The benefits of the fuel subsidy removal far outweighs the pains associated with the expected rise in petrol pump price due to the upswing in crude oil price, writes Obinna Chima
The rising cost of Brent crude oil and its attendant implication on petrol price in the country appears to have resuscitated the age-long debate over fuel subsidy removal in Nigeria.
Once more, there has been divergent views about this policy which until it was phased out last year, was a thorn in the flesh of successive governments in the country.
For instance, the federal government had disclosed that the nation spent N10. 413 trillion on fuel subsidy between 2006 and 2019, even as the country consistently grappled with low revenue generation over same period.
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Home » News » How NNPC cuts losses in four refineries by 53% to N85.75bn in 10 months
How NNPC cuts losses in four refineries by 53% to N85.75bn in 10 months
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By Obas Esiedesa
THE Nigerian National Petroleum Corporation, NNPC, has cut down losses by 53 per cent in the first 10 months of 2020, due to none production in the nation’s four refineries, according to data obtained from its October 2020 Monthly Financial and Operations Report, MFOR.
The data, obtained by Energy Vanguard, showed that the Operational Expenses, OPEX, stood at N85.75 billion in the first 10 months, thus indicating a drop of 53 per cent, compared to N122.96 billion recorded in the corresponding period of 2019.
Oil marketers blame subsidy for downstream infrastructure decay vanguardngr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from vanguardngr.com Daily Mail and Mail on Sunday newspapers.
By Peter Uzoho
The Department of Petroleum Resources (DPR) said it is upgrading the Nigerian oil and gas downstream operations to global standards with improved technology in its ongoing automation process.
The Director of DPR, Mr. Sarki Auwalu, stated this at a virtual meeting with the members of the Major Oil Marketers Association of Nigeria (MOMAN) on Tuesday.
In a statement signed by the agency’s Head of Public Affairs, Mr. Paul Osu, the director said the department was deploying appropriate technology to enhance value for operators and investors alike in the downstream sector.
Auwalu said the DPR has concluded plans to launch the the Downstream Remote Monitoring Systems (DRMS), an inventory and regulatory tool designed to track product levels across retail outlets and depots using the short code- 7117#.