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NNPC moves to crash DPK prices across Nigeria

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kerosene
By Yemie ADEOYE
HOUSTON TX-In a bid to get kerosene to consumers across the 36 states of the Federation and the Federal Capital Territory, Abuja, at the regulated price of N50 per litre, the Nigerian National Petroleum Corporation (NNPC) has initiated a scheme aimed at cutting off the several layers of middlemen who make it difficult for the end user to enjoy the subsidy on the product.
This was disclosed in Abuja over the weekend at a one-day workshop organized by the Corporation to enlighten members of some grassroots non-governmental organizations and volunteers drawn from all over the country who have been engaged to help monitor the distribution and sales of the product at NNPC Mega and affiliate stations across the country.
Speaking on the objective of the ‘Kero Correct’ initiative, the Executive Director Commercial of the Pipeline and Products Marketing Company (PPMC), Mr. Frank Amego, explained that the scheme was aimed at getting kerosene to the Nigerian masses who use the product as their domestic cooking fuel at the correct price.
He observed that though kerosene was the most subsidized product, the Nigerian masses have not been enjoying the subsidy because of the long arbitrage system involved in its distribution and retail, diversion of the product by marketers to the construction industry where it is used for blending bitumen, and the fact that NNPC has no direct control over most of the marketers involved in the distribution and sales of the product.
“The Kero Correct initiative is thus designed to distribute and sell kerosene directly to end users from NNPC Retail mega and affiliate stations across the country at the government-regulated price of N50 per litre to ensure effective control,” Mr. Amego stated.
He assured that PPMC has enough stock of kerosene and that machinery has been put in place to ensure efficient distribution of the product from Lagos and Oghara to NNPC Retail mega and affiliate stations in every nook and cranny of the country.
Also speaking at the occasion, the General Manager, NNPC Retail, Mr. Ufford Jackson Ibanga, assured that all of the 524 NNPC Retail mega, floating mega and affiliate stations across the country have been keyed up for the Kero Correct scheme.
He explained that the volunteers were being brought into the project to help monitor discharge and sales of the product to serve as an independent feedback system aimed at promoting transparency and ensuring that the product gets to the desired end users.
The chairman of the Kero Correct Committee and Manager Media, Group Public Affairs Division, Mr. Nwakwu Uchechukwu Anthony, outlined the three-fold role of the NGOs and volunteers to include monitoring of discharge and sales of the product, ensuring orderliness at points of sales and serving as whistle blowers.
He called on them to be passionate about their duties and justify the trust reposed in them by ensuring that the Nigerian masses derive maximum benefits from the scheme.
The scheme which will be officially flagged off soon will involve the distribution of a total of 1,500 trucks of kerosene across NNPC Retail’s mega and affiliate stations across the country to ensure that each consumer gets at least 25 litres of the product over the next three months.
 

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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