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Published 13 May 2021
The Major Oil Marketers Association of Nigeria and the Independent Petroleum Marketers Association of Nigeria have said the National Gas Expansion Programme of the Federal Government will create immense opportunities.
The Chairman, MOMAN, Mr Adetunji Oyebanji, said as Liquefied Petroleum Gas was becoming more popular and looking at the country’s population and gas penetration, there was a huge gap.
According to him, this presents a huge opportunity for investors.
Oyebanji said, “Nigerians are used to generating equipment being powered by Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel). As we have an abundance of gas, it is a cheaper alternative to diesel.
By Ediri Ejoh Nigerian National Petroleum Corporation, NNPC is under more pressure to fund Nigeria’s petrol under-recovery or subsidy as the price of Bonny Light rises to $65 per barrel in May 2021. This showed an increase of 150 per cent when juxtaposed against $26 per barrel recorded in the corresponding period of
By Ediri Ejoh
There are indications that the Federal Government through the Nigerian National Petroleum Corporation, NNPC would be under more pressure to fund Nigeria’s petrol under-recovery or subsidy as the price of Bonny Light rises to $65 per barrel in May 2021.
This showed an increase of 150 per cent when juxtaposed against $26 per barrel recorded in the corresponding period of 2020 when the outbreak of the coronavirus pandemic and low demand for crude oil had culminated in low prices.
However, the current high prices of crudes, and by extension, petrol, is attributed to the re-opening of many economies, the discovery of Coronavirus pandemic vaccines and the efforts of the Organisation of Petroleum Exporting Countries, OPEC to achieve market stability.