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Labour unions in Nigeria’s oil sector, the National Union of Petroleum and Natural Gas (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), have called off their strike with immediate effect.  The unions had shut offices of Nigerian National Petroleum Corporation, NNPC, nationwide following the announcement of its unbundling by minister of state for petroleum, Emmanuel Ibe Kachikwu.  Kachikwu the Group Managing Director of NNPC, had explained that what the oil corporation did was “reorganization,” a restructuring that will see it split into five divisions.  He assured that he was going to meet the unions yesterday to forestall further action by the unions, which may lead to a more biting fuel scarcity across the country.  But the unions have now resolved to work with the NNPC as long as its workers were not affected in the unbundling.

The Senator representing Ogun East in the National Assembly, Prince Buruji Kashamu, has ‎urged the Federal Government to investigate the activities of the Nigerian National Petroleum Corporation (NNPC) depots across the country. He said this during an empowerment programme of the Omo Ilu Foundation, held at Ijebu-Igbo, on Sunday, that the current fuel scarcity is artificially induced. The lawmaker who is the leader of the Peoples Democratic Party (PDP)‎ in Ogun State,explained that many of the NNPC depots sell above the the official price to marketers. Kashamu alleged that some officials of the Corporation asked independent marketers to pay the pegged price by government into a designated account and pay another difference of N30 to N35 per litre into private account or collect cash. He said, "‎ I wish to implore the Federal Government to investigate the activities of the NNPC Depots across the country. I believe that the current scarcity is arti...

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned of an impending fuel scarcity across the nation.  It said the 78 percent import allocation granted the Nigerian National Petroleum Corporation (NNPC) has led to a disruption in the petroleum products distribution chain, leading to scarcity within the Lagos metropolis.  With this development, IPMAN has called on the Corporation to step up import of Premium Motor Spirit (PMS) also known as petrol to avert another round of scarcity.  National Operations Controller of IPMAN, Mr. Mike Osatuyi, who gave his warning, noted that the fuel situation had been fragile since the NNPC assumed the role of the sole importer of petrol.  “There is supply gap over a period of time now, the NNPC imports 78 percent of the petrol needs of the country. I can only say you should tell them to improve on imports. They have access to forex because they do the SWAP deal and therefore, are not c...

Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that although his former job was more rewarding financially, he decided to serve Nigeria for the love of his fatherland.  He said in Abuja on Sunday that all hands must on deck to build enduring institutions that would secure the future of the country and improve on the standard of living of Nigerians.  “I believe that this country needs help. I believe that it is about time we began to perform for the young and upcoming. “I believe that the sheer capacity of this country is unimaginable.  “I do not know of any country in the world with our population, our resources, our intellect, our flamboyance, our family nexus, everything is together. “The call to public service for me was unique. I was Vice President of Exxon Mobil West Africa and I was suddenly called to serve. “In serving, I lose a lot of money, if not at least a million dollars every year by virtue of being a minister, but the ...

THE Nigerian Army has resumed the prosecution of 19 senior officers of the service facing prosecution for alleged offences in the ongoing operation against the Boko Haram in the North- East.  One of the lawyers familiar with the case said that the Army authorities resumed the trial at the Ikeja Cantonment, Ikeja on Monday after a long wait.  The 81 Division of the Nigerian Army convened the General Court Martial to try 23 officers of the Army for various offfences under the directive of former Chief of Army Staff, Lt. Gen. Kenneth Minimah, (retd.) in October, 2014.  The lawyer said that the Military Court Martial had only been able to try and conclude the cases involving four officers since the court started sitting in 2014.  The accused officers became agitated when their trial became stalled because of the alleged assignment of some of the court officers to other military duties. Some of the accused officers whose cases are still pending are B...

The Petroleum Products Pricing Regulatory Agency (PPPRA)‎ has increased the price of Household Kerosene from N50 to N83. This is contained in its products pricing template, released on Sunday in Abuja.  It stated that the N83 per litre price applied only to the Nigerian National Petroleum Corporation (NNPC) outlets.  The template also showed that at N83, the Federal Government will be making a gain of N10.72 on every litre. It further puts the expected open market price, which is the landing cost plus total margins at N72.28 per litre.  The expected open market price is the prevailing open market rate for the product in Nigeria, after taking certain costs into consideration.  Giving a breakdown of the price, the PPPRA template put the landing cost of ‎the product at N57.98 per litre, while the total margin due‎ middlemen was put at N14.30.  The retailers’ margin was put at N5 per litre; transporters at N3.05 per litre while dealers at N...

