No Plan To Increase Fuel Prices, NNPC Boss Says

Dr Maikanti Baru, the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), has dismissed reports that the corporation will soon announce an increase in the pump price of Premium Motor Spirit (PMS).

Recall that it was reported earlier today that because of the high cost of forex, NNPC had concluded plans to increase the pump price of PMS from N145 per litre to between N170 and N200.

The NNPC boss however debunked the report saying, “I have not been directed to increase pump price, even the other price was based on recommendation from the regulatory body.

“I’m not aware that they are planning to do any increase, you know there are several factors that necessitated that ,especially the issue of exchange rate that has moved and we don’t expect any serious changes.

“So far the request for forex for importation of gasoline, popularly called petrol, has been met and our own supply situation is robust, we are meeting demands.’’

The managing director, however, revealed that Petroleum Products Pricing Regulatory Agency (PPPRA) could review the prices of petroleum products when necessary.

He said that NNPC currently had in stock over 1.4 billion litres of PMS for sale to the public at government controlled price of N145 per litre.

“We have over 1.4 billion litres on ground.

“So, I don’t see any basis for increase; however, the review could be done by the right body, you should contact PPPRA, that is the regulatory body as far as petrol pricing is concerned,’’ he said.

Buhari Orders NNPC To Find Oil In North East

President Muhammadu Buhari has ordered deeper exploration of some hitherto neglected areas in the North-Eastern part of Nigeria according to the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Maikanti Baru.

Baru said that the corporation is stepping up measures to ensure a successful operation in the ongoing search for crude oil in the Chad Basin and other parts of the Inland Sedimentary Basin.

The NNPC Chief made this disclosure while receiving the Governor of Bauchi State, Mohammed Abubakar, who was on a courtesy visit to the NNPC Towers, Abuja.

“You know that very close home, we have exploration activities on the frontier basin in the Chad and some areas close to the Kolmani river where Shell had made some indicative discovery of hydrocarbons and Mr. President has directed me to go into that area to reprove and further explore the magnitude and prospectivity of those finds,” spokesperson for the NNPC, Garba Deen Muhammed quoted Mr. Baru as saying.

“We are taking steps to re-strategize and get into those regions. We will re-invigorate the frontier exploration and see how they collaborate with NNPC that is holding Block A09 where some of the finds have been made and also Department for Petroleum Resources, DPR, for the other blocks that have not been assigned.”

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Kachikwu Approves Prof. Sunny Iyuke As New CEO For PTI Effurun

Dr Ibe Kachikwu, the State Minister for Petroleum Resources,  has approved the appointment of Prof. Sunny Iyuke as the Chief Executive Officer of the Petroleum Training Institute (PTI), Effurun, Delta.

Mr Idang Alibi, Director, Press and Public Relations, Ministry of Petroleum Resource in a statement in Abuja said the approval was in line with the Petroleum Institute Act of 1972.

Prof. Sunny Iyuke who bagged his PhD in Chemical and Process Engineering from the National University of Malaysia in 1999 and had over 260 Articles worldwide, until his appointment was a Professor of Chemical and Metallurgical Engineering at the University of Witwatersrand (Wits), Johannesburg, South Africa.

SHOCK AS NASS MOVES TO SCRAP NNPC, DPR, AND PPPRA

The current move by the National Assembly to scrap the Department of Petroleum Resources (DPR), the Petroleum Products Pricing and Regulatory Agency (PPPRA) and the Nigeria National Petroleum Corporation (NNPC) through its new version of the Petroleum Industry Bill (PIB), Petroleum Industry Governance Bill (PIGB) has sent shock waves across the oil industry, Leadership reports.

IPMAN, NNPC, DPR, OTHERS AGREE TO WORK TOGETHER TO END FUEL SCARCITY

In a bid to completely win the war against the lingering fuel dearth in Nigeria, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has reached an agreement with the Independent Petroleum Marketers Association of Nigeria, IPMAN, to bring an end to the endemic scourge.