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Nairaland Forum / Nairaland / General / Politics / Buhari Approves Importation Of Additional Crude Oil To End Fuel Scarcity (1054 Views)
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Buhari Approves Importation Of Additional Crude Oil To End Fuel Scarcity by simtosul: 4:36pm On Mar 29, 2016 |
– President Muhammadu Buhari has approved the importation of additional crude oil into the country – The NNPC attributed the fuel scarcity challenge to problems in the subsidy regime – The corporation has intensified monitoring to ensure full compliance Buhari approves additional crude oil to end fuel scarcity Report reaching NAIJ.com reveals that President Muhammadu Buhari has given approval to the Nigerian National Petroleum Corporation (NNPC) to take additional crude oil volume to guarantee the country’s supply of premium motor spirit. This was contained in a statement signed by Garba Deen Muhammed, the NNPC group public affairs division titled “NNPC determined to end fuel scarcity” on Tuesday, March 29. Muhammed attributed the problem to the challenge major oil marketers face in contributing their supply quota to the constraints in accessing foreign exchange and outstanding subsidy obligations. He stated that the unpaid arrears arising from the subsidy regime had necessitated most oil marketers to stop all forms of involvement in petroleum products imports. The statement reads in parts: “In line with the change agenda of this administration, NNPC management initiated and made progress on various key solutions to providing a lasting end to these issues. “Thankfully, with the firm support of Mr. President and the National Assembly, we greatly reduced this debt burden and since January, 1st 2016 we have been able to eliminate subsidy payments by managing prices at current levels through price modulation. “This has resulted to savings of over 100 billion naira monthly for the nation. Nationwide petroleum supply and distribution have been ramped up to all states to ensure product availability in the country. The current supply to states is in excess of the normal consumption especially in the five major consuming cities.” “We are vigorously pursuing an improved model for ‘crude oil for refined product’ exchange (the direct sale – sirect purchase arrangement) which eliminates inefficiencies with an attendant cost saving for the nation of about $1 billion. This will guarantee sustainable product supply to the nation. “In the medium term, NNPC is working on sustainable strategies to permanently address the issues and challenges facing the midstream and downstream sectors. The overarching objective is to make Nigeria a net exporter of Petroleum products as was the case in the 1970’s. “Our commitment to ramp up our local refining capacity and availability remains un-waivered with the ongoing rehabilitation works targeted at running all Refineries at a minimum 70% capacity utilization within the next 6 – 8 months. “This is in addition to our initiative of increasing the combined capacity of the domestic refineries through co-locating smaller but cost efficient modular refineries within the existing refineries premises within a time frame of 12-24 months. “To curb storage and logistics challenges, we are working on a joint partnership with technically and financially capable investors to ensure that petroleum products transportation and storage facilities are efficiently operated on an open-access common-carrier user-tariff basis. “Some of these depots will be nominated as strategic reserves while we take possession of a strategic reserve vessel in the next 3 months. Tangible results will be delivered within the next 3 – 6 months. “Changes usually take time, effort and a lot of focus. We understand the plight of Nigerians and the impact on the overall economy. We genuinely empathize with the attendant sufferings and wish to reassure that we are focused and committed to bring an end to this situation within the next few days and we kindly call on all Nigerians to partner with us on this journey to allowing the whole process of change come into fruition. He stated that the corporation has intensified monitoring to ensure full compliance with approved prices adding