The oil price has fallen below $28 a barrel amid fears the lifting of Western sanctions on Iran could worsen the existing oversupply problem.  Brent crude, used as an international benchmark, fell as low as $27.67 a barrel, its lowest since 2003, before recovering slightly to trade at $28.17. The price of US crude fell below $29 a barrel to $28.86.  The lifting of the Iran sanctions mean half a million barrels more oil per day could be produced, say analysts. "The drop was due to the Western sanctions on Iran being lifted.  This means we will be seeing a bigger oil glut with Iranian crude exports coming back to the market," said Phillip Futures analyst Daniel Ang.  The decision to lift the sanctions against Iran came on Sunday after the international nuclear watchdog, the IAEA, said Iran had complied with a deal designed to prevent it developing nuclear weapons.  Iran has the fourth largest proven oil reserves in the world,...

Aliko Dangote, president of Dangote Group, has assured Nigerians that when his refinery is ready, the country would no longer need to import petroleum products. Speaking at the site of his refinery in Lekki, Dangote said his refinery would put an end to fertiliser importation in Nigeria, transforming the country into a net exporter of refined crude and fertilizer. “Today, Nigeria imports 100 percent of its fertilizer, but when we finish, Nigeria will be the largest exporter of Urea and Ammonia in Africa,” Dangote said. “The refinery is the largest single line in Africa and it will meet our total domestic requirement and save foreign exchange. “Thirty-eight per cent of CBN’s foreign exchange is spent on importation of petroleum products. But we can serve the whole West African market.” Dangote said he had been working with the government and the central bank of Nigeria (CBN) in diversifying the economy. “We are going to serve the whole domestic market in the ...

The Petroleum Tanker Drivers (PTD) branch of the National Union of Petroleum and Natural Gas (NUPENG) has pledged to work with the Federal Government to end the ongoing fuel scarcity across the country. Its National Chairman, Comrade Salimon Oladiti, said the union will work round the clock to ensure the delivery of petroleum products to filling stations across the country through out the festive period and beyond. He expressed the readiness of PTD to support government at reducing the problem of fuel scarcity to the barest minimum through the engagement of tanker drivers to work round the clock, without weekends and holidays, lifting and discharging products around the country, until queues disappear from filling stations. He praised the Minister of State for Petroleum, Dr. Ibe Kachukwu for the wonderful job he is doing to address the fuel scarcity. He assured that PTD will continue to support President Muhammadu Buhari in his efforts to make Nigeria a bet...

The Federal Government, yesterday, stated that effective January 1, 2016, petrol, would be sold at N86 per litre by the Nigerian National Petroleum Corporation, NNPC Retail stations.  All other oil marketers would sell at N86.50 per litre.The new stance was made known in Abuja during a news conference by the Executive Secretary of the Petroleum Products Pricing Regulatory Agency, PPPRA, Mr. Farouk Ahmed. He said the revised template,would be reviewed on quarterly basis and which would soon be presented to oil marketers. He said “Since 2007, while crude oil price had been moving up and down, the template remained the same. This had made it necessary for us to introduce a mechanism whereby the template would be sensitive to the price of crude oil.  “However, the template is not static, as there would be a quarterly review and if there is any major shift, the Minister of State for Petroleum Resources would be expected to call for a review, either upward or ...

National Chairman of Petroleum Tanker Drivers (PTD) Branch of NUPENG, Comrade Salimon Oladiti has expressed concern over the lingering fuel scarcity across the country, just as he commended federal government on efforts at addressing the problem. The National Chairman, in his Christmas and New Year message expressed the readiness of the PTD to support Government at reducing the problem of fuel scarcity to the barest minimum through engagement of Tanker Drivers to work round the clock, without Weekends and holidays, lifting and discharging products around the country, until the queues are off the filling stations. He used the occasion of the yuletide season to commend the honourable Minister of State for Petroleum Ibe Kachukwu for the wonderful job he is doing to address the perennial problem of fuel short-supplies with an assurance that the PTD as an organization is pledging its   unalloyed support to him and the entire Mohammadu Buhari-led governm...

