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Fuel Price Decreases! Check Out The Price of 1 Litre Of Petroleum In The Market

Nigerians already reeling from the Covid-induced economic downturn now have an additional burden to contend with as the Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N156.56 per litre from N160.62 per litre. The decrease

The pump price of premium motor spirit (PMS) otherwise known as petrol has been decreased from N160 to N156.56 per litre with effect from November 7th, 2020.

The Pipeline Products Marketing Company (PPMC) may crash the prices of Premium Motor Spirit (PMS) popularly referred to as petrol, this month. While making the disclosure, the National Vice President, the Independent Petroleum Marketers Association of Nigeria (IPMAN), Alhaji Abubakar Maigandi, said the marketers are looking forward to a downward review of the ex-depot price for October. According to a report from the Nation, the IPMAN top official said that the forecast is based on the drop in crude oil prices. The Brent Crude and the Bonny light crude are currently both trading at less than $40 per barrel.

The groundbreaking research toward a post-petroleum economy was commissioned by the Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN) to provide some cost-benefit analysis of oil and gas and the prospects of renewable energy for Nigeria. It is to help policymakers to take the bold step toward a post-petroleum economy for Nigeria while depending less on oil and gas revenues. The research which builds on decades of a campaign to “leave the oil in the soil,” focuses on the benefits of oil and gas in relation to the renewable energy sector.

This is the burden the government is shedding with the withdrawal of subsidy payments, which has inevitably led to the increase in pump price. “With landing cost of petrol currently at N207.98, government would have to pay N62.98 subsidy per litre of petrol and the NNPC has to defray an estimated N3.149 billion per day under what is tagged: ‘under-recovery’.

Petroleum is a naturally occurring liquid found beneath the earth’s surface that can be refined into fuel. Petroleum is a fossil fuel, meaning that it has been created by the decomposition of organic matter over millions of years. Petroleum is formed when large quantities of dead organisms–primarily zooplankton and algae–underneath sedimentary rock are subjected to intense heat and pressure.

What is crude oil and what are petroleum products?

We call crude oil and petroleum fossil fuels because they are mixtures of hydrocarbons that formed from the remains of animals and plants (diatoms) that lived millions of years ago in a marine environment before the existence of dinosaurs. Over millions of years, the remains of these animals and plants were covered by layers of sand, silt, and rock. Heat and pressure from these layers turned the remains into what we now call crude oil or petroleum. The word petroleum means rock oil or oil from the earth.

Today, petroleum is found in vast underground reservoirs where ancient seas were located. Petroleum reservoirs can be found beneath land or the ocean floor. Their crude oil is extracted with giant drilling machines. Crude oil is usually black or dark brown, but can also be yellowish, reddish, tan, or even greenish. Variations in color indicate the distinct chemical compositions of different supplies of crude oil. Petroleum that has few metals or sulfur, for instance, tends to be lighter (sometimes nearly clear).

Petroleum products include transportation fuels, fuel oils for heating and electricity generation, asphalt and road oil, and feedstocks for making the chemicals, plastics, and synthetic materials that are in nearly everything we use. In 2020 of the approximately 7.5 billion barrels of total U.S. petroleum consumption, 45% was finished motor gasoline (includes fuel ethanol), 20% was distillate fuel (heating oil and diesel fuel made from crude oil and biomass-based diesel fuel), and 8% was jet fuel. Over 13 other types of petroleum products made up the other 27% of total petroleum consumption in 2020.


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