that violations of approved prices and hoarding of petroleum products would attract penalties which include giving out of petroleum products free to the public, sealing off fuel stations found to be hoarding petroleum products and payment of a fine. The corporation vowed to withdraw marketer’s license, stressing that any NNPC, department of petroleum resources (DPR), petroleum products pricing regulatory agency (PPPRA) or government agent found conniving or wanting will be sanctioned accordingly in line with public service guidelines and procedures. It urged Nigerians to shun panic buying and report the activities of petroleum product hoarders and saboteurs. https://www.naij.com/781079-just-buhari-takes-drastic-action-end-fuel-scarcity.html?poster=308
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Re: Buhari Approves Importation Of Additional Crude Oil To End Fuel Scarcity by Nobody: 4:48pm On Mar 29, 2016 |
Ok, am waiting for the deadline of cheaper rice which the government stipulated it to be 1st April |
Re: Buhari Approves Importation Of Additional Crude Oil To End Fuel Scarcity by dunkem21(m): 4:50pm On Mar 29, 2016 |
There's no fuel scarcity anywhere .. Why import more? |
Re: Buhari Approves Importation Of Additional Crude Oil To End Fuel Scarcity by SleekAboki: 4:51pm On Mar 29, 2016 |
Buhari has been saving 100 billion monthly with additional $1 billion. Which account is all these money going into |
Re: Buhari Approves Importation Of Additional Crude Oil To End Fuel Scarcity by cybernaut(m): 4:54pm On Mar 29, 2016 |
hahahaha.i tought mr.president said dat fuel subsidy is a scam nw d pmb is importin fuel.haba wat a scam. 2 Likes |
Re: Buhari Approves Importation Of Additional Crude Oil To End Fuel Scarcity by chriskosherbal(m): 4:56pm On Mar 29, 2016 |
Hmmmmm |
Re: Buhari Approves Importation Of Additional Crude Oil To End Fuel Scarcity by masterblogger(m): 5:16pm On Mar 29, 2016 |
Wetin u no sabi big pass u |
Re: Buhari Approves Importation Of Additional Crude Oil To End Fuel Scarcity by ozome15(m): 7:35pm On Mar 29, 2016 |
nigeria una don enter one chance, nigeria now da import crude, |
Re: Buhari Approves Importation Of Additional Crude Oil To End Fuel Scarcity by Standing5(m): 7:53pm On Mar 29, 2016 |
Imagine if someone had built a standard refinery in the ND instead of phantom BH weapons procurement. Imagine the stress it would av saved us. We could av been exporting refined crude to boost employment. Buhari should go for eight years. He is a our good bet to help build a modern and effecient refinery. 1 Like |
Re: Buhari Approves Importation Of Additional Crude Oil To End Fuel Scarcity by Nobody: 7:58pm On Mar 29, 2016 |
Sai Buhari...I think they meant petroleum products not crude oil |
Re: Buhari Approves Importation Of Additional Crude Oil To End Fuel Scarcity by courage89(m): 7:59pm On Mar 29, 2016 |
Are we importing crude oil or petroleum products? This is really junk journalism. I'm surprise the writer cannot differentiate between crude oil and petroleum products. 2 Likes |
Re: Buhari Approves Importation Of Additional Crude Oil To End Fuel Scarcity by OKKO(m): 8:39pm On Mar 29, 2016 |
courage89: It is no longer a news that Kaduna refinery can not handle Nigerian type of crude oil. We import crude oil to feed it and it helps to provide for a part of daily PMS requirement of the country. |
Re: Buhari Approves Importation Of Additional Crude Oil To End Fuel Scarcity by obailala(m): 8:49pm On Mar 29, 2016 |
Nigeria importing CRUDE OIL?... All these blogs sef! |
Re: Buhari Approves Importation Of Additional Crude Oil To End Fuel Scarcity by courage89(m): 9:14pm On Mar 29, 2016 |
OKKO: Because Kaduna refinery is a "very complex refinery" does not mean it cannot handle/process light crude. The argument of why we import heavy crude to feed Kaduna refinery has always lies on the petroleum products yield. Plus, the article did not mention that we are importing crude to feed any facility; be it Kaduna, Warri or Portharcout. Nor did it mention what type of crude we are importing. |
Re: Buhari Approves Importation Of Additional Crude Oil To End Fuel Scarcity by Nobody: 10:22pm On Mar 29, 2016 |
Fake news. The source is not reliable. |
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