The NNPC says the fuel queues in Abuja and other parts of the country will soon disappear. The Nigerian National Petroleum Corporation (NNPC) has cautioned Nigerians not to engage in panic buying of petrol, saying it has enough product for the country. The NNPC said this in a late Sunday statement by its Group General […]
Tag: Petroleum
Years of government neglect and unemployment in Nigeria’s Niger Delta region have given rise to a widespread industry of illegally refining stolen oil. It is estimated that about 10% of Nigeria’s daily oil production is lost to illegal activities. That’s 200,000 barrels, worth about US$21 million per day at US$107 per barrel. The Nigerian Natural […]
Uganda and Tanzania have signed a Memorandum of Understanding on cooperation and security for the crude oil pipeline. On behalf of the two nations, the agreement was signed by Uganda’s minister of Defence and Veteran Affairs Vincent Bamulangaki Ssempijja and his Tanzanian counterpart Dr. Stergomena L. Tax at a function that took place at Protea […]
Nigerians in Abuja have endured an unpredictable supply of fuel for over a year. Indications emerged Friday that fuel queues have resurfaced in petrol stations across Abuja, the nation’s capital city, with many motorists scrambling to get petroleum products. The immediate cause of the latest queues in Abuja remains unknown as filling stations in the […]
A ministry of local government assistant accountant has appeared in court following his arrest Thursday for allegedly stealing 8 285 litres of fuel coupons worth US$13 918. Prince Sibanda (49) of Flat 673/C2 Orange Grove, Chinhoyi was Thursday arraigned before Chinhoyi magistrate, Batsirai Madzingira, facing theft charges as defined in Section 113(i) of the Criminal […]
The Supreme Court has declared that the 17 oil wells claimed by the Rivers State Government against Imo State belonged to the state (Rivers). In the judgement by Justice Morenikeji Ogunwwumiju Friday, the apex court dismissed the counterclaim filed by the Imo State Government as the administrative maps it relied on were inaccurate. The apex […]
The country is ranked 8th in the global index with the price of petrol at $0.40 equivalent to $1.82 per gallon. Nigeria has the eighth cheapest price of petrol in the world, a new report by Zutobi, an international driver’s education company, has shown. Published in April, the report placed Nigeria in the 8th position […]
A United States Senate committee passed a bill yesterday that could expose members of the Organisation of the Petroleum Exporting Countries (OPEC) like Nigeria and partners to lawsuits for collusion on boosting crude oil prices. The No Oil Producing or Exporting Cartels (NOPEC) bill sponsored by senators, including Republican Chuck Grassley and Democrat Amy Klobuchar, […]
SURELY, no one should take for granted the ongoing Russia-Ukraine war and the global reaction to it that is making the situation (serious economic costs) worse- including sending gas prices soaring. The conflict has roiled global markets, causing stock market turmoil, sending oil prices higher, and injecting even more uncertainty into an already off-balance worldwide […]
The government could do more to stem illegal bunkering and refining of crude oil Scores of people were recently burnt to death from an explosion during an illegal refining of crude oil at Abaezi forest in Egbema community, Ohaji/Egbema Local Government Area of Imo State. At least 109 bodies have so far been recovered from […]
The few small-scale refineries operating in Nigeria are facing a huge challenge of crude oil supply, as the Nigerian National Petroleum Company (NNPC) Limited continues to focus on exporting the commodity, THISDAY learnt yesterday. Several operators, despite the assurances by the national oil company of support, expressed frustration that despite the huge investments, their facilities […]
THE fuel price pinch could have been worse if the nation had not been using the bulk procurement system, according to the Commissioner of Petroleum and Gas in the Ministry of Energy, Mr Michael Mjinja. There is apparently no let up in fuel rates as petrol and diesel continue to pinch in the world market, […]
Some motorists will feel some relief at the fuel pumps from tomorrow when the price of all grades of petrol decreases. This, however, will not extend to diesel, paraffin or gas consumers with all of those expected to increase. The expected fuel and gas tariffs adjustments for May are: A 12c decrease in all grades […]
Emmanuel Addeh Nigeria recorded significantly less oil production losses in the February/March drilling cycle, with shutdowns arising from sabotage, force majeure, crude production assets’ breakdowns and community issues markedly down to 1.69 million barrels for the entire month. Force majeure refers to a clause in contracts that allows both parties to walk out of the […]
Total Energies Marketing Nigeria announced its first quarter (Q1) 2022 unaudited results for period ended March 31, 2022 with revenue gaining 46.3 per cent to N97.61 billion from N66.70 billion reported in Q1 2021. The growth in revenue reported by Total Energies Marketing Nigeria was driven by higher product prices and demand from consumers in […]
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Namibia: Fuel Prices Drop
THE Ministry of Mines and Energy has announced that fuel prices will drop by N$1,20 per litre for petrol and 30 cents per litre for diesel, effective 5 May. Mines and energy minister Tom Alweendo says this comes after the ministry moved to temporarily reduce fuel levies for the next three months. The ministry has […]
Nairobi — The government has assured of sufficient fuel stocks following concerns of a looming crisis as Kenyans prepare for the long weekend and holidays ahead. Energy Cabinet Secretary Dr. Monica Juma, who is acting in the Petroleum docket, said there is enough stocks for both petrol and diesel. “We wish to assure the country […]
Nigeria was once the world’s largest palm oil producer but today, it produces too little it imports. Indonesia’s surprise ban on palm oil exports offers Nigeria a lucrative opportunity to plug the gap as international buyers scramble for alternatives, but Nigeria is just unable to seize the moment in a market it once dominated. Palm […]