our correspondent on Sunday showed that Brent, the global benchmark against which Nigeria’s crude is priced, dropped in price by $1.66 or 4.06 per cent as at 13.20pm…

We are in support of deregulation, says IPMAN ….urges FG not to scrap PEF

Emporium Reporters

Members of the Independent Petroleum Marketers Association of Nigeria, IPMAN has reiterated their supports to federal government over the deregulation policy of the oil and Gas sector of the economy.The association maintained that the FG’s deregulation policy was in the interest of investors and consumers. The National President of IPMAN,Elder Chinedu Okonkwo made this known at a press conference in Abuja on Wednesday. IPMAN President said the association was fully ready to partner with the federal government and other stakeholders on oil and gas revolution policy for the betterment of…

AbdulRazaq meets Timipre Silva over Ibadan-Ilorin-Jebba gas pipeline, other projects

Emporium Reporters

Kwara State Governor AbdulRahman AbdulRazaq on Wednesday visited the Minister of State for Petroleum Timipre Sylva in Abuja, the Nigerian capital city, to discuss various areas of collaboration between the state and the ministry. “Chief among the issues the Governor discussed with the Honourable Minister is the ongoing preparation for seismic data acquisition in Edu and Pategi parts of Kwara State, which is an extension of similar preparatory works in the neighbouring Niger State,” Chief Press Secretary to the Governor Rafiu Ajakaye said in a statement on Thursday. AbdulRazaq also…

Why FG shut down all Refineries

Emporium Reporters

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC),Mele Kyari, said the four oil refineries in the country have been shut down in Port Harcourt, Warri and Kaduna. Kyari said this on Channels Television’s Politics Today programme on Wednesday. He explained that all four refineries were functioning below capacity and it had thus become necessary to stop them from operating all together. Responding to a question, the NNPC boss said, “First, all the four refineries in three locations are shut down and it was a deliberate decision for two reasons.…

PPMC announces new prices for petrol, diesel, kerosene

Emporium Reporters

The downstream subsidiary of the Nigerian National Petroleum Corporation, Petroleum Products Marketing Company, has fixed the ex-depot price of premium motor spirit, known as petrol, at N138.62 per litre. PPMC disclosed this in a memo signed by its Manager, Sales, Mohammed Bello, in Abuja on Tuesday. The ex-depot price is the price at which depot owners sell the commodity to retail outlets. It said that the new price would come into effect from August 5. The PPMC also put the ex-coastal price of the commodity, which is the price at…

Ifetedo, Garage-Olode, others agog as Oyetola set to restore electricity after 10 years of darkness

Emporium Reporters

Jubilation erupted in Ifetedo, Garage-Olode, Omifunfun, Aayeoba, Egbejoda, Araromi Oke-Odo and their adjourning communities in Ife-South Local Government Area of the State of Osun, Tuesday, as the State government unveiled plans to restore the electricity to their communities. The communities have been without electricity for over 10 years. However, Commissioner for Water Resources and Energy, Dr. Amidu Tadese Raheem, on Tuesday said government has approved the procurement and installation of 33KVA Feeder Line that would supply electricity to the affected areas. Welcoming the government’s officials who were on sensitisation meeting…