The Federal Government has lifted its ban on the importation of Premium Motor Spirit, commonly known as petrol, granting six new licences to oil marketers following concerns over supply disruptions linked to the ongoing crisis in the Middle East. Newsmen reports that the decision marks a reversal of Nigeria’s recent policy aimed at reducing reliance…
The Federal Government of Nigeria has suspended the issuance of import licenses for Premium Motor Spirit (PMS), popularly known as petrol or fuel, for the second consecutive month as regulators move to enforce provisions of the Petroleum Industry Act. The development comes as authorities begin implementing the law’s requirement that petrol imports should only be…
The Nigeria Customs Service, NCS, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, have stepped up joint efforts to curb the diversion of petroleum products meant for local consumption, as both agencies move to strengthen Nigeria’s energy security. This was disclosed on Sunday in a statement by the spokesperson of NCS, Abdullahi Maiwada….
The Federal Government has threatened to withdraw licences of oil marketers found guilty of hoarding Premium Motor Spirit otherwise known as petrol, following the unabated scarcity in Abuja, Niger, Nasarawa, Kaduna, and many other states. Some states, especially those in the North have witnessed continuous petrol scarcity for a while now, a situation that has…
The Federal Government, on Monday, announced that the new price of natural gas for power generation companies is now $2.42 per metric million British thermal unit, higher than the previous rate of $2.18mmbtu. Nigeria generates over 70 per cent of its electricity from thermal power plants that are fired by gas. Therefore, the rise in…