Ogun State Police Command, Sagamu Police Division has arrested a man that was caught with a truck carrying 33,000 liters of petrol, which was allegedly stolen from vandalised pipelines of the Nigerian National Petroleum Corporation (NNPC). The suspect was said to have been intercepted on Friday December 25, at Ogijo in the Sagamu Local Government Area of Ogun State.  The state Police Public Relations Officer, Muyiwa Adejobi, said the policemen, who acted on a tip-off, moved to the area where the pipelines were located and caught one Elochukwu Byron, and others, now at large, in the act of siphoning petrol into the truck with number plate, KTU 760 XC.  Adejobi, a Deputy Superintendent of Police, said the suspect was assisting the police in their investigation to apprehend the fleeing members of the gang and reveal more information about their activities.  He further explained that the suspect and the exhibits would be transferred to the Department o...

The national president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, Francis Johnson, tells PREMIUM TIMES how workers  view the proposed deregulation of the petroleum sector by the federal government. PT: Deregulation of the petroleum industry means different things to different people – government, investors, marketers, etc. What does it mean to oil workers? Johnson:Deregulation is a universal economic concept that promotes free market enterprise. When the regulator relaxes regulation and permits market forces to determine the means of production and distribution of an economic product, deregulation is achieved. While deregulation is desirable, it must be approached with caution and highest sense of good conscience. For us in the oil and gas industry, deregulation would have been a non-issue if the critical issues of legal, regulatory and fiscal reforms as posited in the Petroleum Industry Bill, PIB, were addresse...

Residents and motorists in Enugu State are wearing long faces occasioned by the acute scarcity of petrol which has drastically affected prices of staple food items sold across markets in the state. File Photo: Last minute Xmas-shopping It will be recalled that the Department of Petroleum Resources, DPR, had a fortnight ago, in a bid to check the activities of independent petroleum marketers who engage in hoarding, meter tampering, product adulteration and diversion, shut down 86 filling stations spread across the South-East geopolitical zone. At filling stations located on Ogui Road, New Haven axis of Enugu metropolis, motorists purchased petrol at suffocating prices of N130 per litre against the government approved price of N87 per litre. Major filling stations operated by the Nigerian National Petroleum Corporation, NNPC, located on Enugu-Port Harcourt expressway witnessed long queues, as motorists slept at the filling station in a despe...

The Department of Petroleum Resources (DPR) says it has set up a 24-hour special task force to supervise and monitor petrol sales at depots and stations. It said that the task force would sanction depots and stations selling above the recommended price. Mrs Dorothy Bassey, Assistant Director, Public Affairs in DPR, disclosed this in telephone interview with the News Agency of Nigeria (NAN) in Lagos on Thursday. Bassey said the special team was set up purposely for the Yuletide with powers to take over the sale of the product from those selling above the approved price. She said that the agency had met with stakeholders to convey government’s displeasure on illegal sale of petrol above the stipulated price and the long queues at the filling stations. The DPR warned that those involved in the criminal act would henceforth lose their licence under the new steps being taken by agency to enforce discipline. “We have instituted 24-hour surveillance by ...

As fuel scarcity bites harder across the nation, Christians in Jigawa State may not be able to travel to their various hometowns to celebrate Christmas with their families and beloved ones. Fuel Scarcity— Motorists queuing for fuel During a visit to Dutse Central motor park by Vanguard, it was observed that scores of commercial vehicles were parked by the drivers due to the acute fuel shortage facing the state in the last two weeks, with only fewer vehicles waiting for passengers at the station, who have procured fuel at very high rate or must have slept at the filling station for days to refill their vehicles. Mallam Saadu Ibro, a commercial driver decried high cost of the commodity at black markets which cost N350 per liter as a gallon of four liters was sold for N1,400 as against the normal price of N600. He said that the situation had compelled them to increase transport fare by 70 per cent. “Number of passengers traveling to v...