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NNPC doubles supply as scarcity bites harder

kizinho

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6 years ago

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NEWS: NNPC doubles supply as scarcity bites harder [New Naija News] » Naijacrawl
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NIGERIAN National Petroleum Corporation (NNPC) Group Managing Director Dr.

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Maikanti Baru says the corporation has doubled the daily supply of Premium Motor Spirit (PMS), otherwise called petrol, from 700 trucks (about 27 million – 30 million) litres per day supply to 80 million litres per day since the scarcity in the supply chain was noticed.
Despite the intervention, scarcity of petrol continued in several cities across the nation yesterday, with travelling motorists having recourse to buy from black marketers, who sold the products in jerry cans.
Baru spoke before the signing of a Memorandum of Understanding (MoU) between the corporation and Benue State on the Agasha-Guma Bio-fuels Projects in Abuja.
The corporation, in a statement, said the NNPC GMD attributed the hiccups in the supply of PMS to rumours about purported planned increase in the price of petrol.
He stated that some marketers, in their quest to cash in on the situation, suddenly started hoarding products.
“But we swiftly swung into action by doubling our supply nationwide. At the time the rumour started, we had about 30-day sufficiency,” he said.
He added that the NNPC has enough products sufficiency that will last up to 30 days.
Baru said at least a billion litre petrol laden-cargoes were heading to Nigeria shores at the end of this month, which, he noted, will return the country to a 30-day-plus sufficiency.
The NNPC boss, who expressed joy at PENGASSAN’s call-off of its planned strike, called on motorists not to engage in panic buying as the corporation has more than enough products for domestic consumption.
Baru, who assured that the fuel situation would soon fizzle out this week, warned marketers against hoarding.
He hailed NNPC’s sister agencies, the Department of Petroleum Resources (DPR) and Petroleum Products Pricing Regulatory Agency (PPPRA), for their support in helping NNPC tackle the menace of hoarding by filling stations.
Signing the MoU on the Bio-fuels Project with the state government, Baru said the project would provide employment for youths in the state.
Benue State Deputy Governor Benson Abounu said the state was happy with the signing of the MoU, which, he said, was a watershed in the nation’s quest to find alternative sources of energy.
He pledged the support of the Benue citizens to the project, adding that various host communities would give their 100 per cent support for its success.
The Agasha-Guma bio-fuels project aims at developing Integrated Sugarcane Plantation and Fuel-Ethanol/Sugar/Power Plant Complex in Benue State through a Special Purpose Vehicle (SPV).
Expected to create one million direct and indirect jobs on completion, the project will also produce about 84 million litres of fuel ethanol annually.
The statement added the NNPC plans to mobilise to site by First Quarter of 2018.

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Naija News

NERC reveals when electricity supply will improve

Victorious

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2 years ago

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NAIJA NEWS: NERC reveals when electricity supply will improve [New Naija News] » Naijacrawl
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Following renewed efforts by industry stakeholders, Mr. Sanusi Garba, Chairman of the Nigerian Electricity Regulatory Commission (NERC), believes Nigerians will see improved power supply starting July 1.Garba provided the guarantee during a press conference following the Second Nigerian Electricity Supply Industry (NESI) meeting in Lagos on Wednesday.The conference was attended by top officials from NERC, the Transmission Company of Nigeria (TCN), generation compani...
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CBN Withdraws Forex From BDC, Limit Supply To Bank Only

Piroll

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3 years ago

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NAIJA NEWS: CBN Withdraws Forex From BDC, Limit Supply To Bank Only [New Naija News] » Naijacrawl
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The Central Bank of Nigeria has announced that Forex will only be supplied to banks as all sales to Bureau De Change operators (BDCs) have been discontinued.This was made known today by the CBN Governor, Godwin Emefiele during a Monetary Policy Committee (MPC) meeting on Tuesday, July 27th.Emefiele disclosed that the apex bank had to make this move because of the suspicious activities of BDC operators and their utter disregard for CBN exchange rate policies.He expre...
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No Tariff Increase For People With Less Than 12 Hours Daily Power Supply - NERC

Piroll

Published

4 years ago

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NAIJA NEWS: No Tariff Increase For People With Less Than 12 Hours Daily Power Supply - NERC [New Naija News] » Naijacrawl
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The Nigerian Electricity Regulatory Commission on Friday insisted that electricity Distribution Companies must not increase tariffs of customers enjoying less than 12 hours of power supply daily.Mr Dafe Akpeneye, NERC Commissioner, Legal Licensing and Compliance, made the clarification during the regulatory agency’s online town hall meeting with customers on the new electricity tariff regime.The DisCos had on September 1 announced the implementation of new Service R...
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