Energy

Buhari Kicks Against Fuel Price Hike

The President of Nigeria, Muhammadu Buhari has refused to succumb to pressure from Independent Petroleum Marketers Association to increase the current N145 pump price of petrol as he said emphatically no to further hike. A presidency source quoted by the Reuters News Agency was reported to have said that the President made his position known to the Minister of State ...

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DPR Seals 37 Unlicensed Filling Stations

The Department of Petroleum Resources (DPR), Eket, in the last three months, sealed 37 unlicensed filling stations in Akwa Ibom. DPR’s Operations Controller, Mr Bassey Nkanga, disclosed this in an interview with the News Agency of Nigeria (NAN) in Eket Local Government of the state on Tuesday. Nkanga said that any filling station without DPR’s valid licence would not be ...

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Total Commends Topaz Supply Vessel

Total Nigeria has issued its first-ever commendation for a platform supply vessel (PSV) to Topaz Energy and Marine. Topaz Sophie received the “Operational Commitment” award, which recognizes excellence in fuel economy, operational safety, management offshore visits, operational anomaly reporting and attendance by the vessel’s senior crew in all service quarterly meetings. Topaz Marine Nigeria operated the 3,300 dwt, 75-m (246-ft) ...

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FG Has no Plans to Hike Fuel Price – Kachikwu

The Minister of State for Petroleum, Dr Ibe Kachikwu on Monday refuted media reports of possible increase in the prices of petroleum products in the country. Supported by the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, after a closed-door with President Muhammadu Buhari in Abuja, Kachikwu described the reports as untrue. Pressed on the issue ...

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NNPC Chiefs Propose Review of Petrol Pump Price

Former Group Managing Directors of the Nigeria National Petroleum Corporation (NNPC) have said the petrol price capped at N145 per litre is no longer justifiable and should be reviewed. In their words, the petrol price ceiling is not congruent with the current foreign exchange liberalization policy. This view is contained in a statement signed by Alhaji Garba Deen Muhammad, NNPC ...

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Iraq Oversupply Crumbles Crude Prices

Crude prices fell about 1 percent on Monday as Iraq’s production rose and as Iran said it would only cooperate in producer talks to freeze output if fellow exporters recognized its right to fully regain market share. International Brent crude oil futures LCOc1 were trading at $49.32 per barrel at 0558 GMT, down 60 cents, or 1.2 percent, from their previous ...

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VWSA, BP-Castrol Bring Benefits of Global Partnership to Motorists

Volkswagen Group South Africa (VWSA) has adopted and localized key elements of the global strategic partnership between Volkswagen Group and BP/Castrol Global. The contract, which includes cooperation between the two companies in major areas such as Joint technology work on lubricants and fuel, also has clauses to Prefer supplier status for BP/Castrol in the first fill fuel and lubricants and ...

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Lagos Shuts 12 Houses, as Police Uncovers Illegal Oil Wells

The Lagos State Government on Friday shut 12 houses in Abeokuta and Ibadan Streets in Ilasamaja area of the state over discovery of shallow oil wells built by landlords to steal diesel  from pipelines belonging to the Nigerian National Petroleum Corporation. The State’s Commissioner for Information and Strategy, Mr Steve Ayorinde said this while briefing newsmen at the Lagos House, Ikeja. ...

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No Increase in Petrol Price, Says NNPC

Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru has dismissed reports that the corporation will soon announce an increase in the pump price of Premium Motor Spirit (PMS). Social media reports speculated that  due to current foreign exchange rates, the NNPC had concluded plans to increase the pump price of the PMS from N145 per liter to between ...

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