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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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Petrol May Hit N750 Per Litre, Says World Bank


Queque in fuel filling station in Lagos 



The World Bank says Nigerians will pay N750 per litre of Premium Motoring Spirit (PMS) otherwise known as fuel, if prices are truly not reflecting cost and the current exchange rate. 

Recall that the rate is rose to  N796 today Thursday from its lowest price of  N447  in January 2th January this year. The local currency ( Naira) has for sometime been fluctuating against United States dollar. 

Speaking during his presentation of Nigeria's Development Update, December 13th edition in Abuja, the bank’s Lead Economist for Nigeria, Alex Sienaert said in paper titled: Turning The Corner (From Reforms&  Renewed Hope, To  Eesults)’ and delivered in Abuja, that the Federal Government may still be paying for fuel subsidy, considering that fuel prices are currently not cost-reflective in the country.

He said, “It does seem like petrol prices are not fully adjusting to market conditions so that hints at the partial return of the subsidy, if we estimate what is the cost reflective of retail PMS price of the would-be and assuming that importation is done at the official FX rate.

“Of course, the liberalisation is happening with the parallel rates, which is the main supplier, the price would be even higher. These are just estimates to give you a sense of what cost-reflective pricing most likely looks like.

“We think the price of petrol should be around N750 per litre more than the N650 per litre currently paid by Nigerians.”

Sienaert noted that the bank is recommending to the government to take additional measures with its bold reforms to secure the benefits from having taken those decisions.

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