Energy Gas Oil

FEC approves N117bn for Oloibiri research centre

The Federal Government, on Wednesday, said marketers who engaged in racketeering activities were responsible for the rising cost and scarcity of Premium Motor Spirit in parts of the country.
The Minister of State for Petroleum Resources, Timipre Sylva, revealed this while briefing State House correspondents on the outcome of the Federal Executive Council presided over by the President Muhammadu Buhari on Wednesday at the Aso Rock Villa, Abuja.
Sylva said though the Nigeria National Petroleum Company Limited had ensured the supply of fuel nationwide, there were still challenges at distribution points.
He explained that the ministry had issued directives to end racketeering, which had led to soaring fuel prices. But those directives have fallen on deaf ears, even as supply bottlenecks persist.
Therefore, Sylva, again, directed the regulatory agency to sanction erring filling stations.
In January 2023, the Federal Government increased the price of petrol to N185 per litre, from N170 per litre.
However, The PUNCH reports that petrol is being sold for as high as N500 per litre in some states.
The petroleum minister, who insisted that PMS was now available nationwide, blamed the scarcity on factors outside the control of his ministry.
However, he said the distribution challenge would not hinder the February 25 and March 11 election.
Sylva said the NNPCL had assured the Independent National Electoral Commission that petroleum products would be available for the exercise.
Meanwhile, the council approved N117billion for the construction of the Oloibiri Oil and Gas Museum and Research Center, Bayelsa State.
Awarded to MSSRS Julius Berger Plc, it is expected to be completed in 30 months.
This comes six decades after oil was discovered in commercial quantities in the oil-rich region.
This came as findings by one of our correspondent showed that the price of petrol jumped from N350 to between N450 and N500 per litre in Ilorin, Kwara State capital on Wednesday.
It was observed that only private petrol stations were selling fuel, while none of the major marketers had fuel to sell to motorists.

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