Forex Scarcity Bars Marketers From Petrol Imports       Despite the deregulation of the downstream oil sector by the Federal Government, private marketers are still tied to the Nigerian National Petroleum Corporation’s apron strings as they continue to steer clear of petrol importation, ’FEMI ASU reports The expected...

Reps Summon Kyari, Emefiele, Allege N3.2trn, Others Unremitted         The House of Representatives has summoned the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari; and the Governor of the Central Bank of Nigeria, Godwin Emefiele, over non-remittance of $19.25bn (approximately N3.24tn) revenue that...

LUPAN Petitions FG Over PPPRA’s Imposition Of N1.23K Administrative Charge On Base Oil         The Lubricants Producers Association of Nigeria, LUPAN, has petitioned the Federal Government over the imposition of N1.23 kobo administrative charge on base oil by the Petroleum Products Pricing Regulatory Agency (PPPRA). In its...

PIB: FG Plans Single Regulator For Midstream, Downstream Sectors       The Federal Government plans to set up Nigerian Midstream and Downstream Petroleum Regulatory Authority to regulate operators in the midstream and downstream oil industry, under the new Petroleum Industry Bill (PIB). The new PIB is currently before...

PIB: FG To Add Strategic Reserves’ Financing Cost To Fuel Price         The Federal Government is proposing the addition of the costs of managing the national strategic stocks of petroleum products to the retail price of the commodities. The proposal, which is included in the 2020 Petroleum...

2019 Financials: NNPC At Risk Of Bankruptcy — Auditors, Management Warn       Independent auditors and management of the Nigerian National Petroleum Corporation, NNPC, have raised doubts over the ability of the corporation to continue as a going concern, following rising losses and negative capital as a...