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NNPC destroys 134 Illegal Refineries Recently

A destroyed refinery  By Favour Ifeoluwa & Akinola Ajibade  The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks.  Also, the company said  63 illegal pipeline connections were uncovered during the the weeks .  The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge.  According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation.  It further said that two large boats, which involve
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Marketers hail hike in fuel price

    Mr  Gills- Harry 



By Akinola Ajibade

Stakeholders in the Nigerian downstream sub-sector of the oil and gas industry, yesterday, 
described the recent adjustment in the price of the Premium Motoring Spirit( PMS) as timely and beneficial to the industry. 
The Nigerian National Petroleum Company (NNPC) Limited, yesterday, minimally raised the price of fuel from N165 per litre to N179 per litre, following a critical assessments of the industry  and the need to strengthen it for improved performance. 

.                 Mr ILO

According to marketers, the sub-sector is on the brink of collapse and the best thing to do, by the Federal Government, is to increase the price of petrol in order to enable operators survive.
The stakeholders, mainly marketers, in an interview with News Mirror,  applauded the decision of the Federal Government, to increase the pump price of fuel in the country.
According to the Chief Executive officer, Petrocam Nigeria Limited, Mr Patrick ILO, there is no better time to increase the pump price of petrol, other than now, considering the harrowing experiences which many Nigerians are passing through daily in order to get fuel for domestic consumption.
He said the rise in price of fuel is a welcome development and capable of making the product available in the country, in the long run.
ILO said: "  Though Nigerians may not consider increase in fuel price as the most important thing to do by the government, in view of the 
hardships fosted on them by the economy, the issue to me is welcomed. 
The reason is because fuel would be made available in Nigeria, by importers and marketers respectively. When this happens, scarcity of fuel and its attendant queues on the highway would become a forgotten issue.
Adding that:'" the increase is marginal and as a result, would not impact negatively on Nigerians.
In Lagos, for instance, the price is N165 per litre and with N4,000 added to it being the extra charges incurred in the course of bringing fuel to the fuel outlets,  the price would be N169 per litre." he said.
The government, ILO said, is still subsidizing the product by N560, a development, which implies that the state is trying its best to ensure that fuel is readily available in the country.
Nigerians, he said, would be highly affected by the removal of subsidy, whenever it happens.
Also, the President, Petroleum Products 
Retail Outlets Owners Association of Nigeria( PETROAN), President, Dr Billy Gills- Harry, expressed joy over the issue, stating that the slight hike in the price of fuel is welcome by its over 40,000 members.
He said: " It is a welcome development. Members of PETROAN are happy about it.
I have spoken to you on this issue in the time past that,  Nigeria needs a regular supply of petroleum products to improve socio-economic activities 
and the only way to achieve this objective is to upwardly  adjust the price of petroleum products.
On economy's growth, Harry called on the government to right-size the economy.
The government, Harry said, would be intervene through subsidy once a while.
He said the government is trying to make sure that the system does not collapse, stressing that increase in the price of petrol varies relative to the area where the product is being transported from. 




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