(PMS).

We’ll Deduct N242bn Fuel Subsidy From FAAC This Month –NNPC

We’ll Deduct ₦242bn Fuel Subsidy From FAAC This Month –NNPC

March 20, 2022 6:31 am

The Nigerian National Petroleum Company Limited is to deduct ₦242.53bn as subsidy on Premium Motor Spirit (PMS), popularly called petrol, from the Federation Account this month.

Although it described the proposed subsidy deduction as a value shortfall, the oil firm stated that the fund would be recovered from February 2022 proceeds due for sharing in the March 2022 Federation Account Allocation Committee meeting.

The NNPC disclosed this in its latest presentation to the FAAC meeting, which was obtained by our correspondent in Abuja on Friday.

It said, ‘The December 2021 value shortfall recovery on the importation of PMS amounted …

Queues Set To Lessen As NNPC Releases 381M Litres Of Fuel

March 6, 2022 11:44 pm

The scarcity of Premium Motor Spirit (PMS), popularly called petrol in Nigeria might soon be overpowered following claims by the Nigerian National Petroleum Company Limited (NNPC) that it has released hundreds of millions of litres of petrol to address the situation.

In its latest weekly national PMS evacuation report for February 21 to 26, 2022, which was sighted by Africa Daily News, New York, NNPC revealed that it evacuated an additional 381.88 million litres of petrol during the period.

Africa Daily News, New York recalls that about a week ago, the oil firm stated that it distributed a total of …

NNPC Apologises To Nigerians Over Toxic Petrol, Scarcity

February 17, 2022 3:50 am

The Nigerian National Petroleum Company (NNPC) has tendered an apology to Nigerians over the importation of toxic Premium Motor Spirit (PMS), popularly known as petrol, into the country.

The national oil company also regretted the damages which was done to the vehicles of motorists by the toxic fuel, as well as the resulting scarcity and long queues at filling stations in various parts of the country.

Africa Daily News, New York reports that the Group Managing Director (GMD), of NNPC, Mele Kyari, offered the apology on Wednesday during an interaction with the House of Representatives ad-hoc committee investigating the circumstances …

Timipre Sylva: Petrol Price Should Be ₦181 Per Litre

September 16, 2020 2:10 pm

The Premium Motor Spirit (PMS), popularly called petrol should be sold for ₦181 per litre, if all costs implications are considered and factored in rather than the present pump price of ₦161; the Federal Government disclosed on Tuesday.

The Minister of State for Petroleum, Timipre Sylva, made this known even as he pointed out that Nigeria lost a total ₦10.413 trillion to subsidy between 2006 and 2019, while between the year 2016 and 2019, the Federal Government lost a total sum of ₦2.193 trillion on subsidy.

Sylva was speaking at the bipartite meeting between the Federal Government and the Organised …

ASUU Berates FG Over New Fuel Pump Price, Electricity Tariff

September 6, 2020 1:47 pm

The Academic Staff Union of Universities, ASUU, has flayed the Federal Government over the recent increase in the pump price of Premium Motor Spirit, PMS, otherwise known as petrol as well as the electricity tariff.

The Akure zone of ASUU, which frowned over the development after its zonal meeting at the Federal University of Technology, Akure, FUTA, also condemned the proposed plans to re-open schools.

According to the Union during a press briefing over the weekend, the Nigeria Labour Congress, NLC has not been forthcoming over the anti-masses policies of the federal government.

Read Also: ASUU: Our Public Universities Are

…

Nigerian Labour Congress Rejects Petrol Price Increment

July 2, 2020 12:45 pm

The Nigerian Labour Congress (NLC) has condemned, and rejected the increase in the pump price of petrol, otherwise known as premium motor spirit (PMS).

The rejection notice was contained in a statement made available to NAN on Thursday, in Abuja signed by President of the NLC, Comrade Ayuba Wabba.

NAN had reported that the federal government through the Petroleum Products Pricing Regulatory Agency (PPPRA), on Wednesday announced a new retail price band for oil marketers across the country.

In a circular dated July 1st, obtained by NAN, the downstream regulator said oil marketers are now expected to sell petrol within …