Petroleum
Dr. Ibe Kachikwu

President Muhammadu Buhari is set to unveil a new roadmap code named ‘Seven big wins,’ for the petroleum industry.

Minister of State for Petroleum Resources, Dr. Ibe Kachikwu described this as the short- and medium-term priority programmes of the Ministry of Petroleum Resources. This is aimed at accelerating the growth of the nation’s oil and gas industry.

Advertise With Us

The roadmap will focus on policy and regulation, business environment and investment drive, gas revolution, refineries and local production capacity, Niger Delta and security, transparency and efficiency; and stakeholder management and international coordination.

No Plan To Increase Petroleum Price -NNPC

Meanwhile, the Group General Manager, Group Public Affairs Division of the NNPC, Garbadeen Muhammad has denied any plan to increase the pump price of petrol.

He explained that it is the responsibility of the Petroleum Products Pricing Regulatory Agency (PPPRA) to communicate such a move to the general public and not the NNPC.

“If there is going to be anything like that the agency responsible for fixing price-the PPPRA-will definitely communicate to Nigerians and give reasons why that will happen. But as at this moment, there is absolutely no plan to do that and no need to do that because we have more than enough supply.”

According to Muhammad, shocks that are likely to necessitate price increase have been taken care of by the long-term procurement contracts the corporation has with its suppliers.

The NNPC image-maker also revealed that a new window has been opened to make adequate forex available to marketers for importation. He highlighted that there has been no shift away from price modulation and that the system has stabilised the market.

On whether subsidy exists in the supply chain, he said: “there is no subsidy in the market now.”