Ekiti Fuel Marketers Dare NNPC, Adjust Metres above N145 per litre

As against several appeals to Nigerians that the federal government has no plans to increase pump price of petroleum motor spirit (PMS) in the country, many independent fuel marketers in Ekiti state from Wednesday adjusted their pump to prices ranging between N150 per litre to N165 per litre, above the supposed official maximum price of N145 per litre. Motoring World’s ...

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Dangote Plans to Crash Fuel pump Prices in Nigeria

Dangote Refinery currently under construction would save Nigeria $12 billion annual import substitution, create 4,000 direct jobs and crash prices of petroleum products. Mr Babajide Soyode, the Technical Consultant to Alhaji Aliko Dangote, said the project would add value to the economy as it would also create 145,000 indirect jobs. He said that the refinery would lower the prices of ...

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Crude Oil Prices Shoots above $65

Brent crude oil prices jumped above $65 per barrel after the shutdown of the Forties North Sea pipeline knocked out significant supplies from a market that was already tightening due to OPEC-led production cuts. Brent crude futures on Tuesday, the international benchmark for prices of crude, were at $65.07 dollars a barrel at 0211 GMT. U.S. West Texas Intermediate (WTI) ...

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Nigerian Government Orders NNPC to Clear Fuel Queues by Weekend

…As Ekiti Filling Stations Remain Under Lock and Key The Nigerian National Petroleum Corporation (NNPC) has been ordered to clear fuel queues in Lagos and Abuja not later than Saturday. The nation’s Minister of Information, Lai Mohammed, who disclosed this to State House Correspondents after the FEC meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa Wednesday, ...

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Fuel Scarcity Looms in Nigeria, as IPMAN Threatens Showdown with NNPC

Independent petroleum marketers in Lagos State have threatened to withdraw their services from Dec. 11 over NNPC’s breach of bulk purchase agreement to sell fuel to them at N133.28k per litre. The Independent Petroleum Marketers Association of Nigeria (IPMAN), Lagos State Chapter, on Wednesday said it was set for a showdown with NNPC over irregular fuel supply at Ejigbo satellite ...

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NNPC, Cheveron wrap up $1.7bn Deal

Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL)have executed the second and final phase of an Alternative Financing Agreement. A statement signed by the Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, on Sunday in Abuja said the agreement was signed in London, over the weekend. He said that the Group Managing Director Dr Maikanti Baru ...

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Brazil’s Petrobas to sell Nigerian business

Brazil’s state-owned oil company Petroleo Brasileiro SA (Petrobras) is leading an effort to sell Petrobras Oil and Gas BV (Petrobras Africa),involved in two deepwater oil exploration blocks off the coast of Nigeria. The blocks are Akpo and Agbami producing fields and are operated by Total SA and Chevron Corp respectively. Petrobas is being joined in the sale by shareholders Grupo ...

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NNPC Commences Oil Search in Benue Trough

The Nigerian National Petroleum Corporation (NNPC) has commenced mobilization for oil exploration in the Benue State sector of the Benue Trough. A statement issued on Thursday in Abuja said the Group Managing Director of NNPC, Dr. Maikanti Baru, led a delegation from the Corporation to the Governor of Benue State, Mr. Samuel Ortom. The statement was signed by the NNPC Group ...

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Iran Sanctions, Iraq Conflict Trigger Crude Oil Price Rise

Oil markets jumped on today (Monday) on concerns over potential renewed U.S. sanctions against Iran over a disagreement on its nuclear programme as well as conflict in Iraq. An explosion at a U.S. oil rig and reduced exploration activity also supported prices there. Brent crude futures, the international benchmark for oil prices, were at 57.85 dollars. There were also concerns ...

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