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Ex-PENGASSAN chief faults association for announcing fuel price hike

A pump attendant dispensing petrol. PHOTO: FEMI ADEBESIN-KUTI
A Former President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has faulted the Petroleum Retail Outlets Owners Association of Nigeria (PETROAN) for announcing an increase in the pump price of gasoline.
Mr Peter Esele told a correspondent of the News Agency of Nigeria (NAN) in Benin on Saturday that PETROAN had no right to increase petrol pump price unilaterally.
On Feb. 8, the President of PETROAN, Dr Billy Gillis-Harry announced an increase in the retail price of fuel from N160 to N178 per litre.
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Findings by NAN correspondent showed that although filling stations in Benin had adjusted their prices upwards, none is selling for as high as N178 as announced by Billy Gillis. ....

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Petrol price may hit N190 as oil nears $60

Marketers have said with the current realities in the global crude oil markets, the price of Premium Motor Spirit (petrol) in Nigeria should be bet. ....

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As Nigeria Borrows to Finance Wastes

BUSINESS/Perspective
Nigeria is in dire economic straits and in one of its worst economic crises in its history as recently warned by the World Bank and the International Monetary Fund last December. It is so bad that in November the Budget Office stated that 428 of Nigeria’s over 600 agencies would be unable to pay November salaries. In 2015, in order to reduce waste and cost of governance, the Oransanye report recommended the scrapping and merger of many of these federal agencies.
For more than 5 years, the Buhari administration continues to fund these mostly moribund, obsolete, ineffective ,duplicated, unnecessary agencies many replete with mismanagement and corruption. How can a country that houses 87 million extremely poor people, the highest in the world, be financing 14 Space agencies? This is a picture of President Buhari’s 2021 budget proposals for a few of these agencies many with personnel costs (P) ranging from 90% to 100% of their total budgetary allocatio ....

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Nigeria's oil rig count down 29% to 135 in 2020

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Nigeria’s oil rig count down 29% to 135 in 2020
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As oil exploration suffers setback
Stakeholders renew call for PIB, others
By Udeme Akpan
There are indications that limited investment has taken a toll on exploration, as Nigeria’s rig count dropped year-on-year by 27.8 per cent to 135 in the year 2020, from 187 in 2019.
The oil rig count, a major index for measuring level of activities in the upstream oil sector, was contained in the latest industry data released by the Organisation of Petroleum Exporting Countries, OPEC.
On Quarter-on-Quarter, QoQ basis, the data shows a steady decline in the level of activities all through the year with the highest count of 56 recorded in the first quarter, while subsequent quarters show declines to 33, 24 and 22 deployed in the second, third and fourth quarters respectively. ....

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