Prolong Fuel Scarcity’ caused as ‘Banks Responsible

NIGERIA- The non-cooperation of banks on the account of the debts they are owed by oil marketing companies will prolong the current fuel scarcity. This is in spite of assurances given to the marketers by the Federal Government that it would settled the outstanding payment.

 

This is even as the Petroleum Product and Pricing Regulatory Agency (PPPRA) is alleged to have reduced both the volume and number of marketers it has given licences for fuel importation, for the third quarter of the year.

Fuel: Depot owners, NUPENG see worsening Supply Ahead

The National Union of Petroleum and Natural Gas Workers (NUPENG) said on Monday that the prevailing fuel scarcity may worsen if depot owners continue to shut their reservoirs to tanker drivers willing to lift products for distribution across the country.

 

But depot owners have risen in defence of themselves, saying they have no products and therefore “cannot give what we don’t have”.

Oil projects above $17 per barrel not sustainable, says NNPC

New and existing oil projects that exceed $17 per barrel are not sustainable at the current average crude oil price of about $50 per barrel, says the Nigerian National Petroleum Corporation (NNPC).

 

Speaking at the 2015 Oloibiri lecture series and energy forum (OLEF), Timothy Okon, group coordinator, corporate planning & strategy, NNPC, said that beyond 33 percent cost-price ratio, the industry will suffer, adding that low cost-price ratio must be adhered to so that operators can make profit and pay government entitlements and taxes.

Oil marketers warn Okonjo-Iweala of fuel scarcity

Major oil marketers have warned that fuel scarcity may linger for a while as the federal government has not paid what it owes marketers who imported fuel into the country.