Operators in the downstream sector of the oil and gas sector have asked the Federal Government to unveil a pricing formula that will guide the monthly adjustments in the pump price of premium motor spirit (PMS) other wise known as petrol in order to avoid dislocations at the retail end of the value-chain.
Social Integrity Network (SINET) yesterday asked President Muhammadu Buhari to discontinue payment of subsidy on Premium Motor Spirit (PMS) as part of measures to cushion the effect of failing oil prices and block leakages in the scheme.
It was pandemonium yesterday in the bursting commercial centre of Onitsha, Anambra State when residents took to their heels to escape a possible explosion immediately a tanker laden with Premium Motor Spirit (PMS) fell into a ditch along Enugu-Onitsha Expressway by Chipex Filling Station, spilling its content.
Daily, an estimated seven million litres of Premium Motor Spirit (PMS), better known as petrol, valued at N1, 085t is smuggled from Nigeria to neighbouring West African countries. With daily consumption of about 52 million litres of petrol per day according to the Department of Petroleum Resources (DPR)
The unending subsidy regime on Premium Motor Spirit and government’s continuous intervention in the power sector do not only drain the nation’s economy, but also retard the development of oil and gas, as well as the power sector. Some economic experts and stakeholders are of the view that subsidy payment itself does not constitute an…
As Christians celebrate Easter, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, said the country has over 1.7 billion litres of Premium Motor Spirit (PMS) in stock. Assuring that the product is enough to meet demand over the next 35 days, Baru reaffirmed their readiness to ensure adequate supply all…