Drop In Oil Prices: NEITI Warns FG,  States , LGs
The Nigeria Extractive Industries Transparency Initiative,( NEITI) has cautioned  the three tiers of government on the need  to exercise some restraint in their expenditure profiles and continuous dependence on oil revenues to fund budgets saying  persistence in such habits   given its volatility was largely unsustainable and would continue to... Read more
NNPC Moves to Reduce  Price of Cooking Gas
The Nigerian National Petroleum Corporation (NNPC) is planning to stop the export of propane and butane anchored by its Crude Oil Marketing Division to boost supply of LPG to the domestic market thereby leading to a natural downward slide in the price of the product. a framework that would... Read more
FG Gets 7 Days Ultimatum From Oil Marketers over N800bn Subsidy
Oil marketers have issued a seven-day ultimatum, demanding the Federal Government to settle their outstanding debts, totaling N800 billion. In a statement  the oil marketers stated that they would shut down depots, thus disrupting fuel distribution, should the government fail to comply. The marketers, made up of Major Oil... Read more
FG Loses $2.5bn to Gas Flaring – Expert
Nigeria loses about 2.5 billion dollars annually from gas flaring in the country according to Mr Chinedu Onyeizu, Chief Executive Officer, AfriPERA, an Energy and Infrastructure Policy research organization. Onyeizu disclosed this in an interview with the News Agency of Nigeria (NAN) on Sunday, in Abuja. “  Since the... Read more
Oil Price Moves Towards $85 as Iran Sanctions Loom
Brent crude oil prices hit their highest level since November 2014 yesterday ahead of U.S. sanctions against Iran.   Brent sweet crude oil futures rose to as much as 83.27 dollars a barrel. U.S. West Texas Intermediate crude futures were at 73.57 dollars a barrel.   Brent was pushed... Read more
NNPC Yet to Know Nigeria’s Actual Daily Fuel Consumption
The National Executive Council has mandated  the  Nigerian National Petroleum Corporation, NNPC,  to work with the Ministry of Finance to determine the actual daily consumption of Premium Motor Spirit, PMS, also known as petrol, in the country following the lack of knowledge of the corporation on the issue.  ... Read more
NNPC Vows to Sustain Stability in Fuel Supply
The Nigerian National Petroleum Corporation (NNPC), says it has activated measures to ensure that the prevailing stability in the supply and distribution of petroleum products is sustained across the country.   The Group Managing Director, Dr Maikanti Baru, said this in a statement issued by the NNPC Spokesman, Mr... Read more
Nigeria’s Oil Supply Faces Glut
Plenty supply of light and medium grades from the North Sea and the Mediterranean are limiting buying interest for Nigerian crude , thus making it  to face a glut. This is coming as Angola launches big oil block. A glut of Nigerian cargoes reckoned to be near 50 cargoes... Read more
Hike in Crude Oil Price: Marketers Shun Petrol Import
Petroleum marketers have told the Federal Government  that they would be abdicating their role of importing  petroleum products.   At the meeting they had with the Minister of State for Petroleum , Dr Ibe Kachikwu  yesterday in Abuja , they hinged  their decision on the rising price of crude... Read more
Fuel Scarcity Blamed on Crude Price Increase, Subsidy Removal
Petroleum marketers have attributed the fuel scarcity witnessed in different parts of the country during the Christmas festival to the increase  in the price of crude in international market and the removal of subsidy. This is as the Minister of Petroleum Resources, Dr. Ibe Kachikwu has said that no... Read more