The federal authorities has urged traders to take hang of again of the beneficiant fuel fiscal incentives within the offered by the Petroleum Alternate Act (PIA) 2021 to elevate funding within the sphere.
The executive executive officer of the Nigerian Upstream Petroleum Regulatory Rate (NUPRC), Engr. Gbenga Komolafe who made this call in Abuja, the previous day, also disclosed that Nigeria’s incorrect oil and condensates reserves elevated to 37.047billion barrels per day as at 1st January 2022 from the 36.910bbs recorded at 1st January, 2021.
Within the identical vein, Komolafe stated the National Gas reserves dwelling as of 1st January 2022 changed into 208.62 (trillion cubic toes) TCF, representing an develop of 1.01 per cent when in contrast to 206.53 TCF as at 1st January 2021.
No subject the develop in Nigeria’s fuel reserves, the stage of production at about 8BSCF/D of fuel, remains very low and insufficient to meet the develop in both native and international demands especially within the wake of the provision disruptions led to by the Russian-Ukraine disaster.
Komolafe stated the incentives for fuel traders below the PIA involves zero hydrocarbon tax, diminished royalty rates, tax consolidation provisions amongst others.
He stated: “A total of sixty-one (61) working companies submitted their 2021 annual file on reserves per the provisions of the PIA, 2021.