Following the recent increase in crude oil price to $94 and fears that Premium Motor Spirit (PMS) might cost more, marketers have dismissed the apprehension.

According to them, there has been no announcement by the Nigerian National Petroleum Company Limited (NNPCL) in that respect.

Marketers had explained that the price of crude oil and the exchange rate account for over 80 percent of the cost of petrol.… Read the rest

Gas retailers are sounding the alarm, warning that the price of a 12.5kg cooking gas cylinder could surge to N18,000 by December if the Federal Government does not intervene to regulate the actions of terminal owners.

Olatunbosun Oladapo, the President of the Nigerian Association of Liquefied Petroleum Gas Marketers, raised these concerns about the soaring cost of Liquefied Petroleum Gas (LPG), commonly known as cooking gas.… Read the rest

The Nigeria Extractive Industries Transparency Initiative (NEITI) said on Monday that the oil and gas industry generated over $23billion in 2021.

The Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji said this while presenting highlights on the 2021 Oil and Gas report unveiled in Abuja.

According to Orji, the revenue sources included sales of federation crude oil and gas, taxes, royalties, concession rental, gas flare penalty, bonus and license fees, as well as transportation fees.… Read the rest