The Organisation of Petroleum Exporting Countries (OPEC) has revealed that Nigeria ended 2022 as Africa’s largest oil producer. According to OPEC, Nigeria in the month of December recorded a four percent increase in oil production to 1.235 million barrels per day, from 1.186 mb/d in November 2022. While on Year-on-Year, YoY performance, the nation’s oil … [Read more…]
Petrol subsidy payments grew by 349.42 per cent from N350 billion in 2019 to N1.573 trillion in 2021, propelled by the rising price of crude oil in the international market and the falling value of the Naira. The cost of subsidizing the product in 2020 was N450 billion. In 2022 alone, the total cost of … [Read more…]
The Federal Government has approved a 25 percent increase in freight rate for petroleum products, raising it from N9.5 per litre to N11.87/litre, the National President of the Nigerian Association of Road Transport Owners (NARTO), Alhaji Yusuf Othman has disclosed. Alhaji Othman who disclosed this at NARTO’s 22 Annual General Meeting in Abuja, yesterday, … [Read more…]
THE All Progressives Congress, APC, Federal Government must accept the blame for the fact that after six years in power, we are still deeply mired in our intractable petrol subsidy regime. As the leader of the then opposition party, Muhammadu Buhari had intensely argued that there was no fuel subsidy; that the subsidy … [Read more…]
The sustained increase in global crude oil prices has pushed up the landing cost of imported petrol closer to the current pump prices of the product in Nigeria, and appears to have triggered a return to petrol subsidy era, ’FEMI ASU reports Since November 13, 2020 when the pump prices of Premium Motor Spirit … [Read more…]