Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Energy

N500 Fuel: FG says N173 billion equalisation paid to ensure fuel sufficiency as price rise

William UkpebyWilliam Ukpe
3 weeks ago
in Energy
OPEC+ decision will increase Nigeria’s fuel subsidy payments
Share on FacebookShare on TwitterShare on Linkedin

The Nigerian Government has assured Nigerians of the availability of petrol, stating that it has paid approximately N173, 200, 284, 779 equalization and that 1, 277 vessels are being tracked.

This was disclosed by Minister of State for Petroleum Resources, Mr Timipre Sylva at the 16th Edition of the President Muhammadu Buhari Score Card Series in Abuja. 

He added that FG is committed to eradicating the smuggling of Premium Motor Spirit (PMS). 

Note that this comes as Nigerians have been paying as much as N500 per litre of fuel, suggesting that the fuel subsidy regime might be collapsing. 

Improved Measures: Sylva noted that the FG has implemented improved technology tracking tools and PMS equalization to close differential cost and routine end-to-end tracking of petroleum products cargos using Lloyds List Intelligence and Refinitiv technology. 

  • “255,659 truck out have been equalized, 11,622,926,494 litres equalized, approximately N173, 200, 284, 779 equalizations paid and 1, 277 supplying vessels tracked. 
  • “Also, 25,525,688,042 litres of PMS has been discharged with 66.7 million litres average daily sufficiency and 24,346,614,589 litres total truck out the volume.” 

Improved Mandate: The Minister also added that the Ministry is committed to its 9 mandates, citing progress on the completion of the gas flare commercialization program, an increment in crude oil production to three million barrels per day. 

There is also the reduction in the cost of crude oil extraction by at least five per cent, aggressive promotion of passage of the Petroleum Industry Bill, and the Deep Offshore and Inland Basin Production Sharing Contract Amendment. 

  • “Working with private sector operators to increase domestic refining capacity, collaboration with the private sector to create many well-paying jobs, and implementation of a strategy toward taking 100 million Nigerians out of poverty. 
  • “Top priorities to take 100 million out of poverty in 10 years are youth training, skills development and empowerment, corporate social responsibility, industry-driven training and talent acquisition, bid rounds and cost reduction.” 

In case you missed it: Nairametrics earlier reported that fuel sold for N450 per litre in Uyo, Akwa Ibom state, N300 per litre in Benin, Edo state, N350 per litre in Calabar, Cross River state, and as high as N500 per litre in Port Harcourt, Rivers state.  

Related

Leave a Reply Cancel reply

HFM
Mega Millions
Mega Millions
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Guinness Nigeria appoints Grainne Wafer as Non-Executive Director
  • Sterling Bank Plc reports 39% increase in pre-tax profits for full year 2022
  • Conoil Plc reports N6.22 billion profit for FY 2022

Follow us on social media:

Recent News

Guinness Nigeria appoints Grainne Wafer as non-executive director

Guinness Nigeria appoints Grainne Wafer as Non-Executive Director

January 31, 2023
Sterling Bank Plc reports 39% increase in pre-tax profits for full year 2022

Sterling Bank Plc reports 39% increase in pre-tax profits for full year 2022

January 31, 2023
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Lifestyle
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds

© 2023 Nairametrics