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Fed Govt Slightly Reverse The Price of PMS

Queue at the filing station  The President,  Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr  Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
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NEITI Sets To Determine The Quantity of PMS Consumed In Nigeria


By Favour & Akinola Ajibade


The Nigeria Extrative Industries Transparency Initiative  NEITI 's Executive Secretary, Dr Orji Ogbonanya, says the body is conducting  a study  in order to determine the quantity of Petroleum Premium Spirit ( PMS) consumption and how the 13 per cent derivation is spent or utilised in the country. 

He said the development is necessary, in order to know how well the country uses fuel and crude oil by extension.

He said this is one of the priorities, which the group has set for itself and the country in particular, as part of efforts to ensure proper usage of the proceeds of the national oil and gas sectors. 

He however, fails to state categorically when and how the objectives of the priority areas are going to be achieved by NEITI. 

Speaking during a stakeholders conference organised by NEITI in Abuja, Ogbonanya said that the country's  energy sector holds a substantial value to the Federal Government since it provides a veritable source of income for the implementation of fiscal programmes and policies, adding that the development informed the decision of NEITI to conduct 2022 -2023 industry reports in the oil and gas mining sector, with a view to ascertain the level of development in that segment of the economy vis-a-vis how well it can be positioned for growth.

Others include the need to link NEITI Reports to revenue growth and impact and updated data and information on all financial liabilities (outstanding revenue remittances to the federation) to support government’s revenue mobilization for development and upgrade of infrastructure.


 

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