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Oil & Gas
Oil & Gas

Rising prices of petroleum products affecting businesses – Adebayo

 Mr Niyi Adebayo, Minister of Industry, Trade and Investment, says the recent increase in the price of petrol, diesel and aviation fuel has adversely affected businesses in Nigeria. Adebayo made this known while speaking at the Nigerian Content seminar during the 2022 Nigerian Oil and Gas (NOG) conference on Tuesday in Abuja. The News Agency […]

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Oil & Gas

Duport Modular Refinery To Commence Operation In July – NCDMB Boss

The Nigerian Content Development and Monitoring Board (NCDMB) says the Duport modular refinery will commence commercial operation in July 2022. Simbi Wabote, executive secretary, NCDMB, said this during a facility tour of the company in Egbokor, Orhionmwon LGA in Edo state. Read Also: 2023: Pick Women As Running Mates, Group Urges APC, PDP, LP, Others Modular refineries are crude […]

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Oil & Gas

NNPC Raises Alarm Over Operations Of 200 Illegal Refineries In Nigeria

The Nigerian National Petroleum Company (NNPC) Limited, has raised an alarm that over 200 illegal refineries are operating across the country, with no government-owned refinery working at the moment. Group Managing Director (GMD) of NNPC, Mele Kyari raised this alarm when he appeared before the House of Representatives Joint Committee on Petroleum Resources (Downstream), investigating […]

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Oil & Gas

Amid Intensifying Fears Of Recession, Oil Price Tumbles Below $110

Brent slumps below $110 per barrel as markets fear a looming recession. Growing number of analysts think that rate hikes of the Fed may not come with a soft landing. A strong U.S. dollar continues to weigh on oil prices. Oil prices dipped by 6 percent early on Wednesday, with Brent slumping below $110 a […]

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Oil & Gas

Petrol: FG Onsists on N165 Pump Price, Advises Against Panic Buying

 (L-R)Mr Isiyaku Abdullahi, Managing Director, PPMC, Mr Adetunji Adeyemi, Group Executive Director, Downstream, NNPC Ltd., Mr Ernest Umunna, Site Manager, TotalEnergies, Mr Ugbugo Ukoha, Executive Director, Distribution Systems, Storage and Retail Infrastructure, NMDPRA and Mr Garba Deen Muhammad, Group General Manager, Group Public Affairs Division,NNPC Ltd. during an inspection visit to TotalEnergies Depot in Apapa, […]

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Oil & Gas

Fuel Scarcity: NMDPRA, Joint Task Force Raid, Arrest Black Marketers

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in collaboration with the Joint Task Force on Jerrycan Peddlers on Tuesday raided and arrested some illegal petroleum product sellers to sanitise the industry. The team, during monitoring and enforcement in Abuja, in view of the current fuel scarcity, seized over 1,000 litres of Premium Motor […]

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Oil & Gas

Nigerians Groan As Cooking Gas Price Skyrockets To N12,000 Per 12.5Kg

Many Nigerians are currently groaning as the cost of cooking gas, also known as Liquefied Petroleum Gas (LPG) has drastically increased across the country. The ongoing Russian- Ukrainian war has been fingered as the reason behind the surge due to a lot of disruption to the supply chain of the product. The Nigeria LNG which […]

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Oil & Gas

Sanctioned Russia Becomes China’s Main Source Of Oil

China ramped up crude oil imports from Russia in May, customs data showed Monday, helping to offset losses from Western nations scaling back Russian energy purchases over the invasion of Ukraine. The spike means Russia has overtaken Saudi Arabia to become China’s top oil provider as the West sanctions Moscow’s energy exports. The world’s second-biggest […]

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Oil & Gas

OPEC Daily Basket Price Closes At $121.54 Per Barrel

 The price of the Organisation of the Petroleum Exporting Countries (OPEC) basket of 13 crude oil samples stood at $121.54 per barrel as of Wednesday. This is compared with $120.16 per barrel recorded on Tuesday. This is according to OPEC Secretariat calculations obtained by the News Agency of Nigeria (NAN) in Abuja on Thursday. The […]

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Oil & Gas

High diesel Cost : NARTO Seeks Review Of Petrol Freight Rate

The Nigerian Association of Road Transport Owners (NARTO) has called for an upward review of the freight rate for Premium Motor Spirit (PMS) due to the high cost of diesel in the country. NARTO is also asking for access to foreign exchange at official rates for its members for procurement of spare parts for their […]

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