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    Manufacture of petroleum products push PPI to 31.2% in April

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    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

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    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

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    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Implement strategies to sustain increased consumer preference for digital payments – Bawumia

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Nigeria: NNPC, Marketers Under Fire Over N10 Trillion Subsidy Fraud

bycitibusinessnews
March 7, 2017
in Africa, Top Stories, West Africa
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The Senate has invited officials of the Nigerian National Petroleum Corporation (NNPC), independent marketers, license inspection agency and the Nigeria Ports Authority (NPA) over the alleged N10trillion fuel subsidy fraud.

Chairman of the Senate Committee on Petroleum (Downstream) Senator Kabiru Marafa who stated this in press statement said out of the N10trillion, NNPC is to account for N5.2trillion it collected as fuel subsidy between 2006 and 2016.

He said during the period under investigation, NNPC imported more than 40% of local consumption apart from gross under utilization of 445, 000 barrels for local refining annually.

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“NNPC being the custodian of Crude oil resources of the nation, is responsible for 51% of petroleum products importation over the years aside the 445,000 crude allocations it gives itself on yearly basis for local refining.

“Available records show that it has spent 51% on subsidy for petroleum products importation aside the N3.8trillion spent on similar subsidy for independent marketers and about $1.5billion yet to be accounted for by other key players in the industry”, he said.

Marafa, also said “This committee has established the missing of 100million litres of PMS from such storage arrangement. We expected NNPC to have taken action against the two companies that carried out the theft but since it has not, we hereby ordered it to do so immediately, precisely within this week failure of which we shall make the whole details known to the public.”

Those to appear before the committee are “past and present chief executives of NNPC, their counterparts from the independent marketers, license inspection agency, NPA, FIRS, Customs and NIMASA”.

–

Credit: All Africa

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