Premium Motor Spirit
$30 billion fuels import outlay present energy security challenges
Industry stakeholders, yesterday, expressed concerns over the state of Nigeria’s petroleum downstream and of other African countries in the face of emerging global issues.
New energy tariffs and people’s welfare
The confusion that erupted with the recent twin increase in the price of Premium Motor Spirit (PMS) and the tariff for electricity in the country is yet to be abated.
Residents flee as another petrol tanker falls in Onitsha
It was pandemonium yesterday in the bursting commercial centre of Onitsha, Anambra State when residents took to their heels to escape a possible explosion immediately a tanker laden with Premium Motor Spirit (PMS) fell into a ditch along Enugu-Onitsha Expressway by Chipex Filling Station, spilling its content.
‘Nigeria losing N1,085t daily to fuel smuggling’
Daily, an estimated seven million litres of Premium Motor Spirit (PMS), better known as petrol, valued at N1, 085t is smuggled from Nigeria to neighbouring West African countries. With daily consumption of about 52 million litres of petrol per day according to the Department of Petroleum Resources (DPR)
Subsidy on PMS, electricity: Stakeholders weigh options
The unending subsidy regime on Premium Motor Spirit and government’s continuous intervention in the power sector do not only drain the nation’s economy, but also retard the development of oil and gas, as well as the power sector. Some economic experts and stakeholders are of the view that subsidy payment itself does not constitute an…
Country has 1.7b litres of petrol in stock, says NNPC
As Christians celebrate Easter, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, said the country has over 1.7 billion litres of Premium Motor Spirit (PMS) in stock. Assuring that the product is enough to meet demand over the next 35 days, Baru reaffirmed their readiness to ensure adequate supply all…
Many escape death as fire guts Lagos restaurant
Many persons including children yesterday morning sustained burnt injuries after Premium Motor Spirit (PMS), popularly called petrol exploded at a restaurant in Lagos State. The incident occurred at about 8:00a.m. at the place called University of Amala along Ejigbo Road in Idimu area of the state. It was gathered that the owner of the restaurant,…
NNPC to collocate 2000bpd refineries in Port-Harcourt, Warri
The Nigerian National Petroleum Corporation (NNPC) has said arrangement has been concluded for a new 100,000-barrels-per-day brownfield refinery each in Port-Harcourt, Rivers State and Warri, Delta State. According to the Group Managing Director of NNPC, Dr. Maikanti Baru, the plan is part of the corporation’s initiative designed to boost local refining capacity to end petroleum…
Experts hopeful inflation rate drops to single digit midyear
A report by FSDH Research team has predicted inflation rate to drop to single digit in July 2018, provided there is no adjustment to the price of Premium Motor Spirit (PMS) and electricity tariff, while government resolves to stop the rising crises in some parts of the country quickly. Besides, the team expects the inflation…
Government saves N139b from new fuel pricing policy
At a regulated price of N86.50, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu had said that government was paying about N16.4 billion monthly as subsidy.