Dollar to Naira News

House queries delays at refineries, sharp practices in oil sector – The Guardian News

By

The House of Representatives has mandated its Committee on Petroleum (Downstream), chaired by Ikenga Imo Ugochinyere, to unearth the anomalies militating against the oil sector in the country’s interest.

Moving the motion, Osawaru pointed at the rot in the downstream and midstream sectors ranging from subsidy payments, depot sharp practices, non-availability of domestic crude supply to local refineries, fuel queues, high cost of petrol, source of funding of subsidy, endless shifting of timelines for refinery rehabilitation, nefarious activities at the petrol depot, status of all downstream pipeline and depot project.

Other issues the committee would beam its searchlight on include the alleged indiscriminate issuance of licences, lack of product to marketers, use of middlemen in crude sales to refineries and non-domestication of profit from the sale of crude oil by IOCs.

Moving the motion, Osawaru decried the resurgence of fuel queues in petrol stations, high cost of petrol and non-availability of fuel stock for downstream domestic refineries in Nigeria and disruption of distribution of PMS products.

He expressed concerns about the failure of the regulators to enforce compliance with standards that will help achieve the growth of the downstream sector and the lack of support to local crude refiners and issuance of import licence, despite local production.

He also claimed to be privy to alleged racketeering and favouritism in the Pro Forma Invoice System (PFI) regime, indiscriminate issuance of licences and importation of refined petroleum products.

He added: “I have been further informed of the alleged return of PMS price intervention with its impact on the domestic market. There is also the allegation of product unavailability to marketers from NNPC Retail.”

See Dollar to Naira black market today, Pound to Naira, Euro to Naira, Dollar to Naira CBN rate and Dollar to Naira Bank rate today.

Related Posts

Standard Bank Securities: Banks under our coverage could pay N217bn as proposed windfall tax – The Cable News

By Bunmi Aduloju The Standard Bank Group (SBG) Securities says banks under its coverage could pay N217 billion in the proposed windfall tax. In a report on Thursday,…

Central Bank’s Misguided Policies Under Cardoso Have Worsened Naira, Strangled Nigerian Economy – Civic Organisation – Sahara Reporters

By Sahara Reporters The Nigeria Must Win Network (NMWN), a civil society, has stated that interventions under the Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso’s leadership…

Alleged N17.8bn Debt: Court Orders CBN, EFCC to Investigate Afex Accounts in 28 Banks – This Day News

By Wale Igbintade A Federal High Court in Lagos has ordered the Central Bank of Nigeria (CBN) and the Economic and Financial Crime Commission (EFCC) to carry out…

CBN resumes dollar sales to BDCs, halts Naira depreciation – Vanguard News

By Babajide Komolafe Directs BDCs to sell at N1,471/$ The Central Bank of Nigeria, CBN yesterday, announced the resumption of dollar sales to bureaux de change, BDCs, a development that…

CBN projects external reserves to dip in 2024 – Punch News

By Oluwakemi Abimbola The Central Bank of Nigeria has projected that the external reserves could reduce slightly in 2024 on the back of debt service and other obligations. This…

BoI to invest in green financing, modular refineries – Daily Trust

By Philip Shimnom Clement As part of initiatives designed to maximise growth and boost local investments, the Bank of Industry (BoI) has announced that it will explore new…