The price of Premium Motor Spirit, otherwise known as petrol increased year-on-year, YoY, by 226.75 per cent to N626.21 per litre in September 2023, from N191.65 per litre, recorded in the corresponding period of 2022.
However, in its latest report – Premium Motor Spirit (Petrol) Price Watch for September 2023 – obtained by Energy Vanguard, the National Bureau of Statistics, NBS, indicated that Taraba State topped the price chart at N665.70 per litre, overshooting the post-subsidy adjusted price of N600.35 per litre for that region by 9.8 per cent.… Read the rest
THE Federal Government, yesterday, admitted that Nigeria was ill-prepared to take advantage of the significant increase in the demand for natural gas by European countries following the outbreak of the Russian-Ukrainian war last year.
Following the outbreak of the war and imposition of sanctions, Russia cut gas supply to European countries leading to a huge energy crisis and increased demand for alternative sources of gas.… Read the rest
Five months after the Bola Tinubu administration removed subsidies on petrol, major crises bedevilling the petroleum sector continue with ripple effects on the livelihood of Nigerians.
President Tinubu had, in his inaugural address on 29 May, announced the removal of the subsidy, to lift a major financial burden off the back of the government.
The Nigerian government had for decades subsidized and fixed retail prices of petroleum products.… Read the rest
Rivers State has been shown the strategies to fly off with the recently introduced ‘blue economy’ and dig deep into the $1.5trn global value in the emerging sector.
The strategy was revealed by a foremost maritime investor and shipping magnet, Emi Membere-Otaji.
The Kalabari-born medical doctor and mega investor gave the hint at the one-day seminar organised by the Rivers State Command of the Nigerian Immigration Services on Blue Economy.… Read the rest
Boniface Aniebonam, founder of the National Association of Government Approved Freight Forwarders (NAGAFF), has said that terminal operators deserved to increase storage charges at the nation’s seaports given the impact of high energy cost and naira devaluation on their operational cost.
According to him, the removal of fuel subsidies by the Federal Government, the high cost of diesel, and the declining value of the naira have led to the high operating cost at the port, thereby necessitating an increase in charges.… Read the rest
The Delta State Government has opened talks with the Shell Petroleum Development Company, SPDC, on the return of the multinational oil conglomerate to Warri, which it fled, over 10 years ago, citing insecurity in the oil city.
Governor Sheriff Oborevwori, who sealed a N78 billion contract for three flyover bridges, cloverleaf, and road expansion projects in Warri and Effurun with construction giant, Julius Berger, last week, is behind the bold initiative.… Read the rest
In a recent development, fuel prices in Nigeria, particularly at filling stations operated by independent marketers, have surged beyond the official price bands approved by the Federal Government.
Premium Motor Spirit (PMS), commonly known as petrol, is now being sold at exorbitant rates, with some filling stations in the Northern region charging as high as N685 per liter.
This price hike follows the July increase in the pump price of petrol, which was raised from a range of N537 to N550 per litre to N617 per liter at filling stations run by the Nigerian National Petroleum Company Limited (NNPCL) in Abuja and several Northern states.… Read the rest
There was a minor fire outbreak on Friday afternoon at the Warri Refinery and Petrochemical Company Limited (WRPC), the Nigerian National Petroleum Company Limited (NNPCL) said.
The incident occurred at the refinery cooling tower, the oil company said in a statement Friday night.
“This afternoon, at about 15:02 hrs, there was a minor fire incident at the cooling tower of Warri Refinery and Petrochemical Company Limited (WRPC),” the NNPCL said.… Read the rest
The Nigerian National Petroleum Company Limited (NNPCL) has warned Nigerians against panic buying of petrol, saying it has enough product for the country.
The oil firm said this in a statement posted via its official X platform on Thursday.
The company said the sudden appearance of fuel queues in some parts of Lagos and a few other locations around the country was due to reduced depot load-outs in Apapa.… Read the rest
The Business and Property Court in London will on October 23 (tomorrow) deliver judgment in a case between the Federal Government of Nigeria and Process & Industrial Developments (P&ID) Limited.
This is coming as the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr. Gbenga Komolafe, has urged the bid winners for the Nigerian Gas Flare Commercialisation Programme (NGFCP), to hasten site development.… Read the rest