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NNPC claims possession of 1.2 bn liters of PMS as Fuel scarcity bites harder in Nigeria

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By Yemie ADEOYE
…Petrol sellS for N200 a liter in black market
Houston Tx-AS the petrol (Gasoline) scarcity currently rocking Nigeria continues unabated leaving millions stranded and imposing huge difficulties on businesses and livelihood The Nigerian National Petroleum Corporation (NNPC) and its downstream subsidiary, the Pipelines and Products Marketing Company (PPMC) has revealed that it has 1.2 billion litres of premium motor spirit (PMS) otherwise known as petrol, in stock. The figure translates to 31 days sufficiency going by the 40 million daily consumption of the product in the country.
fuel scarcityThe Managing Director of PPMC, Prince Haruna Momoh who made the disclosure in Abuja, further stated that 21 additional vessels laden with petroleum products are offshore Lagos waiting to berth. He said the NNPC had made adequate arrangements to ensure energy sufficiency in the country and reassured motorists that the noticeable queues at the filling stations would thin out in the days ahead.
Prince Momoh noted that the NNPC has 21 days sufficiency of Automative Gas Oil (AGO) otherwise known as diesel and 18 days sufficiency of Dual Purpose Kerosene (DPK) otherwise known as kerosene.
He announced that as part of efforts to ensure petroleum products sufficiency and distribution, the NNPC embarked on aggressive Reception Depots rehabilitation in 2011 adding: “As at today, 18 depots out of the 23 depots have been fully recovered with the exception of Makurdi, Yola and Maiduguri due to the activities of pipeline vandals”.
Meanwhile, checks across across Lagos, Abuja, Ibadan and PortHarcourt reveals that the scarce commodity is being sold at around N140.00 directly from the pumps, while black market prices has rose to around N300 a liter as a 25 liters jerry-can sells for about N7500.00. 
The PPMC MD disclosed that the Corporation suffered petroleum products losses worth N40.8bn through pipeline vandalism in 2014 stressing that no business could survive such a loss and still remain a going concern.
Prince Momoh noted that there was a marginal increase in pipeline vandalism stressing that in 2013, the Corporation recorded 3517 vandalized points but in 2014 the figure increased to 3774.
He observed that as at today, 97 pipeline vandals are undergoing prosecution and regretted that since the cases started a few years ago none of the accused persons have been convicted for economic sabotage.
He called on Nigerians from all walks of life especially those living in communities where the pipelines run through, to protect the pipelines in the national interest.
The current scarcity is coming at a time power supply is also at an all time low across the country making it more difficult for Nigerians to sustain themselves as many lives depends on this 2 essential commodities to survive in Nigeria.
 

Oil

FG Introduces New Incentives To Revitalize Nigeria’s Oil & Gas Industry

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In a strategic move to revitalize Nigeria’s oil and gas sector, the Federal Government has unveiled two key fiscal incentives aimed at attracting investment and enhancing energy security.

The announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy on Wednesday.

The first initiative, the Value Added Tax (VAT) Modification Order 2024, introduces critical exemptions for essential energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.

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These exemptions are designed to reduce living costs for Nigerians, promote energy security, and accelerate the transition to cleaner energy alternatives.

The second initiative, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, offers new tax relief options for deep offshore exploration projects.

This measure aims to position Nigeria’s deep offshore basin as a premier destination for international oil and gas investments, boosting the country’s appeal to foreign investors.

These reforms are part of a broader set of policy initiatives, known as Policy Directives 40-42, endorsed by President Bola Ahmed Tinubu.

The directives reflect the administration’s commitment to fostering sustainable development in the energy sector and enhancing Nigeria’s competitive edge in the global oil and gas market.

 

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Tinubu set to approve ExxonMobil-Seplat oil deal, expands CNG bus initiative

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By Yemie Adeoye

NIGERIA’s President Bola Tinubu has announced that the protracted ExxonMobil-Seplat upstream oil divestment will be formally approved by the Minister of petroleum within a matter of days, just as he announced his government’s intention to expand the Compress natural Gas, CNG buses initiative.

The President who stated this during his Independence day nationwide broadcast stated that the move is in line with his administration’s commitment to free enterprise, free entry and free exit in investments which is the hallmark of his administration investment policy.

“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”

The President also seized the opportunity to plead with Nigerians to be patient with his administration’s reform policies. “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel”.

“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.

Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace”. he enthused.

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ExxonMobil To Invest $10bn In Nigeria’s Deep-Water Oil Operations

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As part of the administration’s push to improve Ease of Doing Business (EoDB), Nigeria’s Vice President Kashim Shettima has expressed support for ExxonMobil’s plan to invest $10 billion in the country’s deep-water oil sector.

Speaking on Wednesday, September 25, 2024, during a meeting with ExxonMobil executives at the 79th United Nations General Assembly (UNGA) in New York, Shettima called the investment “a clear testament to the administration’s economic reforms and investor-friendly policies.”

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This announcement follows news that international maritime company DP World intends to develop a multibillion-dollar port project in Nigeria.

Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, shared the development in a statement on Wednesday. He quoted Shettima as saying: “ExxonMobil’s potential investment aligns with the vision of President Bola Ahmed Tinubu’s administration for a more investment-friendly Nigeria.

We are committed to fostering an environment that supports such transformative projects.”Shettima also discussed the administration’s broader efforts to improve the ease of doing business, highlighting the “Renewed Hope Agenda,” which aims to simplify bureaucratic processes, enhance transparency, and offer fiscal incentives to attract global investors.

“Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These measures, though challenging in the short term, are intended to create a stable and predictable business environment in the long term,” he added.

On the oil and gas sector, Shettima mentioned that the government is revising the fiscal framework for deep-water operations to attract investment while ensuring fair returns for the Nigerian people.

 

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