The Federal Government may spend about N1.68tn as subsidy on Premium Motor Spirit, popularly called petrol, from September to December this year, an analysis of data provided by oil marketers and the sector has shown.
PMS dealers stated on Thursday that the pump price of petrol should be between N890 to N900/litre based on the fall of the naira against the United States dollar and the surge in the price of crude in the international market.… Read the rest
An expert in the maritime sector and member of the International Chartered Institute of Logistics and Transportation, Mr. Adeniyi Adeoye has raised alarm on the areas identified by him as possible obstacles to the effective implementation of the Export Processing Terminal (EPT).
Adeoye, who stated this in Ibadan on Wednesday after delivering paper at a seminar titled Assessing Economic Benefits of Maritime and Blue Economy in Nigeria organised by the Research Center for Integrity Assessment and Evaluation (RCIAE) commended President Bola Tinubu for the establishment of a new federal Ministry to take care of maritime sector, Ministry of Maritime and Blue Economy.… Read the rest
Goldman Sachs raised on Wednesday its 12-month ahead forecast for Brent Crude oil prices to $100 per barrel from $93 previously expected on stronger inventory draws with the extended OPEC+ cuts and global demand growth. But this trigger economic challenges for Nigeria.
“We have nudged up our 12-month ahead Brent forecast from $93 a barrel to $100 a barrel as we now expect modestly sharper inventory draws,” analysts at Goldman Sachs wrote in a note on Wednesday, as seen by Reuters.… Read the rest
The Natural Oil and Gas Suppliers’ Association of Nigeria (NOGASA) has raised alarm over the incessant increase in the price of Automotive Gas Oil (AGO) called diesel.
The National President of NOGASA, Mr. Benneth Korie, in a statement on Tuesday, said that the rapid increase in diesel prices has made it difficult for suppliers to access products and loans from commercial banks for doing their business.… Read the rest
There are indications that pressures are mounting on the pump price of petrol as the landing cost has risen by 19.3 per cent to N596.93 per litre as of yesterday, from about N500 per litre in July 2023, when the last pump price adjustment was effected across all retail outlets in Nigeria.
Petroleum marketers attributed the development to the continued rise in crude oil prices in the international market as well as exchange rate volatility in Nigeria’s foreign exchange market which was N970 to the dollar yesterday.… Read the rest
The Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) on Tuesday expressed concern over the incessant increases in the price of diesel in the market.
Benneth Korie, NOGASA president in a statement on Tuesday said the rapid increase in diesel prices has made it difficult for suppliers to access products and loans from commercial banks for doing their business.… Read the rest
The Dangote Petroleum Refinery is currently importing crude oil and expects its first crude cargo in two weeks’ time, the Executive Director, Dangote Group, Devakumar Edwin, has revealed.
Although the Nigerian National Petroleum Company Limited trades crude oil on behalf of Nigeria, Edwin in an interview with S&P Global Commodity Insights on Monday, said the NNPCL had committed its crude to other entities.… Read the rest
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