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How NNPC cuts losses in four refineries by 53% to N85.75bn in 10 months

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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. ....

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The inevitability of fuel price increases

fuel price
“Leaders who don’t listen will eventually be surrounded by people who have nothing to say” Bill Carney
The Federal Government plans to increase fuel (PMS) prices in 2021. The plans are already in an advanced stage. In March 2020, the Federal Government asserted that it has deregulated the PMS market. However, the PMS market is not deregulated. PMS prices are determined by a bureaucratic Price Review Committee of the FGN. In September 2020, fuel prices and electric tariffs were increased. The PMS price was increased from N148/litre to N162/litre. The Nigerian masses and organized labour opposed the fuel price and electric tariff hikes. The trade unions threatened a national strike action. The national strike threat led to discussion between representatives of the FGN and trade unions. An agreement that no further hikes in electric tariff and fuel prices would be imposed on the nation before a planned January 25, 2021 meeting was reached. The trade unions c ....

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