The Independent Marketers Association of Nigeria (IPMAN) has turned to the Dangote Petroleum Refinery, following a significant 4.7% rise in the depot price of Premium Motor Spirit (PMS), commonly known as petrol. The price surged from N907 per litre last Friday to N950 per litre. The increase is linked to the rising cost of crude…
Shell is investing in the expansion of its joint-venture petrochemicals complex in China as the supermajor bets on continued petrochemicals demand in the world’s top crude oil importer. Shell said on Wednesday that CNOOC and Shell Petrochemicals Company Limited (CSPC), a joint venture between Shell Nanhai B.V. and CNOOC Petrochemicals Investment Ltd, had taken a…
The Nigerian Liquefied Natural Gas Limited (NLNG) has assured its stakeholders that plans for Train 7 Corporate Social Responsibility Projects for Bonny Kingdom are on course. The assurance is directly linked to the suspension on Monday of the planned protest scheduled to commence that morning by the Bonny Youth Federation to shut down social and…
-six states still in progress- NERC The Nigerian Electricity Regulatory Commission (NERC) has confirmed the readiness of four state governments, including Enugu, Ekiti, Ondo and Imo to take over the generation, transmission and distribution of electricity in the state, as it conclude the transfer of regulatory oversight to the states. Announcing the development via a…
There are imminent signs of an increase in petrol prices as the loading costs of petrol and diesel at depots have risen across Nigeria. Brent crude oil, the international benchmark, increased to $79.76 per barrel on Sunday. Leading depots such as Sahara, Shellplux, and others have adjusted their petrol prices to between N950 and N960…
The Central Bank of Nigeria, CBN, has sanctioned Deposit Money Banks (DMBs) for failing to make naira notes available through automated teller machines (ATMs), during the yuletide season. Each bank was fined N150 million for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated…
The Petroleum Retail Outlet Owners Association of Nigeria Nigeria (PETROAN) has explained that hitches in distributing petroleum products from the newly rehabilitated Port Harcourt refinery were due to the poor state of the East-West Road. The marketers decried the slow pace of work on the Eleme section of the road, saying it is sabotaging petroleum…
The Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) has announced the first set of distinguished speakers for its 2025 edition, set to take place from 11-13 February at the Eko Convention Center, Lagos, Nigeria. Participants can explore innovative strategies, key opportunities and hear groundbreaking discussions across three impactful days of panels, keynotes and networking…
The Dangote Petroleum Refinery is building eight new storage tanks with a combined capacity to hold 6.3 million barrels of crude oil to store imported crude. The 650,000-barrel-a-day capacity refinery struggles to get an adequate local supply of crude, hence it is increasing its crude import this year. The Vice president for oil and gas…
Nigeria, Africa’s leading oil producer, has crossed the 1.5 million barrels per day (bpd) threshold in crude oil production, surpassing its December 2024 quota set by the Organisation of Petroleum Exporting Countries (OPEC). According to tanker tracking data compiled by Bloomberg, Nigeria’s output rose by 40,000 bpd to reach 1.51 million bpd, marking its highest…
