Nigerian oil margins per barrel increased slightly in London trade on Monday, continuing the upward trend that began last week when prices surged by almost 4% on the belief that supply was contracting and the possibility of additional attacks on Russian energy infrastructure was raising concerns
At the time of drafting this report, the May delivery of Brent crude oil futures increased by 40 basis points to $85.66 a barrel.… Read the rest
The country’s petroleum products distribution and supply chain may face more challenging complexities going by current foreign exchange market intricacies.
At a media forum yesterday Major Energy Marketers Association of Nigeria(MEMAN), complained that the perplexity of the forex market uncertainty has stopped members from embarking on Premium Motor Spirit (PMS), known as petrol importation.
They said, it is not easy to put together a correct mathematical calculation of the products landing cost as to further determine the appropriate pump price.… Read the rest
The House Committee on Shipping Services of the House of Representatives has assured that the new Shippers Council bill which has past the second reading at the lower chamber will be signed into law by June this year.
The Committee also promised that they are working on the establishment of a maritime bank to ease financial services of stakeholders in the maritime industry.
A new report has listed the United States as the world’s highest methane emitter, despite sending a number of delegations to convince Nigeria and other fossil fuels-rich African countries to abandon their natural resources.
The International Energy Agency (IEA) in its latest report said that the US was followed by Russia and then China, which is one of the biggest coal energy users in the world.… Read the rest