The Organisation of Petroleum Exporting Countries and its allies (OPEC+) on Thursday, September 5, agreed to pause its planned oil output hike for two months after the benchmark Brent crude futures crashed to a 14-month low earlier this week amid fragile demand and plentiful supply, especially after the Libya deal resolution reports. OPEC’s key coalition…
The Coalition of Northern Groups (CNG), has rejected the price increase of Premium Motor Spirit (PMS), aka petrol.The newest price hikes, implemented by the Nigerian National Petroleum Company’s (NNPCL) Retail Management, range from N855 to N897 per litre, depending on the location, from the previous N568-N617.Independent marketers have adjusted their prices to between N930 and…
The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri has charged Oando Energy Resources Nigeria Ltd to hit 100,000 barrels per day mark after the acquisition of the Nigerian assets of the Nigerian Agip Oil Company, NOAC.The $783 million deal which was finally concluded last month made the company as one of the major…
Gabriel Idahosa, President and Chairman of Lagos Chamber of Commerce and Industry, LCCI, has said that Dangote Refinery does not have business with the price Premium Motor Spirit (Petrol) is sold at the filling stations.Idahosa disclosed this on Thursday during an interview on Channels Television. His comments come amid the latest increase of petrol pump…
The Vice President, Downstream at the Nigerian National Petroleum Company, Adedapo Segun has stated that the current pump price of petrol is not market reflective and could be higher. He stated this during an interview on Arise Tv morning show where he explained the problems the company is facing with regards to petrol supply. According…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) yesterday announced the granting of an additional 5,000 barrels per day licence to Waltersmith located in Ibigwe, Imo State. In a statement on its X handle, the midstream and downstream regulator stated that the approval was granted in the phase two of the plant’s development, but…
Many motorists in the Federal Capital Territory (FCT) have expressed frustration over increase in the pump price of petrol. NNPC Retail Management has approved an upward review of the pump price of petrol from N617 per litre to N897 litre, effective from Sept. 3.This is amid economic hardship and persistent fuel scarcity. Investigation revealed that…
Marketers have expressed strong concerns over the designation of NNPC Limited as the sole off-taker of petrol from the Dangote Refinery, warning that the move could create a monopoly and lead to profiteering in the downstream sector of the petroleum industry.NNPC has historically been the sole importer of petrol into the country, while marketers and…
As a new fuel price regime takes effect across the country, the Federal Government through the Presidential CNG Initiative (P-CNGi) yesterday, handed over 20 Compressed Natural Gas(CNG) buses to Iru Land Transport Company Limited. Speaking at the formal handover of the 20 CNG buses and the signing ceremony for Lagos Strategic CNG Conversion Partners, PCNGi Progamme…
As Dangote Refinery rolled out petrol from its plant yesterday, Nigerians will be able to buy the product produced by the firm from tomorrow. In a major domestication of the energy needs in the country, President of Dangote Refinery, Alhaji Aliko Dangote displayed a distinctive sample of the first petrol from the refinery.With him were Vice President…
