The Authority in a statement, explained that the Authority paid N71,233,712,991 bridging claims and another N2,736,179,950.84 freight differentials to the Marketers as at 6th June, 2022
In his motion, Ogun said he was informed that as of 2002, the NNPC purchased crude oil at international market prices, which stood at 445,000 barrels per day.
The duo, Chucorl Nigeria Limited, and Ade De Young Auto Limited who met and exceeded the set target in the distribution of OLEUM lubricants were awarded OLEUM branded trucks at the ceremony.
MOMAN, as an Association, fears that the current supply framework cannot guarantee steady and consistent supplies to the country given the current state of Government finances and unpredictable international supply shortages.
Also decried high cost of operating their various fuel depots, astronomical increases in the cost of diesel used to power equipment and machinery in various depots and retail outlets.
Akinrinade said while the government had fixed N165 per litre as the pump price of Premium Motor Spirit (PMS), the current realities in the market showed that the minimum the product should be retailed at the stations should be N180.
He said NARTO members had been struggling to operate, adding that normalcy would soon return to the petroleum products distribution sector with the intervention.
The restoration of the affected part of the grid, according to a statement, commenced immediately at 11.55am with Osogbo/Ihovbor back to the grid followed by Jebba/Osogbo, Kainji/Jebba, Benin/Onisha, Shiroro/Kaduna, Shiroro/Katampe, and Alaoji/Ikot-Ekpene. Others are Lokoja/Gwagwalada, Odukpani/Ikot Ekpene, Benin/Omotosho, Oke-Aro/Ikeja west, Egbin/Oke-Aro and Kaduna/Kano.
He said: “We have continued to make significant contributions to Nigeria’s development. As a group, OPTS member companies account about 90 per cent of Nigeria oil production and contributes significantly to the domestic and export gas production and supply. Over the last decade, OPTS member companies accounted for 40-60 per cent of government revenue and 85 to 95 per cent of export earnings.
“When Nigeria gets this fund, in addition to capital flow from both government and private sector, local and international, it would then be able to address majority of the issues relating to Climatic Change in the country. Nigeria has made a case that it should be on the G7 panel partnerships which will attract significant funding.”
