ABUJA — The Nigerian National Petroleum Company Limited is to deduct N242.53bn as subsidy on Premium Motor Spirit, popularly called petrol, from the Federation Account this month. Although it described the proposed subsidy deduction as a value shortfall, the oil firm stated that the fund would be recovered from February 2022 proceeds due for sharing in the March 2022 Federation Account Allocation Committee meeting. The NNPC disclosed this in its latest presentation to the FAAC...

ABUJA — The Special Adviser to the President on Media and Publicity, Femi Adesina says Nigerians will survive the current fuel scarcity. Nigerians have been battling with fuel scarcity which is said to have been caused by the importation of adulterated fuel since February. According to a report by the PUNCH, oil marketers estimated that about 100 million litres of contaminated petrol were imported into Nigeria and had been recalled by the Pipelines Product Marketing...

LAGOS — The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to infringe a strict punishment on those involved in the importation of adulterated Premium Motor Spirit (PMS) popularly known as Petrol into the country. The LCCI also highlighted the need for an immediate overhaul of the country’s fuel import processes. This came as oil marketers told our correspondent that although the supply of clean PMS imported into Nigeria had started...

ABUJA — Nigerian National Petroleum Company (NNPC) has appealed to Nigerians that fuel scarcity in the country will not go beyond next week. The Managing Director of the Group of the NNPC, Mele Kyari, gave the assurance on Wednesday during a meeting with the House of Representatives ad-hoc committee investigating the importation of adulterated fuel into the country. “For this current situation, let me assure you we have taken every necessary step to restore supply...