petroleum

EFCC, Army Nabs 120 Suspected Oil Thieves In Port Harcourt

EFCC, Army Nabs 120 Suspected Oil Thieves In Port Harcourt

August 16, 2022 6:34 am

Reports reaching Africa Daily News, New York has it the Economic and Financial Crimes Commission (EFCC) has confirmed the arrest of no fewer than 120 citizens for alleged illegal oil theft.

The anti-graft agency had confirmed that it had carried out a joint operation with personnel of the 6 Division Garrison, Nigerian Army in Port Harcourt, Rivers State.

The apprehended suspects were accused of illegally refining stolen petroleum products and economic sabotage.

They were caught after offloading oil into vehicles at the waterfront for distribution within and outside Rivers State.

Read Also: Forex Crisis: EFCC Storms BDC Hubs In Lagos

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Marketers, Not FG Responsible For Abuja Fuel Queues - Sylva

Marketers, Not FG Responsible For Abuja Fuel Queues – Sylva

July 7, 2022 3:49 am

The Minister of state for petroleum, Timipre Sylva on Wednesday asserted that marketers are to blame for the long queues for fuel in the nation’s capital while also absolving the Federal Government of any guilt.

Speaking to reporters after the weekly Federal Executive Council (FEC) meeting on Wednesday, Sylva asserted that the NNPC has a very good supply of the product at the moment hence the queues and scarcity were unexplainable.

‘Frankly, it is not a supply issue, as you can also confirm. So it’s not from us. But you know When you have an arbitrage opportunity, people will tend …

2020: Petroleum Ministry Budgets ₦42M For Sewage Disposal

2020: Petroleum Ministry Budgets ₦42M For Sewage Disposal

October 21, 2019 5:27 am

Ministry of Petroleum Resources has budgeted a sum of ₦42,980,935 for disposal of sewage in the 2020 appropriation bill. The ministry also budgeted ₦104 million for local travel, transport and training.

This was contained in a document which gives a breakdown of the ministry’s 2020 appropriation bill obtained by newsmen.

In the proposed budget tagged: ‘Deliverables of the Next Level Agenda,’ the ministry promised to eradicate smuggling of Premium Motor Spirit (PMS) across Nigerian borders and also implement reduction of government stake in oil ventures to 40 percent.

The ministry also promised to complete gas flare commercialisation programme, and …

NNPC reports $226m oil revenue drop in June

NNPC records ₦174.63b petroleum products sales in March

June 9, 2019 2:08 pm

The Nigerian National Petroleum Corporation (NNPC) recorded N174.62billion sale of white products in March 2019, the corporation’s Monthly Financial and Operations Report (MFOR) for March 2019 has stated.

A release on Sunday in Abuja by NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, disclosed that the March sales figure is higher than the N168.65billion recorded in February 2019.

The statement explained that the total revenue generated from the sale of white products from the period March 2018 to March 2019 stood at N2,780.79billion, with Premium Motor Spirit, otherwise called petrol contributing about 91.09 per cent or N2,533billion.…

NLC cautions FG against IMF’s petroleum subsidy removal

April 13, 2019 11:27 pm

The Nigerian Labour Congress (NLC) has cautioned the Federal Government against implementing the recommendation of the International Monetary Fund (IMF) on the removal of subsidy on petroleum products in the country.

Mr Ayuba Wabba, NLC President, gave the advice at a news conference on Saturday in Abuja.

The news conference was tagged: “Public Declaration of Nigeria’s Host of the 6th African Meeting of Solidarity with Cuba, Sept. 23 to Sept. 25 and Inauguration of Local Organising Committee (LOC).

Wabba said that the continued devaluation of the Nigerian currency had created the impression of the existence of subsidy.

He said that

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