• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      CBN says cryptocurrency ban in interest of Nigerians

      11 hrs

      Companies-in-Action

      Zenith Bank in strong operational performance as profit rises 10.4% to N230.56bn in FY20

      11 hrs

      Companies

      United Capital posts strong numbers as earnings rise 50% to N12.87bn in 2020

      February 23, 2021

      Finance

      CIBN revives mentorship initiative for bank workers

      February 20, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Insurance Business

      Enterprise risk management surges amid pandemic, RIMS reports

      10 hrs

      WORLD BUSINESS & ECONOMY

      Hyundai to recall 82,000 electric cars over battery malfunction

      11 hrs

      Frontpage

      Global health insurance premiums fall amid pandemic, says new report

      February 24, 2021

      Frontpage

      Insurance M&A record highest growth in Africa, Middle East in 2020

      February 23, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Oil and Gas

      OPL 310: LEKOIL engages Optimum Petroleum over CRSA agreement

      4 hrs

      Frontpage

      Nigeria still losing 200,000bpd crude daily as NNPC enlists army’s intervention

      10 hrs

      Frontpage

      Nigeria to sell 170MW electricity capacity to Togo from Calabar plant

      February 24, 2021

      Oil and Gas

      NCDMB extends ‘transitional’ equity to Waltersmith’s expanded refinery

      February 19, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      Coronation MB analysts project sharp rates rise after Nigeria recession exit

      10 hrs

      Analyst Insight

      How NITDA can further foster data protection compliance in Nigeria

      February 22, 2021

      Analyst Insight

      Do we need more start-ups in insurance?

      February 16, 2021

      Analyst Insight

      Naira, PMI’s and Inflation in focus

      February 16, 2021

Frontpage

NNPC: It’s very difficult for us to make fuel available at N145

July 11, 2019452 views0 comments

Mele Kyari, group managing director of the Nigerian National Petroleum Corporation (NNPC) says it is very difficult to make fuel available at N145 per litre.

He made this known while speaking on Wednesday during a courtesy visit to Ahmed Lawan, the senate president, at the National Assembly Complex in Abuja.

According to Kyari, the cheap price of petrol encourages smuggling.

“The N145 per litre fuel price regime in Nigeria runs against the N350 per litre most of the other West African countries operate, encouraging smuggling,” he said.

Read Also:

  • Nigeria still losing 200,000bpd crude daily as NNPC enlists army’s intervention

“It is even very difficult for us to make the product available at N145.”

The GMD, who was accompanied by Maikanti Baru, his predecessor, said the corporation would work closely with the national assembly to ensure quick passage of the bills that would encourage the growth of the oil and gas sector.

In his submissions, Baru said the visit was meant to canvass the senate’s support for the quick passage of the Deep Offshore Amendment Bill which has the potential of boosting federal government’s revenue by about $5 billion per annum.

Shedding light on the significance of the bill, he explained that the nation had been virtually losing revenue running into billions of dollars due to delay in the review of the extant Deep Offshore Act which stipulates that the fiscal terms could be reviewed when the price of crude oil had surpassed the $20 barrel mark and production had gone on in those acreages consistently for 15 years.

He said the amendment bill proposes to raise the royalty paid on deep offshore production in order to ensure a higher revenue take for government, adding that no operator could oppose such a move as it was fair going by current market realities.

Kayode Fayemi, chairman of the Nigeria Governors’ Forum, has also described the payment of subsidy as a ‘drain on resources‘.

 

Share on Facebook Tweet Email
Tagsfuel Kyari nnpc
PreviousNo state’s revenue was enough to fund its 2018 budget – NEITI
NextEcobank counters worker’s layoff rumours

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • Nigeria records 6% drop in vessel traffic
  • Share illiquidity forcing Ellah Lakes’ majority owners to sell down 25%
  • Nigerian stock-fish dealers want access to foreign exchange
  • OPL 310: LEKOIL engages Optimum Petroleum over CRSA agreement
  • Coronation MB analysts project sharp rates rise after Nigeria recession exit

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

Soybeans and wheat remain steady as grain harvest in the US continues at a slow pace

Frontpage November 13, 2019

1
2

Electricity hike: Stakeholders say ‘awful tarrif adjustment’ to punish citizens

Frontpage January 11, 2021

3

Nigeria broadband penetration hits 39.58% as 3.3m new users join Internet

Frontpage May 9, 2020

4

Oil giant Shell loses oil spill case to 4 Nigerian farmers in Netherlands

Frontpage January 29, 2021

5

Nigeria approaches Washington based FINCA Impact Finance for assistance on social intervention programme, financial inclusion

Frontpage May 3, 2019

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.