Nigerian Times

17 Feb 2012 12:00 Africa/Lagos "The Global Oil Tanker Market Will Reach $18.96 in 2012" According to the Latest visiongain Report LONDON, February 17, 2012/PRNewswire/ -- http://www.visiongain.com/Report/766/The-Oil-Tanker-Market-2012-2022 Global oil trade is profoundly dependent on seaborne oil tankers for the transportation of crude oil. Over recent years the trading of refined petroleum products and petrochemicals by sea has also risen. All of these petroleum related products are somewhat volatile and closely linked to levels of economic activity. Visiongain has calculated capital expenditure in the oil tanker market will reach $18.96bn in 2012. There are a number of driving factors that will require investment in oil tankers over the forecast period despite the current lacklustre economic situation. For example, in the near future regulators will be enforcing laws on oil tanker fuel efficiency and water ballast systems which will require companies to upgrade and retrofi...

Major Oil Marketers Association of Nigeria (MOMAN) Eleganza Biro Plaza (5TH Floor), Plot 634, Adeyemo Alakija Street, Victoria Island, Lagos. The Oil Cartel, the Cabal and the Rest of Us in Nigeria Dear Major Oil Marketers Association of Nigeria, I read your public information advert on SUBSIDY FACTS with a pinch of salt, because the information you provided is nothing new. The important issue you mentioned was the emergence of “briefcase” mafia of companies without any asset base and accountability in the Petroleum Support Fund (PSF) scheme. As you rightly noted the total cost of PMS imported into Nigeria as at December 6, 2011, was N141.38 Kobo. The regulated pump price is N65 and the subsidy claim was N76. 38 Kobo. Ignorance has done more harm to Nigerians than corruption. The anger of majority of Nigerians was provoked against the government when the Petroleum Products Pricing Regulatory Agency (PPPRA) announced the removal of the fuel subsidy on petrol on New Year’s Day January 1,...

One barrel is 42 gallons or 168 litres. The price of 1 barrel of petrol at the Depot gate is the sum of the cost of crude oil, the refining cost and the pipeline transportation cost. Refining costs are at $12.6 per barrel and pipeline distribution cost are $1.50 per barrel. The Distribution Margins (Retailers, Transporters, Dealers, Bridging Funds, Administrative charges etc) are N15.49/litre or $16.58 per barrel. The true cost of 1 litre of petrol at the Mobil filling station in Port Harcourt or anywhere else in Nigeria is therefore ($5 +$12.6+$1.5+$16.6) or $35.7 per barrel . This is equal to N33.36 per litre compared to the official price of N65 per litre. Prof. Tam David West is right. There is no petrol subsidy in Nigeria . Rather the current official prices are too high. Let us continue with some basic energy economics. The government claims we are currently operating our refineries at 38.2% efficiency. When we refine a barrel of crude oil, we get more than just petrol. If we re...