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Experts React to Petrol Subsidy Removal by FG as NNPC Announces Price Adjustment

Prof. Wunmi Iledate, Professor Emeritus Omowumi Iledare, the Ghana National Petroleum Commission (GNPC) Chair of the University of Cape Coast (UCC), has said. NNPL recently released pricing framework, which looks to me like a dominant firm market behaviour. It is basically anticompetitive that is derived from a monopoly import market structure for PMS.. ” NNPCL is basically setting the price ...

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NEITI Hails Fuel Subsidy Removal, Offers Eight Strategic Considerations

The Nigeria Extractive Industries Transparency Initiative (NEITI) has lauded the political will and sincerity of purpose demonstrated by President Bola Tinubu in removing fuel subsidy. A statement from NEITI House, Abuja on Tuesday, described the move as a positive move by the administration to decisively implement the findings and recommendations contained in the NEITI reports. The statement, signed by Mrs ...

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MOMAN and DAPPMAN Welcome Phase Out of Petrol Subsidy Regime

…….by Ben Ndubuwa…….The Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Marketers Association of Nigeria (DAPPMAN) applaud and endorse the pronouncement by President Bola Ahmed Tinubu, GCFR, on the phase-out of the petrol subsidy regime. Both industry players said they appreciate the clarity of policy from the Tinubu administration, a direction that signals a courageous and pragmatic ...

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EU Considers Formally Banning Russian Oil Flows to Germany and Poland

The European Union is considering formally banning Russian crude flows via the Druzhba pipeline to Germany and Poland, which have already stopped importing Russia’s crude, Bloomberg reported on Friday, citing documents it has seen. The Druzhba pipeline is a key artery of oil supply from Russia to Europe. It has two branches – a northern one via Belarus to deliver ...

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NMDPRA Shuts 75 Filling Stations Over Invalid Licence

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Osun State has sealed 75 filling stations for operating without valid licences and other infractions. The NMDPRA State Coordinator, Mr Kunle Adeyemo, stated yesterday in Osogbo, the Osun State capital. The coordinator said the filling stations were sealed during a surveillance of the agency last month. Adeyemo said during the ...

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Malami Dismisses Alleged Loss of $2.4 Billion Crude Oil Sale to China

Minister of Justice and Attorney General of the Federation (AGF), Abubakar Malami, has dismissed allegations of loss of $2.4 billion on sale of 48 million barrels of crude oil in China as baseless. Malami stated this, yesterday, when he appeared before the House of Representatives Ad-hoc Committee investigating alleged sale of 48 million barrels of crude oil amounting to over ...

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Economic Council Put On Hold Planned Subsidy Removal on Petrol

……continues consultation with Stakeholders and preparation for final removal…….. The National Economic Council (NEC) has put on hold the planned removal of subsidy on Premium Motor Spirit (PMS) otherwise known as petrol by the end of President Muhammadu Buhari’s administration. The Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed disclosed, this while briefing State House correspondents at the ...

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Subsidy : FG and MOMAN Close Ranks to Ensure Successful Transition to Full Deregulation of Downstream

…….by Ben Ndubuwa…….. The Federal government and major industry players now close ranks to ensure a successful removal of fuel subsidy. This is because there are strong indications that the government is now putting in place a clear road map and plans as advocated by Major Oil Marketers Association (MOMAN) and other industry stakeholders to ensure that the June 2023 ...

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