Pleading acute shortage of funds, the federal government monday said it would begin a gradual withdrawal of fuel subsidy next year. The Minister of State for Petroleum, Dr. Ibe Kachikwu, Continue Reading
Nigeria has withstood mounting pressure to devalue the naira since March, defending the currency against events ranging from the crash in oil prices to being booted out of one of Continue Reading
The fuel crisis took a dramatic turn for the worse, yesterday, as massive queues were seen in almost all the petrol stations selling the products in Abuja. Also, some oil Continue Reading
The embarrassment of fuel scarcity in an oil-exporting country continued for the 5thweek across the country, with petrol selling for as high as N400 per litre in some states. It Continue Reading
The recurrent deterioration of the financial crisis that repeatedly hits the already economically struggling state governments in Nigeria, and which further exhausts their rapidly depleting finances hence affects their ability Continue Reading
Nigeria’s central bank reduced its benchmark interest rate for the first time in six years, diverging from its counterparts in most of Africa that have tightened monetary policy in the face of weakening currencies. The key rate was cut to 11 percent from a record high of 13 percent, Governor Godwin Emefiele told reporters on Tuesday in Abuja, the capital. None of the 20 economists surveyed by Bloomberg predicted such a large cut, and most expected no change at all. Monetary policy in Nigeria is becoming harder to predict as the central bank turns to unconventional tools to protect its currency and boost economic growth. Emefiele has imposed foreign-exchange restrictions in Nigeria, Africa’s biggest crude producer, to keep the naira stable amid a plunge in oil revenue. “What we’ve decided to do at this meeting is that we must stimulate growth,” Emefiele told reporters after the decision. “We don’t […]
Business activities have drastically slowed down at the popular Gumi market and other business places in Kaduna over fuel scarcity. Most business owners are witnessing low patronage due to the scarcity as fuel is now sold for between 170 and 200 naira per litre and only at the black market. No filling station was selling fuel at the popular Ahmadu Bello way and Constitution road. A shop owner, who gave his name as Alhaji Umar, said, "In just five days, prices of foodstuff have tripled in Kaduna." "Three times I visited the market this week, price of food stuff has risen drastically. "Example, a tin of milk that I sell here for 90 naira is now N120 all in just five days." A resident, who also is a fuel attendant at the Shema filling station, Tudun Wada, told PREMIUM TIMES that the station had been out of fuel since […]
The Minister of State for Petroleum Resources, Ibe Kachikwu, on Tuesday directed the Department of Petroleum Resources to seal off fuel stations found to be hoarding petroleum products and dispense the petroleum free to the public. The Minister gave the directive after a working visit to some retail outlets in Abuja. "I have instructed DPR that if they discover any fuel station involved in hoarding, they should sell the products for free to customers around there," he said. "It is not just sealing the station that is the answer. It is penalizing them when they do these things. I hope the message goes out loud and clear." Meanwhile, the Minister has scheduled a session on Wednesday with key operators in the downstream sector of the petroleum industry, namely the Major Marketers Association of Nigeria, Depot and Petroleum Products Marketers Association, as well as Jetty and Tank Farm Owners Associations. […]
* Outstanding subsidy claims still to be approved by Assembly * Fuel marketers being denied credit facilities by banks * Substantial backlog of gasoline offshore WAF Nigeria has been hit by a fresh round of fuel shortages after the country’s main fuel marketers were denied credit facilities by banks, and as a result have had to delay placing orders for clean cargoes of gasoline under the government’s fourth-quarter import program, marketers said Wednesday. Sources said these shortages have risen as the payment of Naira 413 billion ($2.1 billion) to domestic fuel marketers in outstanding subsidy claims for gasoline imports have still not been approved by the central bank. Article continues below… Exchanging value in the oil markets We would like to offer you a free one week subscription to one of the following reports: The government pays a subsidy on gasoline imports, which is the difference between the landing […]
Countries such as Nigeria and Ghana have awarded a number of exploration blocks offshore and Liberia has followed suit. ExxonMobil plans to begin drilling late 2015 or early 2017, Steven Buck, its country manager for Liberia and Ivory Coast stated. The US oil firm signed for block 13 in 2013, however placed the project on hold due to the Ebola epidemic. According to President Ellen Johnson Sirleaf, ExxonMobil has shown commitment and strength despite falling prices in the global market. Although the Ebola Crisis affected ExxonMobil, it has re-opened its offices in Liberia so it can resume business. "I am very excited to see ExxonMobil here," said Sirleaf following a meeting with Buck. "Their presence demonstrates to the world that Liberia is once more on the move," added Sirleaf. The United States has lifted economic sanctions on Liberia that it had put in place against former president, Charles Taylor. […]
