Vee graphic's blog

 FG meets IPMAN, MOMAN; impending fuel price increase On Wednesday, the Federal Government announced that it was currently speaking with oil marketers on matters related to the price of Premium Motor Spirit, more commonly known as gasoline, fuel lines, and the payment of bridging claims, among other things, in the downstream oil industry. As oil marketers had frequently laid the responsibility for the ongoing fuel lines in various regions of Nigeria on the prohibitive price of PMS, it was credibly reported in Abuja that the meeting might result in an increase in the price of gasoline at the pump. As the government was being urged to progressively raise the price of PMS, the Major Oil Marketers Association of Nigeria joined forces with its counterparts in the Independent Petroleum Marketers Association of Nigeria and the Natural Oil and Gas Suppliers Association on Wednesday. As some IPMAN members had previously achieved this by selling over the N165/litre government-approved price,...

 Dropping power generation, discos and FG fighting for control An intense conflict has developed between the Discos and the government as a result of Fidelity Bank's planned acquisition of three power distribution businesses and the Federal Government's restructuring of two further companies. Through the Bureau for Public Enterprise, the Federal Government is supporting Fidelity Bank's acquisition of the three Discos. Findings reveal that Discos have continued to file new lawsuits in an effort to avoid being taken over by the government and the bank. Power sector specialists have praised and criticized both parties in response to the development, which has divided industry players. It was noted on Monday that electricity generation on the national grid fell by around 141.3 megawatts as compared to what was recorded on the system on July 9, 2022, despite the fact that industry stakeholders expressed a variety of opinions on the trend. According to data our reporter got from ...

 Exxon Mobil's asset sale to Seplat is prohibited by NNPC. NNPC GMD, Mele Kyari The sale of Exxon Mobil Corporation's Nigerian assets to Seplat Energy Plc has been temporarily halted by a court ruling secured by THE Nigerian National Petroleum Company Limited. According to Blomberg on Monday, a judge in Abuja gave NNPC a "order of temporary injunction" on July 6, 2022, prohibiting Exxon "from completing any divestiture" in a unit that ultimately has four licenses in Nigeria. Seplat, a producer with headquarters in Lagos, has committed to purchasing the subsidiary of the American oil firm for at least $1.28 billion in February. According to the allegation, NNPC wanted to stop the deal and seize control of the permits. According to Bloomberg, Mobil Producing Nigeria Unlimited was sued by NNPC on July 5, 2022. According to a statement from Seplat, NNPC asked the Federal High Court to either declare that the parties had a preemption rights dispute or to order th...

 As fuel shortages intensify, Abuja street vendors are charging N350 per litre. The persistent fuel shortage got worse in several areas of the nation on Monday, when drivers in Abuja purchased gasoline for between N300 and N350 per litre. Residents of Abuja who spoke with our correspondent expressed regret over the rise in PMS's cost as well as the challenges they had in obtaining the medication. Michael Adebanjo, a motorist who revealed his name, claimed that as of Monday, black marketeers were charging between N300 and N350 for fuel. I've been purchasing from black marketeers for between N300 and N350 per litre, he declared. In the majority of filling stations in Abuja, there is no fuel. There is a very long line for those who have. Since I lack the patience to wait, I frequently turn to the illicit market. Another driver, identified only as Ubong Edet, claimed that despite being able to purchase the product for N250 at a gas station over the weekend, he was compelled to pay ...

  Fuel sells for N175 per litre, marketers plot strike, and lines become longer Vehicle queues at a filling station On Wednesday, some gas outlets sold Premium Motor Spirit, also known as gasoline, for more than the government-approved N165 per litre because oil marketers said they would go on strike starting the following week if the government didn't pay them (marketers). According to reports, some stores in Lagos that sold the product last week for N169/litre had to modify their pumps on Wednesday because they were dispensing PMS to drivers at N175/litre. Additionally, motorist lines at gas stations, which had been present in Abuja and the surrounding area since February of this year, started to appear again in several areas of Lagos on Wednesday. Additionally, our correspondent noticed that a lot of gas stations, notably those run by Independent Petroleum Marketers Association of Nigeria members, were closed because of a lack of product to sell. In spite of long lines of driver...

 States won't be able to pay salaries due to rising subsidies, say governors The Premium Motor Spirit (petrol) subsidy in particular has put a significant financial strain on the states, according to the Nigeria Governors' Forum. This was announced by the NGF, the group that unites all 36 of the federation's governors, regardless of political affiliation, in a memo submitted to the House of Representatives. The House Ad Hoc Committee on the Volume of Fuel Consumed Daily in Nigeria, which is looking into the actual quantity of PMS the nation consumes each day, requested memoranda, and this document was produced in response. The memo, headlined "Findings on the Volume of Fuel Consumed Daily in Nigeria," dated July 1, 2022, and written to committee chairman Abdulkadir Abdullahi, was signed by the head of legislative liaison for peace and security at the NGF, Fatima Usman Katsina. The governors referred the House to a November 2021 report by the National Executive Cou...

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