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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...

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ABUJA — The Nigerian National Petroleum Company Limited has said it will deduct N242.53 as subsidy for Petroleum Motor Spirit (PMS), popularly called petrol, from the federation account for the month of March. 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...

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ABUJA — A non-governmental organization identified as Youths Arise Undiluted Leadership and Development Initiative (YAULD Initiative), has demanded the replacement of the heads of the Nigerian Midstream and Downstream Petroleum Regulatory Agency (NMDPRA) and the Nigerian National Petroleum Corporation (NNPC). The organization asked President Buhari to replace the duo, noting that an apology would not resolve the problem. Akharame Lucky, national coordinator of YAULD Initiative, indicated this on Thursday at a media briefing in Abuja....

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LAGOS — The Lagos State government, on Saturday, sealed off Havillah Event Centre in Oniru area of Lagos, where petrol was shared with guests as a souvenir at a party. The kegs of petrol were seen handed to guests at the party to celebrate Ogbu’s installation as Erelu Okin of Orile Kemta at the Havillah Event Place, Oniru in Lagos. In a post titled, “Lagos Seals Event Centre”, the police said, the event centre was...

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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...

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ABUJA — Justice Taiwo Taiwo of the Federal High Court sitting in Abuja, has granted an order, mandating the Central Bank of Nigeria to release the sum of N81.9 billion standing to the credit of the Nigerian National Petroleum Corporation, and its joint venture partner, Mobil Producing Nigeria Unlimited, in its custody to oil-producing communities in the Ibeno Local Government Area of Akwa Ibom state. Justice Taiwo gave the order on Monday in a judgment...

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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...

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ABUJA — The Nigerian National Petroleum Corporation (NNPC) says the distribution of petrol will normalize before the end of the month, as about 2.1 billion liters of the product would have been injected into the system. The Group Managing Director, GMD of the Corporation, Mele Kyari gave the assurance at a meeting with an Ad-hoc committee of the House of Representatives investigating the circumstances surrounding the importation of the adulterated fuel into the country. The...

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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...

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LAGOS — The Chief Executive Officer/Group Managing Director, Nigerian National Petroleum Company Limited (NNPC), Mallam Mele Kyari has named MRS, Oando, Duke Oil, and Emadeb as the importers of the adulterated fuel currently in circulation in the country. In a statement on Thursday that the company received a report from its quality inspector on the presence of emulsion particles in Premium Motor Spirit (PMS) cargoes shipped by four companies to Nigeria from Antwerp-Belgium. According to...

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